• Loading stock data...
 Dubai and Abu Dhabi real estate markets top improvers globally

globalbizmag.com

Dubai and Abu Dhabi real estate markets top improvers globally

The real estate markets of Dubai and Abu Dhabi are the top global improvers in 2022, the UK-headquartered Jones Lang LaSalle (JLL) global commercial real estate services company, said in its latest real estate index.

These two markets were benefited from a concerted government focus on increasing market transparency.

In Dubai, this has led to enhanced digital services and data provision, such as service charge management, automated valuations and transactions databases through the Dubai REST platform, as well as new regulations around market lending practices, beneficial ownership tracking and sustainability reporting.

These changes have helped to push Dubai into the ‘Transparent’ category for the first time. The government has also been partnering with private companies on several new initiatives, including transaction-based sales indices and a building wellbeing certification.

The Emirate gained three ranks in the index to 31st position globally and is the only property market in MENA to feature in the ‘transparent’ tier. Dubai’s ‘already robust’ property market receives another boost with Dubai Land Department (DLD), municipality restructure

Abu Dhabi has also continued to expand its digital services through its Dari platform, which includes sales and lease management and development and transaction databases, while the Department of Municipalities and Transport (DMT) has published its first code of ethics covering real estate professions.

The Abu Dhabi market has also benefited from increased data provision by private providers in new sectors. Elsewhere in the region, transparency advances have been limited, with political and economic issues resulting in regression in several countries including Jordan, Iran and Iraq.

Global Investors Eye Dubai

DLD’s Director General Sultan Butti bin Mejren said: “Investors from around the world are increasingly looking at Dubai’s real estate to invest, and we, at Dubai Land Department, are committed to enhancing transparency within the sector,” said.

“With the global recovery of the economy, we recognised the need to focus on improving market transparency to make better decisions that will support both developers and investors alike,” he added.

The Abu Dhabi real estate market, ranked 45th globally this year on JLL’s Index, has gained one rank and maintained its position in the ‘semi-transparent’ tier. The improvements reflect the expansion of digital services through the Dari platform including sales and lease management and development and transaction databases.

The DMT also published its first code of ethics covering real estate professions, and the property market has benefitted from increased data provision by private providers in new sectors, the report states.

Improved Market Transparency

Thierry Delvaux, chief executive officer at JLL, Middle East, Africa and Turkey said its latest global transparency Index comes at a time of significant change across nearly every aspect of the global real estate market.

“This year, Dubai and Abu Dhabi have been recognised as top global improvers, benefitting from a concerted government focus on improving market transparency,” he said.

Saudi Arabia maintained its position in the top 50 of the global rankings, reinforcing its position at a regional level. The kingdom scored particularly well in the category of ‘listed vehicles’ corporate governance transparency.

This is due to a combination of the REIT regulatory framework introduced in 2016 and its listed vehicles having good-quality financial accounts, data disclosure and corporate governance practices.

Saudi Arabia has also scored well on its investment performance transparency for the listed market. The Tadawul Real Estate Development Index and several of its REITs are constituents in the FTSE EPRA NAREIT Global REITs Index.

Global Business Magazine

Global Business Magazine

Related post

Leave a Reply

Your email address will not be published. Required fields are marked *