The cities of Dubai and Abu Dhabi have been globally recognized for making significant improvements in real estate transparency. According to the latest Global Real Estate Transparency Index (GRETI) released by JLL, Dubai and Abu Dhabi ranked among the top five cities that have shown progress in real estate transparency. Dubai’s real estate market has been highly sought after, especially in the post-pandemic period, with billions of dollars in foreign and local investments flowing into the city. In August 2024, Dubai recorded Dh37.3 billion in sales value, a 33% increase from the previous year, with a total sales volume reaching 14,922.
The JLL transparency index categorizes real estate markets into five classifications – high, transparent, semi, low, and opaque. Dubai, ranked 28th globally, has been classified as a transparent real estate market. India and Saudi Arabia were the top improvers in the JLL real estate transparency index in 2022-24, followed by the UAE (Dubai and Abu Dhabi), the US, France, Australia, Canada, South Korea, and China. Abu Dhabi was ranked 41st in the index due to initiatives like the launch of the Abu Dhabi Real Estate Centre (ADREC) and a new AI-enabled building information modeling system.
James Allan, CEO of JLL for the Middle East and Africa, highlighted Dubai’s efforts to enhance its data and service offerings through platforms like Dubai REST. He emphasized the government’s focus on market effectiveness and the improvements in anti-money laundering legislation, governance processes, and tech-based initiatives as contributing factors to Dubai’s transparent market ranking. Allan also mentioned the importance of sustainability transparency and expected advancements in this area in the coming years as reporting on sustainability becomes critical for investments.
In addition to Dubai and Abu Dhabi, Saudi Arabia has also made significant progress in real estate transparency, ranking among the top global improvers in the GRETI. Higher transparency in Saudi Arabia is seen as crucial for supporting large-scale urban development projects in the country. Initiatives like the formalization of the land registration system, digitized data provision from the Real Estate Regulatory Authority, enhanced online services, and improved data coverage from providers have contributed to Saudi Arabia’s improved transparency score. Overall, the increased transparency in these markets is expected to drive investment flows and boost local economies in the future.
