JLL property consultant presented its latest Global Real Estate Transparency Index (GRETI) 2020. According to JLL Dubai and Abu Dhabi's transparency index has notably increased, the cities are ranked 36th and 48th respectively. This indicates the increasing attractiveness of both emirates as investment hubs within the region.
'As governments and businesses recover from the impact of COVID-19, questions around transparency and trust have been bought into even sharper focus. During times of such uncertainty, the need for transparent processes and accurate, timely data becomes more important than ever', said Thierry Delvaux, CEO, JLL Middle East and Africa (MEA).
It was a number of vital initiatives implemented in Dubai by the Dubai Land Department that has helped to improve transparency over the past few years. Abu Dhabi emerged as a top performer globally due to its strong sustainability initiatives.
The most significant initiative in Dubai was creating of an official transaction-based index, Mo’asher, in 2019. The project was implemented by the Dubai by the Dubai Land Department in partnership with Property Finder, the leading real estate digital platform in UAE. Mo’asher provides information on housing prices and overall situation in the property market in Dubai. The new index may lack the robustness of the valuation-based indices available in more mature markets, nevertheless, Mo’asher is a very important step forward for Dubai, as it means the establishment of a single index that is widely used by all market participants, JLL said in its report.
Among the notable initiatives introduced in Abu Dhabi is UAE Ministry of Climate Change and Environment signing a pledge with the Abu Dhabi Global Market (ADGM), a financial Freezone, to embed sustainable finance policies in UAE.
Dubai and Abu Dhabi real estate industry's improvements in the Global Real Estate Transparency Index 2020 is in fact a useful indicator of both cities' overall ‘real estate investment health’.