Dubai’s real estate sector has witnessed an exceptional improvement in the Global Real Estate Transparency Index over the past years, as the emirate has advanced 20 places on the index over 8 years, and is now one of the best cities in the world that has witnessed a significant improvement in the level of transparency.
According to the JLL Global Real Estate Transparency Index 2024 report, Dubai ranked 28th globally, advancing 20 places in 8 years, jumping from 48th in 2016 to 40th in 2018, then to 36th in 2020, and continued to advance to 31st globally in 2022.
The report indicated that the Emirate of Dubai currently ranks first in the Middle East and North Africa region on the Global Transparency Index, and the emirate also ranks high globally in the field of continuous annual improvement 2024, as it benefits from the government’s focus on market efficiency.
Dubai has also continued to enhance its data and service offerings through the Dubai REST platform, with further improvements to anti-money laundering legislation and increased availability of information from both established and emerging market providers, alongside the launch of technology-focused initiatives including the Real Estate Innovation Incubator and Dubai PropTech Group.
Globally, the United Kingdom ranked first, followed by France, America, Australia, Canada, the Netherlands, New Zealand, Ireland, Sweden, Germany, and Japan.
On the Arab level, the UAE came first, followed by Saudi Arabia, then Morocco, Egypt, Qatar, Jordan, Oman, Algeria, Tunisia, Lebanon, and Iraq came in last place on the Arab and global levels, ranking 89th globally.
Real estate transparency is more important than ever in times of uncertainty, as the most transparent markets move forward and prepare for the next economic cycle, the report said. The United States, Canada, France and Australia are among the top improvers globally, while Singapore enters the “high transparency” group for the first time, supported by a focus on sustainability and digital services.
This group of countries has attracted more than $1.2 trillion in direct commercial real estate investment over the past two years, more than 80% of the global total.
There are several key markets that have made progress and are focused on enabling higher levels of institutionalization – including leading cities in India, China and South Korea in the Asia-Pacific region, and the UAE.
The pace of structural changes impacting real estate markets is accelerating – from demographic shifts to sustainability goals and technological advances, and these long-term changes intersect with cyclical challenges as companies and markets grapple with rapid adjustments to pricing and growth prospects.
The largest election year in history and ongoing geopolitical tensions and conflicts are introducing additional elements of political uncertainty around the world, all of which means that transparency is more important than ever as real estate investors, tenants and governments prepare to move into a new real estate cycle and the next phase of urban growth.