(MENAFN- America News Hour) The capital of the Emirate of Dubai and the most populated city in the United Arab Emirates is Dubai. Dubai is renowned for its cutting-edge architecture, upscale shopping, exciting nightlife, skyline made up of skyscrapers, welcoming cosmopolitan culture, and diversity. It has become a focal point for international investors looking to profit by purchasing or renting real estate.
After achieving independence from Great Britain in 1971, this opulent and rapidly expanding metropolis was established. Dubai became the country with the fastest-growing economy in the world in less than 40 years. After introducing the official residential index, the nation ascended the ranks to attain the Global Real Estate Transparency Index. If you are looking forward to investing in the Dubai real estate market, get in touch with real estate agents in dubai who can make the work easier.
JLL Global Real Estate Transparency Index report on Dubai
The real estate markets in Dubai and Abu Dhabi have been named the top worldwide improvers in 2022 by JLL's most recent Global Real Estate Transparency Index. Dubai also appeared in the“Transparent” tier, highlighting its status as the Middle East and North Africa region's most transparent real estate market. The emirate moved up three spots in the ranking to land in position 31 overall. It is the only real estate market in MENA to be included in the tier known as“transparent.” New rules governing market lending practices, beneficial ownership monitoring, and sustainability reporting have contributed significantly to Dubai's improvements in the transparency rankings.
The Dubai real estate market improved its ranks through digital services and data delivery, such as service fee management, automated appraisals, and transactional databases through the Dubai REST platform. The improvement in ranking also relies on recent efforts, such as transaction-based sales indices and a building wellness certification, that the Dubai Government has launched alongside private businesses. According to the report, the property market has benefited from increased data provision by private providers in new sectors and the Department of Municipalities and Transport (DMT) publication of its first code of ethics governing real estate professions.
Transparency of Investment in Dubai
Without a doubt, the most crucial element for the development of an industry is transparency. The value of transparency is rising, especially in light of the worldwide trend toward tighter financial regulation and openness. In particular, as it relates to automating transaction processes and attaining their sustainability objectives, the nations in the area are taking initiatives to promote transparency through digitalization and innovation.
The law allowing foreigners to purchase real estate in Dubai was just adopted in 2002, making the market only sixteen years old. Dubai's progress throughout the years has been encouraging. Dubai has quickly established itself as one of the world's most open real estate markets. According to JLL's Global Transparency Report, Dubai has the most open real estate market in the Middle East and North Africa (MENA).
The degree of consistency and predictability is where greater transparency shines. In their capacity as property investors, consumers may make more informed choices. All the information necessary to make wiser judgments is provided, regardless of whether they are a renter, buyer, or seller of the property. Get in touch with a professional for property valuation in dubai to know the value of the property you intend to buy.
Conclusion
Dubai improved from 36 in the previous rankings to 31 this year.
The growth can be attributed to its initiatives to boost market transparency, which include new legislation, improved digital services, more beneficial ownership monitoring, and reporting on sustainability. Dubai is committed to creating sustainable and cutting-edge real estate ecosystems for international and local investors. Dubai's government may accomplish these objectives by enacting clear and transparent real estate legislation.