Dubai and Abu Dhabi among most improved markets in the world for real estate transparency

Dubai and Abu Dhabi real estate markets are among the most improved in the world for transparency, according to a global sector survey.

• Scaling digital capabilities
• Implementing strong anti-money laundering (AML) and beneficial ownership (BO) regulations
• Increasing the availability of market data for established and start-up market providers

Abu Dhabi and Dubai real estate transparency

Dubai climbed one spot to reach the 28th position on the index in the 2024 edition, where it has retained its position as the only property market in the Middle East and North Africa (MENA) to feature in the “Transparent” tier.

The Emirate’s gains in its ranking highlight the effectiveness of government initiatives to enhance market transparency and foster a more robust real estate environment in the region.

The launch of technology-focused initiatives such as the Real Estate Innovation Incubator and Dubai PropTech Group have boosted Dubai’s rise on the index.

These initiatives have empowered the real estate community in Dubai, creating confidence in the sector and building a world-class investment environment.

Enhancements made to digital services through the Dubai REST interface, the smart 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.

Eng. Marwan Ahmed bin Ghalita, 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 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.”

Ranked 41st on the index, Abu Dhabi advanced four spots from 2022 in the “Semi-transparent” level.

The Emirate has leveraged PropTech and AI to expand its digital services and optimise real estate operations through its DARI platform, which includes sales and lease management and development and transaction databases.

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.

JLL’s 2024 GRETI report reveals the significant competitive advantages AI brings to real estate markets and its potential for advancing productivity and transparency.

Despite its profound impact on the economy, concerns have been raised on the potential risks of AI tools inadvertently leading to price-fixing or other anti-competitive behaviour, for example, through pricing optimisation algorithms.

10 most transparent real estate markets in the world

• United Kingdom
• France 
• United States    
• Australia            
• Canada
• Netherlands     
• New Zealand    
• Ireland 
• Sweden
• Germany