Announced:Most transparent Real Estate Markets
According to JLL’s latest index, Dubai and Abu Dhabi have been ranked as the most transparent property markets in the region, ranks both cities and countries from across the world. The emirate goes up three spots to rank 36th position always on JLL’s Global Real Estate Transparency Index 2020.
A Key Contributor to Dubai’s Ranking
Report credited the city’s improvement to its creation of an official the emirate’s official sales price index, Mo’asher, the most significant initiative launched in 2019.
Dana Salbak, head of Research for JLL MENA said, it is believed to be an important step forward for Dubai, because of its versatility and applicability by the market’s constituents.
UAE Capital, Abu Dhabi - Emerged as a Top Performer
Abu Dhabi also rose on the index to rank at 48 globally and the second highest in the MENA region. The emirate’s rise in the ranking stemmed from its introduction of newer initiatives aimed at promoting corporate and real estate sustainability.
Salbak emphasized how the pledge signed between the UAE Ministry of Climate Change and Environment and the Abu Dhabi Global Market (ADGM) will have financial policies that would directly result in social, economic, and environmental benefits.
Abu Dhabi Global Market (ADGM)
▪️ Abu Dhabi Global Market aims to develop a vibrant and thriving sustainable finance hub that supports capital formation, raising and deployment
▪️ ADGM is closely aligned to UAE initiatives, supporting Abu Dhabi, the UAE and our global stakeholders in achieving sustainable develop goals (SDGs) and established climate change objectives.
▪️ ADGM is well placed to develop a sustainable finance ecosystem catering to the needs of local and international investors.
Two other factors pertinent to Abu Dhabi’s rising rank
▪️ The first green real estate investment trust (REIT) and the disclosing of a new data management program.
▪️ The data management program under the Open Data Initiative is designed to cultivate the emirate’s goal of becoming one of the best places to visit, work, invest, and live in the world.
Saudi Arabia to become a transparent market
▪️ Saudi Arabia – as a country – got ranked at 57th place globally this year, placing it third in the region.
▪️ According to JLL, the ministries and governmental organizations begun to publish more micro-level indicators on a monthly or quarterly basis. Data from the Ministry of Justice, meanwhile, has also become an increasingly valuable indicator for commercial and residential real estate transactions.
Salbak - View
▪️ Access to robust & reliable
▪️ Comprehensive market
▪️ Investment performance tracking data.
The Kingdom, which has seen dramatic changes to its economy led by:
▪️ The ambitious Saudi Vision 2030
▪️ National Transformation Program 2020 has witnessed rising transparency over the past three years.
Saudi Arabia’s Rapid Development
▪️ Progress in transparency has been driven by regulatory reforms, increased data collection and the publication by government bodies and international market participants.
▪️ Thierry Delvaux, the Chief Executive Officer in Middle East and Africa is responsible for leading and managing JLL's MEA business, setting and implementing growth strategies, talent management, ensuring excellence in service quality, and making JLL a great place to work and also added that the rise of Covid-19 has caused people to be more skeptical.