The improvements in these UAE real estate markets is largely linked to increased government focus on data transparency and major digitalization efforts. Those include technology-focused initiatives designed to create more confidence in the real estate sector and boosting investment.
Dubai climbed one spot to reach the 28th position on the index and is the only city in the MENA region with a real estate market graded as ‘Transparent’ by the ‘Global Real Estate Transparency Index’ from JLL. Some technology-focused initiatives like the Real Estate Innovation Incubator and Dubai PropTech Group have helped to boost Dubai’s rise on the index.
“Dubai’s progress in the 2024 Global Real Estate Transparency Index demonstrates our commitment to building an innovative and reliable real estate ecosystem,” said Marwan Ahmed bin Ghalita, Director General of Dubai Land Department.
Source: JLL
“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. Following Dubai’s Economic Agenda D33, we are advancing digital transformation and setting high standards to keep Dubai at the forefront of global real estate markets.”
Abu Dhabi advanced four spots to land in 41st place on the index and was listed as ‘Semi-transparent’ by the report. The Emirate has leveraged AI technology to expand its digital services and introduced a convenient real estate platform that integrates property services.
While Saudi Arabia ranks lower, the researchers did note the nation is working on improving transparency and focusing on greater institutionalization, offering strong long-term potential.
The role of transparency
As the real estate market in MENA evolves and urban growth continues, transparency is more crucial than ever for helping stakeholders make informed decisions. The most transparent markets will be the most successful, said JLL in its report, with buyers and sellers more likely to find each other, driving up transactions and overall market satisfaction.
Source: JLL
The index overall highlights the major advantages that AI-powered tools can bring to real estate markets in terms of productivity and transparency. Despite that, there is also some inherent risk to AI tools, with concerns that pricing algorithms could inadvertently lead to anti-competitive behavior.
JLL has been releasing this biannual index in collaboration with LaSalle Investment Management since 1999. It is based on a comprehensive survey of performance benchmarks, market data, governance structures, regulatory and legal environments, and sustainability instruments in 90 countries and territories globally.
The UAE has one of the hottest real estate markets in the world currently, with cities like Dubai having gained a reputation for catering to luxury. Dubai has become a top destination for high-net-worth individuals that are looking to invest in real estate.
