The Dubai Real Estate market has been judged to be the most transparent in the region, according to real estate and investment management firm, JLL.
Dubai was ranked 31st out of 94 markets listed in JLL’s Global Real Estate Transparency Index.
Dubai was featured in the “transparent” section of the index alongside Finland, Singapore, Switzerland, South Korea and Denmark.
The index of the most transparent property markets in the world is based on a combination of quantitative market data and information gathered through a survey of the global business network of JLL and LaSalle across 94 countries and 156 city markets. The United Kingdom, USA and France top the list, while Ethiopia, Iran and the Dominican Republic are among the most opaque.
Dubai is making great progress as it climbs the index with a view to becoming highly transparent.
Thierry Delvaux, CEO, Middle East, Africa and Turkey at JLL, said: “Higher real estate market transparency encourages higher investment levels. Therefore, inevitably, some of the highly transparent cities are considered to be preferred destinations for real estate investors, Dubai being an ideal example of this phenomenon.
“With the Dubai Land Department continually striving to enhance transparency within the sector coupled with the country’s strong economic growth, and initiatives such as visa reforms, we see a buoyant, vibrant market in Dubai and the UAE.”
Sustainability has become a byword for transparency and JLL hosted a briefing in Dubai to highlight the issue. “It has become acutely apparent that if cities and nations are going to progress up the scale of transparency in the real estate sector, there needs to be tangible sustainability action,” said Delvaux.
Jeremy Kelly, Global Research Director, City Futures at JLL, further underlined: “Real estate transparency now goes hand-in-hand with sustainability. Decarbonizing our cities is imperative.
“Dubai has rapidly improved to reach the ‘transparent’ tier and is focused on doing more work on the sustainability front. With the UAE hosting next year’s COP28 climate talks, it is the perfect time for the local real estate sector to bootstrap itself into greater sustainable activity.”
Dubai real estate thriving
The Dubai real estate market is on a roll, with property deals in the emirate hitting another record high of AED3.8 billion on Monday.
Monday’s property deals included 625 sales transactions worth AED1.67 billion, 101 mortgage deals of AED276.37 million and 23 gift deals amounting to AED1.94 billion, according to Dubai Land Department (DLD) data.
The sales included 551 villas and apartments worth AED1.22 billion and 74 land plots worth AED452.11 million.
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