Dubai and Abu Dhabi have secured positions among the top five cities globally in terms of improvements in real estate transparency, according to the latest Global Real Estate Transparency Index (GRETI), released by JLL. The two UAE cities have made significant strides in fostering a more transparent property market, attracting billions in foreign and local investments.
Dubai’s Real Estate Growth:
In August 2024, Dubai recorded an impressive Dh37.3 billion in sales value, marking a 33% increase compared to the same month last year. Sales volumes also surged by 36%, with 14,922 transactions, highlighting the city’s appeal to investors. Ranked 28th globally, Dubai’s real estate market has been classified as “transparent” in JLL’s index, reflecting the city’s commitment to enhanced governance and data accessibility.
James Allan, CEO of JLL for the Middle East and Africa (MEA), emphasized that Dubai’s property market has benefited from the government’s focus on increasing market efficiency. Initiatives such as the Dubai REST platform, improvements in anti-money laundering regulations, and greater data availability from both established and start-up market providers have contributed to Dubai’s continued growth and transparency.
Abu Dhabi’s Real Estate Advancements:
Abu Dhabi has also made notable progress, ranking 41st in the GRETI index. The launch of the Abu Dhabi Real Estate Centre (ADREC) and the implementation of an AI-enabled building information modelling (BIM) system have significantly improved oversight and planning efficiency in the city.
Saudi Arabia Joins the Top Improvers:
Saudi Arabia has also ranked among the top global improvers in this year’s index. Increased transparency through the formalization of the land registration system and enhanced online services have helped Saudi Arabia climb the ranks. The transparency improvements are expected to facilitate the success of the massive urban development projects underway in the country.
Future Outlook:
Looking ahead, sustainability transparency is set to accelerate globally, with increased focus on emissions disclosure and climate risks. As sustainability becomes a key investment criterion, markets that prioritize transparency in this area are likely to climb further in the global rankings. Dubai is expected to play a leading role in this shift, leveraging its position as a tech-driven, transparent market to attract more investment in sustainable real estate projects.
