PHOTO
Dubai – The UAE’s real estate industry has registered improvements in JLL’s Global Real Estate Transparency Index (GRETI) 2020, which provides a reliable measure of real estate market transparency and is a useful indicator of a city’s overall ‘real estate investment health’.
In this year’s edition, the index reveals the increasing attractiveness of Dubai as an investment hub within the region. The city climbed up three ranks (36th) to maintain its position as the most transparent market in the Middle East.
“Our GRETI report this year is being launched at a time of massive economic and societal disruption. As governments and businesses recover from the impact of COVID-19, questions around transparency and trust have been bought into even sharper focus,” said Thierry Delvaux, CEO, JLL Middle East and Africa (MEA).
“During times of such uncertainty, the need for transparent processes and accurate, timely data becomes more important than ever. The findings of our report provide reasons for optimism with the current disruption forcing the pace of change.”
According to the report, the most significant initiative launched in 2019, and a key contributor to Dubai’s ranking, was the creation of an official residential transaction-based index, Mo’asher, by the Dubai Land Department (DLD) in partnership with a private sector entity.
“Mo’asher constitutes a potentially important step forward for Dubai, as it means the establishment of a single index that is widely used by all market participants,” said Dana Salbak, Head of Research for JLL MENA.
Abu Dhabi a top performer on the back of sustainability initiatives
Driven by the introduction of further initiatives to promote corporate and real estate sustainability, Abu Dhabi emerged as a top performer globally, reflecting positively on the overall transparency ranking and future investment outlook.
“Among the many initiatives introduced, the UAE Ministry of Climate Change and Environment signed a pledge with the Abu Dhabi Global Market (ADGM), a financial Freezone, to embed sustainable finance policies in the UAE, contributing to the emirate’s ranking. The policies cover all forms of corporate and investment financial services which yield environmental, social, and economic benefits,” added Salbak.
Other factors include the first Green REIT, established at the ADGM in early 2020 by Masdar, a subsidiary of Mubadala Investment Company and one of the world’s leading renewable energy and sustainable real estate companies. Beyond sustainability, The Abu Dhabi Digital Authority (ADDA) also unveiled a new Abu Dhabi Data Management Program (DMP), offering a data-centric platform and sharing ecosystem. This falls under the Open Data initiative as part of Ghadan 21, Abu Dhabi's accelerator programme, which is designed to fulfil the government’s vision of a diversified knowledge based economy making the Emirate one of the best places in the world to do business, invest, live, work and visit.
Saudi Vision and National Transformation Plan drive the need for more transparency
According to JLL’s report, Saudi Arabia continues to demonstrate a strong commitment to the implementation of positive reforms to expand the economy and the real estate market. Conscious of the role data plays in market transparency, the Saudi government rebranded its publicly available central database - The General Authority for Statistics – and has continued to collate more data from government agencies. Ministries and government organizations such as the Ministry of Finance and the Saudi Arabian Monetary Authority have also begun to publish more micro-level indicators on a monthly and quarterly basis. Data from the Ministry of Justice has also become a valuable indicator for commercial and residential real estate transactions and performance.
-Ends -
Media contacts:
Contact:
Medha Sandrasagara
Enya Barry
Phone: + 971 4 426 6999
Email: Medha.Sandrasagara@eu.jll.com
JLL@fourcommunications.com
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities.
JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
About JLL MEA
Across the Middle East and Africa (MEA) JLL is a leading player in the real estate and hospitality services markets. The firm has worked in 35 countries across the region and employs over 1000 internationally qualified professionals across its offices in Dubai, Abu Dhabi, Riyadh, Jeddah, Al Khobar, Cairo, Casablanca and Johannesburg www.jll-mena.com
© Press Release 2020
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
