The index measured transparency in 156 cities in 94 countries
Abu Dhabi’s real estate market has been recognised as one of the top global improvers in 2022 in the latest Global Real Estate Transparency Index (GRETI) by JLL International.
The report, published by the world’s leading real estate advisory firm JLL, measured transparency in 156 cities in 94 countries. The index is an essential tool in international real estate investment decisions for investors, developers, and individuals.
In its 12th edition, the report indicates Abu Dhabi’s enhanced transparency in the real estate sector, further strengthening its position as the market with the most improved transparency. Since 2020, the emirate has improved from 48th to 45th overall and is among the top improvers globally along with Dubai.
“The UAE markets of Dubai and Abu Dhabi are the top global improvers in 2022, benefitting from a concerted government focus on increasing market transparency. In Dubai, this has led to enhanced digital services and data provision, such as service charge management, automated valuations and transactions databases through the Dubai REST platform, as well as new regulations around market lending practices, beneficial ownership tracking and sustainability reporting. These changes have helped to push Dubai into the ‘Transparent’ category for the first time. The government has also been partnering with private companies on several new initiatives, including transaction-based sales indices and a building wellbeing certification,” the report said.
“Abu Dhabi has also continued to expand its digital services through its Dari platform, which includes sales and lease management and development and transaction databases, while the Department of Municipalities and Transport (DMT) has published its first code of ethics covering real estate professions. The market has also benefitted from increased data provision by private providers in new sectors.”
Dr. Adeeb Al Afifi, Executive Director of the Real Estate Sector at the Department of Municipalities and Transport, said: “This report reflects the department’s efforts to achieve sustainable and balanced growth in the real estate sector. Additionally, it advances the leadership’s vision of making Abu Dhabi one of the world’s top investment destinations.”
“Residents and guests of the emirate will benefit from enhanced stability and liveability by developing communities with integrated services and infrastructure.”
Abu Dhabi’s score improved from 3.1 points to 2.98 points in the index. Dubai listed higher than Abu Dhabi on the index at rank 31 with a score of 2.56 points.
Article originally published on GulfNews
