The UAE has made significant improvements in global real estate market transparency in recent years. This year, Dubai and Abu Dhabi secured a place among the top five improvers in the real estate transparency score globally. According to JLL’s latest 2024 Global Real Estate Transparency Index (GRETI), Dubai earned the 3rd spot while Abu Dhabi secured the 5th position for improvements they made from 2022 to 2024.
The index also recognized the two cities among the top global improvers for:
- Scaling digital capabilities
- Implementing strong anti-money laundering (AML) and beneficial ownership (BO) regulations
- Increasing the availability of market data for market providers
Dubai climbs one rank
Dubai climbed one rank to 28th place on the global real estate market transparency index this year. Moreover, it has retained its position as the only property market in the MENA region to feature in the ‘Transparent’ tier.
“Dubai’s progress in the 2024 Global Real Estate Transparency Index demonstrates our commitment to building an innovative and reliable real estate ecosystem,” stated Marwan Ahmed bin Ghalita, director-general of Dubai Land Department.
The advancement in Dubai’s rank reflects the effectiveness of government initiatives to enhance market transparency and foster a more robust real estate environment in the region.
Dubai made remarkable enhancements to digital services through the Dubai REST interface, the smart real estate platform. Moreover, it provided access to land information or urban planning systems. This further underscores the emirate’s commitment to continuous improvement in real estate practices.
“Clear, open practices attract global investments, enhance market trust, and support sustainable development, aligning with Dubai’s vision as a leading global destination for real estate,” added bin Ghalita.
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Abu Dhabi advances four spots
Abu Dhabi advanced four spots from 2022 in the “Semi-transparent” level, ranking 41st globally on the global real estate transparency index. The emirate has leveraged PropTech and AI to expand its digital services. This has also optimized real estate operations through its DARI platform. The platform also includes sales, lease management, and development as well as transaction databases.
“The UAE has positioned itself as a tech and innovation leader in the MENA region. By ramping up commitments to sustainability, it is creating a conducive investment environment that supports transformative urban development projects,” stated James Allan, CEO of JLL, MEA.
Allan explained that Dubai’s constant improvement on the global real estate transparency index in addition to Abu Dhabi’s significant improvements reflect a broader trend towards greater transparency and efficiency in real estate markets across the UAE.
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