Dubai and Abu Dhabi are among the top five cities in the world that have made the most progress in transparency in the sector, according to the latest Global Real Estate Transparency Index (GRETI) published by JLL. This success is due to the UAE’s focused policies to improve the efficiency and accessibility of information in the real estate market.
Dubai’s real estate market, especially since the pandemic, has become one of the most attractive in the world, attracting billions of dollars in foreign and local investment. The market’s activity is reflected in impressive sales figures: in August 2024, sales reached AED 37.3 billion, up 33% year-on-year. Total transaction volume also shows growth, up 36% year-on-year.
LL’s Transparency Index classifies real estate markets into five categories, and Dubai, ranked 28th in the global ranking, was categorised as a ‘transparent’ market. The UAE’s success in improving transparency is due to a number of factors. Dubai, for example, is actively developing the REST platform and improving its anti-money laundering legislation. Abu Dhabi, ranked 41st in the index, launched the Abu Dhabi Real Estate Centre (ADREC) to improve control and efficiency, and has also adopted new technologies such as Building Information Modelling (BIM) and artificial intelligence in planning.
According to James Allan, CEO of JLL for the Middle East and Africa, Dubai’s success in increasing transparency in the real estate market is directly related to the active support of the government. Through efforts to provide more detailed information on sales and leasing, as well as streamline processes and management, Dubai is creating a favorable environment for development and investment in the real estate sector.
