(MENAFN– Middle East.Info)
- Dubai and Abu Dhabi recognized as top global enhancers in 2022, benefiting from concerted government focus on improving market transparency
- Dubai enters ‘transparent’ tier status for the first time thanks to new regulations and improved digital services
- The Kingdom of Saudi Arabia has maintained its position in the top 50 of the world rankings
Dubai, United Arab Emirates: The real estate markets of Dubai and Abu Dhabi have been recognized as the best in the world in 2022, according to JLL’s latest Global Real Estate Transparency Index (GRETI). Dubai also entered the “Transparent” level for the first time, underscoring its position as the most transparent real estate market in the Middle East and North Africa region. The emirate moved up three ranks in the index to reach the 31st position globally and is the only real estate market in the MENA region to feature in the “Transparent” level.
Dubai’s gains in the transparency rankings are led by new regulations around market lending practices, beneficial ownership tracking and sustainability reporting, as well as improved digital services and provision of data such as service fee management, automated assessments and transaction databases through the Dubai REST platform. The ranking gain also builds on new initiatives announced by the Government of Dubai with private companies such as transaction-based sales indices and a building wellness certification.
HE Sultan Butti bin Mejren, Director General of the Dubai Land Department, said: “As the global economy recovers, we have recognized the need to focus on improving market transparency in order to make better decisions. that will support both developers and investors.Today, investors around the world are increasingly turning to Dubai real estate for investment, and we at the Dubai Land Department are committed to improving transparency in the within the sector.
Bin Mejren added: “We are delighted that Dubai has entered a new phase of transparency and is the only city to do so in the MENA region. Ongoing government efforts boosting digital services and data provision, new regulations and sustainability reporting have helped boost Dubai’s ranking in this year’s Global Real Estate Transparency Index, which is an important guide used by cross-border investors and occupier companies to inform their decision. manufacturing.”
Abu Dhabi, which ranked 45th globally, moved up a rank and maintained its position in the “semi-transparent” tier. The enhancements reflect the expansion of digital services through the Dari platform, including sales and lease management and development and transaction databases. The Department of Municipalities and Transport (DMT) also published its first code of ethics covering the real estate professions, and the real estate market benefited from an increase in the provision of data by private providers in new sectors, indicates the report.
Thierry Delvaux, JLL Managing Director, Middle East, Africa and Turkey, said: “Our 12th Global Real Estate Transparency Index comes at a time of significant change in almost every aspect of the global real estate market. Faster progress and greater global alignment between initiatives and industry standards are needed to meet growing pressure from businesses, consumers, investors and the public for higher levels of transparency. This year, Dubai and Abu Dhabi were recognized as the world’s top improvers, benefiting from a concerted government focus on improving market transparency.
Saudi Arabia maintained its position in the top 50 of the world rankings, strengthening its position at the regional level. The kingdom performed particularly well in the transparency category of corporate governance of listed vehicles. This is due to the combination of the strong FPI regulatory framework in place (introduced in 2016) and its listed vehicles having good quality financial accounts, data disclosure and corporate governance practices. KSA has also performed well in transparency of its investment performance – for the listed market, it has the Tadawul Property Development Index and several of its REITs are included in the FTSE EPRA NAREIT Global REITs Index.
According to the report, a common aspect of the changes taking place in global real estate markets is the need for greater harmonization and alignment of sustainability initiatives, regulatory environments, technologies and data frameworks.
Many companies are focusing on the environmental, social and governance aspects of their business, and more regulations and measures to improve and provide guidelines for these goals across the industry are likely.
In addition, privacy risks and the need for clearer and more stringent regulations around data management and security grow as the amount of data collected by businesses and governments about their buildings, employees and communities. increase quickly.
Produced jointly by JLL and LaSalle Investment Management, the GRETI charts the evolution of real estate transparency around the world since 1999. Updated every two years, this year’s 12th edition is based on a comprehensive survey of the availability and the quality of performance indices and market data, governance structures, regulatory and legal environments, transaction processes and sustainability instruments covering 156 cities in 94 countries and territories.
JLL (NYSE: JLL) is a leading professional services firm specializing in real estate and investment management. JLL is shaping the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, incredible spaces, and sustainable real estate solutions for our clients, associates, and communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion in 2021, operations in more than 80 countries and a global workforce of more than 98,000 people as of December 31, 2021. JLL is the name of trademark and registered trademark of Jones Lang LaSalle Incorporated. For more information visit jll.com
About JLL MEA
In the Middle East and Africa (MEA), JLL is a leading player in the real estate and hotel services markets. The firm has worked in 35 countries in the region and employs over 1,050 internationally qualified professionals in its offices in Dubai, Abu Dhabi, Riyadh, Jeddah, Al Khobar, Cairo, Casablanca and Johannesburg.
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