The UAE has achieved remarkable progress in enhancing transparency within the global real estate sector, with both Dubai and Abu Dhabi recognized among the top five global improvers in the 2024 Global Real Estate Transparency Index (GRETI), released by JLL. Dubai claimed the 3rd spot, while Abu Dhabi ranked 5th for their advancements from 2022 to 2024. These cities were noted for their strengthened digital capabilities, robust anti-money laundering (AML) and beneficial ownership (BO) regulations, and improved access to real estate market data, benefiting both established players and emerging market participants.
In the 2024 edition of the index, Dubai rose by one spot to the 28th position, maintaining its distinction as the only real estate market in the Middle East and North Africa (MENA) region to achieve a “Transparent” ranking. This rise underscores the effectiveness of various government initiatives aimed at increasing market openness and fostering a more resilient real estate environment.
The enhancements in Dubai’s digital services, particularly through the Dubai REST platform, which provides smart solutions for real estate operations and access to land information and urban planning data, further demonstrate the emirate’s dedication to continuous improvements in real estate practices. Marwan Ahmed bin Ghalita, Director-General of the Dubai Land Department, remarked, “Dubai’s standing in the 2024 Global Real Estate Transparency Index is a testament to our commitment to developing a cutting-edge and trustworthy real estate ecosystem. Transparent practices not only attract international investments but also strengthen market confidence, supporting the sustainable development goals aligned with Dubai’s vision to be a global real estate leader.
Through Dubai’s Economic Agenda D33, we are driving digital transformation and raising standards to ensure Dubai remains a key player in the global real estate sector.” Abu Dhabi, ranked 41st in the index, moved up four spots from 2022 and remains in the “Semi-transparent” category. The emirate has embraced PropTech and AI to enhance its digital real estate services, notably through the DARI platform, which includes tools for managing sales and leases, as well as databases for developments and transactions. James Allan, CEO of JLL Middle East and Africa (MEA), stated, “Dubai’s progress in the 2024 Global Real Estate Transparency Index, coupled with Abu Dhabi’s impressive improvements, reflects a broader trend towards increased transparency and efficiency in the UAE’s real estate markets.
The UAE has firmly established itself as a leader in tech and innovation within the MENA region. By further committing to sustainability, the country is fostering an investment-friendly environment that supports transformative urban development initiatives.
Original source: Home | Emirates News Agency (wam.ae)
