Dubai Maintains Top Ranking as Most Transparent Property Market in MENA: JLL's 2024 GRETI Report
The UAE has made impressive strides in enhancing global real estate transparency, with Dubai and Abu Dhabi emerging as top performers on JLL’s 2024 Global Real Estate Transparency Index (GRETI). The latest report highlights the significant progress these cities have made in increasing transparency and establishing themselves as leaders in the region.
Key Highlights:
Government Initiatives Driving Growth: Dubai's progress is attributed to the successful implementation of technology-driven initiatives such as the Real Estate Innovation Incubator and the Dubai PropTech Group, which have strengthened the real estate sector. Digital services like the Dubai REST platform, providing smart real estate services and access to land information, have further enhanced Dubai's transparency.
His Excellency Eng. Marwan Ahmed bin Ghalita, Director General of Dubai Land Department, emphasized the city's commitment to transparency, stating: "Dubai’s progress in the 2024 Global Real Estate Transparency Index demonstrates our commitment to building an innovative and reliable real estate ecosystem. 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."
Abu Dhabi's Journey in Transparency: Abu Dhabi, which ranked 41st on the GRETI, moved up four spots from 2022, securing its place in the 'Semi-transparent' category. The Emirate has leveraged technology, proptech, and AI through the DARI platform to optimize real estate operations, including sales and lease management and transaction databases.
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The Role of Technology and Sustainability in Real Estate Transparency: James Allan, CEO of JLL Middle East and Africa (MEA), commented on the UAE's advancements: "Dubai’s continued advancement in the 2024 edition of the Global Real Estate Transparency Index and the significant improvements made by Abu Dhabi reflect a broader trend towards greater transparency and efficiency in real estate markets across the UAE. Our 13th Global Real Estate Transparency Index has also spotlighted the importance of embracing technology to drive the sector’s transformation and enhance transparency."
AI and Sustainability's Impact: The GRETI report emphasizes the increasing role of AI in advancing productivity and transparency in real estate markets. Although AI brings competitive advantages, concerns about potential risks such as price-fixing or anti-competitive behaviors have been noted. Additionally, sustainability transparency is becoming crucial as countries set mandatory decarbonization goals aligned with the Paris Agreement, making building-level energy and emissions disclosure more stringent.
Strengthening AML and BO Regulations: Globally, more stringent AML and BO regulations have been introduced, creating more secure environments for investors and reducing financial risks.
About GRETI 2024: The GRETI, produced by JLL and LaSalle Investment Management since 1999, evaluates real estate transparency worldwide. Updated biennially, the 13th edition covers 89 countries, assessing performance benchmarks, governance structures, regulatory and legal environments, transaction processes, and sustainability measures.
Conclusion: Dubai and Abu Dhabi's advancements in real estate transparency reinforce their positions as leaders in the region. Their commitment to digital innovation, regulatory compliance, and sustainability has set a benchmark for other cities in MENA, paving the way for a more transparent and competitive real estate landscape.