Dubai Land Department (DLD
) and Jones Lang Salle (JLL), a leading global property consultant, have launched the first ‘Dubai Commercial Property Price Index’ (CPPI) at Cityscape Global 2021.
The index, which comes in pursuant to a memorandum of understanding (MoU) signed in 2020, was launched by Majida Ali Rashid, CEO of the Real Estate Promotion and Investment Management Sector at DLD, and Thierry Delvaux, CEO of JLL Middle East, Africa and Turkey.
The CPPI is the sole commercial price index in Dubai and will act as a reliable source of data for use by investors, agencies, and institutions. In addition, it will allow investors to monitor commercial market performance when making investment decisions and portfolio management.
Rashid commented: “At DLD, we are constantly keen to develop tools that will enhance the trust of customers, investors and those interested in the real estate sector and market in the emirate, in line with our vision of providing high-value insights to investors and companies alike and enhancing the attractiveness of real estate investment in the emirate. CPPI will constitute an added value to Dubai's real estate sector, and we look forward to cooperating with JLL to enhance trust and transparency through the index, which, in turn, contributes to enabling and enhancing the real estate investment environment in the emirate”
Delvaux said: “We are thrilled to be launching the index that we had announced with DLD last year. It represents a strong move towards improving real estate transparency and will play a huge role in further attracting local, regional and global institutional investors to the region.”
The index will be issued on a quarterly basis in both English and Arabic and will be a key benchmark for analysing the performance of commercial real estate in Dubai.
The Cityscape Global Summit and Exhibition are taking place from November 7 to 11 at the Dubai Exhibition Centre (Expo 2020 site). The summit aims to mirror and address the three main sub-themes of Expo 2020 (opportunity, mobility and sustainability), with a special focus on the MENA region, specifically the UAE, the KSA, Oman, Egypt and Bahrain. -TradeArabia News Service