Today's Edition
MAYS IBRAHIM (ABU DHABI)
The UAE has made notable advances in global real estate transparency, with Abu Dhabi ranking fourth among the top global improvers, according to JLL’s 2024 Global Real Estate Transparency Index (GRETI).
Dubai also made a strong showing, climbing to the third spot. JLL largely attributes this progress to proactive government initiatives aimed at enhancing market transparency and effectiveness.
The report pointed out that Abu Dhabi and Dubai have enhanced their transparency through innovations like the Dubai REST and DARI platforms.
Additional improvements include strengthened anti-money laundering legislation and increased availability of information from both established and emerging market data providers.
However, not all MENA countries have seen such positive developments. Political and economic challenges have led to a regression in transparency in several countries, including Iraq and Lebanon, according to the report.
Both Abu Dhabi and Dubai have also been recognised among the top 20 markets globally in the GRETI sub-index for 2024 “Governance of Listed Vehicles”.
Globally, the top transparency improvers from 2022 to 2024 are led by India, followed by Saudi Arabia, Dubai, Abu Dhabi, the United States, France, Australia, Canada, South Korea, and China.
The report highlighted the transformative impact of widespread generative AI (GenAI) capabilities on the real estate sector.
Investment in AI is growing rapidly, with applications already boosting transparency by automating tasks such as building management, summarising legal documents, and enabling advanced urban and architectural design.
However, maximising the potential of AI will require significant investment in the right infrastructure and governance to standardise data. Many companies and governments are still in the early stages of developing these capabilities, according to the report.
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.”
In a constantly evolving real estate landscape, as countries in MENA transition to the next stage of urban growth, transparency is more important than ever in helping industry stakeholders make informed decisions and deliver better outcomes. The most transparent markets are pulling ahead and positioned to lead into the next cycle, but major markets that have made progress and are focused on enabling higher levels of institutionalisation, such as the UAE and Saudi Arabia in MENA, offer strong long-term prospects.
Produced jointly by JLL and LaSalle Investment Management, GRETI has been charting the evolution of real estate transparency across the globe since 1999. Updated every two years, the 13th edition this year is based on a comprehensive survey of the availability and quality of performance benchmarks and market data, governance structures, regulatory and legal environments, transaction processes, and sustainability instruments covering 89 countries and territories worldwide.
