Dubai has retained its position as the MENA region’s most transparent real estate market, according to a new JLL report.
Due to a range of new government initiatives and an increasingly dynamic proptech industry, the Emirate has seen a push up the global rankings, the latest JLL Global Real Estate Transparency Index, (GRETI), has found.
This year, Dubai was among the top three improvers globally in the ‘Semi-Transparent’ category, moving up the rankings eight places to 40 out of 100 markets covered in 2018.
Craig Plumb, head of Research, MENA at JLL, said: “JLL’s research shows there is a clear relationship between the transparency of real estate markets and the level of investment they attract.
“One of the key objectives of the Dubai Land Department is to attract more investment and the Government have therefore launched a number of initiatives to improve transparency and the quality of information available to real estate investors.
“If all these initiatives are implemented then we would expect Dubai to improve further in the global rankings over the next 2 years.”
Recording continuous progress annually, Dubai’s current ranking sits on par with the world’s top tier cities in countries including China (33), Russia (38) and Mexico (39).
According to the 10th edition of the biennial report, governments worldwide have been gradually forging greater transparency in real estate markets, addressing growing demands from investors and the public to deliver significant change.
“Dubai has passed beneficial regulations that impact its governmental initiatives, including those that pertain to a building classification project, improved regulatory procedures, new and enhanced online apps for managing contracts and broker information, and unified lease forms,” added HE Sultan Butti bin Mejran, director general at the Dubai Land Department.
He continued: “In pursuit of this vision, we are proactively involved in building an innovative and sustainable real estate environment supported by the development, promulgation and implementation of clear, transparent and integrated real estate laws that help to protect the rights of real estate investors, as well as those of all related parties.”
Since 2016, 85 of the 100 countries surveyed in JLL’s global transparency report recorded an improvement from 2016, and the growing impact of technology may propel this positive trend in the future.