With the rolling out the official residential transaction backed index, Dubai has scaled three spots to close at 36.
As per the consultancy JLL, the Dubai as well as Abu-Dhabi has driven up and surged up in a global ranking as the best clear real estate markets in the Middle East as well as North African (MENA) on the rear of latest government programmes.
Dubai, the commercial as well as trading hub of Middle East, surged three spots for 36 to maintain its position as most clear market in Middle East, while Abu Dhabi surged to 48, becoming one of the priority performers globally due to sustainability plan rolled out by the government. Abu Dhabi was ranked 55 within the previous survey in 2018.
Chief executive of JLL Middle East and Africa, Thierry Delvaux stated that “Our GRETI (Global Real Estate Transparency Index) report this year being launched at a time frame of massive economic as societal disruption. As government as well as businesses improve from impact of COVID-19 query around transparency as well as trust have been bought into even sharper focus.”
“During the time frame of such an uncertainty, the requirement for translucent processes as well as accurate and better timely data pool becomes more vital than ever. The statistics of their report will provide better explanations for optimistic with latest disruption forcing pace of modification.”
As per the report, the core contributor of an official residential transaction-based index Mo’asher within the Dubai Land Department in alongside the partnership with a private sector entity, the most significant initiative launched within 2019. Head research at JLL MENA Dana Salbak stated that “Mo’asher constitutes a huge potential core step towards Dubai, as it means establishment for a single index broadly utilized by all market participants.”
Powered with introduction of additional initiatives for promotion of Corporate as well as real estate sustainability, the Abu-Dhabi has rightly emerged as a priority global performer, reflecting huge positive overall translucent ranking as well as future investment outlook.
Saudi Arabia endures to validate a strong assurance to the implementation of optimistic improvements to develop the economy and the real estate market, according to JLL’s report.
The government rebranded its publicly existing central database – The General Authority for Statistics – and has sustained to collate excess data from government agencies, it stated.
Ms. Salbak stated that “Among numerous initiatives introduced, the UAE Ministry of Climate change as well as Environment signed a pledge alongside the ADGM (Abu Dhabi Global Market), a complete financial free zone, for embedding sustainable UAEs finance policies thereby even contributing for emirate’s ranking. The policies cover up all corporate and as well as investment financial services that yielded environmental, social as well as economic gains.”
Other factors that contributed to Abu Dhabi’s ranking include the creation of the first Green REIT by Masdar at the ADGM in early 2020 and the presentation of a latest data-centric platform as well as the sharing eco-system by the Abu Dhabi Digital Authority. The Ministry of Finance and the Saudi Arabian fiscal Authority have also begun to distribute more micro-level indicators on a monthly and quarterly basis. Data from the Ministry of Justice has also become a respected indicator for commercial and suburban real estate businesses and performance.