According to JLL and LaSalle Investment Management’s 16 Global Real Estate Transparency Index, Dubai has recorded continued growth and maintained its position as the most transparent real estate market in the Middle East and North Africa region,
The Emirate placed 48th out of 109 markets covered globally to remain in the Semi-Transparent category, growing by a respectable 23 points to be among the top 25 global improvers. Abu Dhabi, ranked 59th globally, while Saudi Arabia 63rd and Egypt 65th has placed into the Semi-Transparent group for the first time.
Picture Courtesy: www.worldpropertyjournal.com
Dubai has moved nearer to the top of the Semi-Transparent class, where it sits on a par with Tier 1 cities in the Bric countries (Brazil, Russia, India, and China) and all 4 of the fast-growing MIST economies (Mexico, Indonesia, South Korea and Turkey).
stated by Head of Research, Mena at JLL, Craig Plumb, ‘ Dubai has gained much growth, recording a 10% improvement in its rate over the past 2 years, It is placed in a part of the global ranking which holds some of the most dynamic markets in the world, many of which are seeing rising middle classes mobilizing against corrupt practices.’
Picture Courtesy: www.bq-magazine.com
The 10 countries known as Highly Transparent by GRETI account for 75 % of global investment into commercial real estate, focusing the extent to which transparency encourages real estate investment decisions.
The Dubai government recognizes the important role that improving transparency plays in improving levels of foreign investment in its real estate market. Its new Open Data Law proposes to promote the sharing of non-confidential data in government and nongovernment entities. The regulatory arm of Dubai Land Department, Real Estate Regulatory Agency, has implemented many new measures to advance the approachability and quality of real estate data available to possible investors.