Dubai and Abu Dhabi city has ranked highest among the global cities on JLL’s 2024 Global Real Estate Transparency Index (GRETI). Dubai is identified among the five largest improvers globally while Abu Dhabi ranks fifth in the list. This is a shift in the right direction in their international standings and can easily be attributed to increased liberalization and transparency with real estate practices.
Key Areas of Improvement The UAE cities have been applauded for enhancing their transparency through several initiatives:
Scaling digital capabilities: Both cities also have grown programmes in digital real estate platforms.
Strong anti-money laundering (AML) regulations: It has done so through the introduction of strict regulations thus increasing the level of trust and security within the market.
Increased availability of market data: Market information has become available to both the incumbents and new entrants ensuring a healthy real estate environment.
Dubai’s Rise in Transparency Dubai moved up by one rank to the 28th position worldwide and remained to be the only city in the MENA region in the “Transparent” cluster. Some of the measures contributing to the success of Dubai include Real Estate Innovation Incubator and the Dubai PropTech Group, which has endeavored to inspire confidence in the city and also put it on the map as a location of interest for investments in real estate.
The Director General of the Land Department of Dubai- Eng. Marwan Ahmed bin Ghalita, for instance, stressed saying, “Our commitment towards transparency and simplicity translates well with the Dubai spirit set towards becoming a top international hub for real estates. ”
Global Rankings Abu Dhabi moved up four places to the 41st position in the “Semi-transparent” group. Thus, the city has implemented PropTech and AI using such platforms as DARI for sales, leasing, and the development management of real estate operations.
With the increasing integration of both technology into the country’s society and sustainability into the world’s market, both Dubai and Abu Dhabi are preparing themselves for the long-term investment success in the property market that would strengthen the investors’ confidence and dictate the directions for further development of the modern cities.
