Dubai and Abu Dhabi’s real estate markets are among the most improved in the world in terms of transparency, according to a global sector survey.
According to JLL’s 2024 Global Real Estate Transparency Index (GRETI), the UAE cities achieved spots among the top five global improvers in the transparency score.
Dubai took third place for improvements achieved between 2022 and 2024, and Abu Dhabi took fifth place. These cities were acknowledged as among the top global improvers for:
- Scaling digital capabilities
- Implementing robust anti-money laundering (AML) and beneficial ownership (BO) regulations
- Expanding the market data’s accessibility for both established and emerging market suppliers
Dubai’s Rise in Real Estate Transparency
Dubai climbed to take the 28th position on the index in the 2024 edition, continuing to hold its position as the only real estate market in the Middle East and North Africa (MENA) to be listed in the “Transparent” category.
The Emirate’s rise in the rankings demonstrates how successful government efforts are at improving market transparency and promoting a thriving real estate climate in the area.
Introducing technology-focused projects like the Real Estate Innovation Incubator and Dubai PropTech Group has aided Dubai’s ascent on the index.
These initiatives have increased the influence of the Dubai real estate community, fostering an exceptional investment climate and fostering industry confidence.
Enhancements made to digital services through the Dubai REST interface, the intelligent real estate platform for real estate services, and providing access to land information or urban planning systems further underscore the Emirate’s commitment to continuous improvement in real estate practices.
Abu Dhabi’s Progress in Real Estate Transparency
Abu Dhabi moved up four ranks from 2022 to 41st in the “Semi-transparent” rating category.
The Emirate has leveraged PropTech and AI to expand its digital services and optimize real estate operations through its DARI platform, which includes sales and lease management and development and transaction databases.
Expert Insights on UAE’s Real Estate Transparency
Eng. Marwan Ahmed bin Khalifa, Director General of Dubai Land Department, said: “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 international 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.“
James Allan, CEO of JLL Middle East and Africa (MEA), said: “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.
“The UAE has positioned itself as a tech and innovation leader in the MENA region, and by ramping up commitments to sustainability, it is creating a conducive investment environment that supports transformative urban development projects.”
Also Read: Dubai real estate has become a trophy investment
The Importance of Transparency in MENA Real Estate
As the MENA region enters the next urban growth stage, transparency will be even more critical in the dynamic real estate market, helping stakeholders make better decisions and get better outcomes.
The most transparent markets are moving ahead and are positioned to lead into the next cycle, even though significant markets that have made progress and are focused on permitting higher degrees of institutionalization, such as the UAE and Saudi Arabia in the MENA region, give long-term strong prospects.
AI’s Impact on Real Estate Transparency
JLL’s 2024 GRETI report reveals AI’s significant competitive advantages to real estate markets and its potential for advancing productivity and transparency.
Despite its profound impact on the economy, concerns have been raised about the potential risks of AI tools that lead to price-fixing or other anti-competitive behavior, for example, through pricing optimization algorithms.
Top 10 Most Transparent Real Estate Markets in the World
- United Kingdom
- France
- United States
- Australia
- Canada
- Netherlands
- New Zealand
- Ireland
- Sweden
- Germany
