The UAE’s Real Estate market has yet again demonstrated its world-class standards in operations as Dubai and Abu Dhabi get featured among the leading global cities on the Global Real Estate Transparency Index. The latest development was shared by DXBinteract.com, an exclusive interactive data site that tracks the UAE’s real estate sector to provide real-time reports and data that are characterized by credibility and transparency. Both emirates escalated in reigning positions on the index after the announcement of the sector’s performance results from January-June 2022.
The Global Real Estate Transparency Index which makes for a vital guide for investors, developers, and corporate occupiers, indicated that the Emirate of Dubai entered the category of “the most transparent markets” for the first time after its real estate markets became the most transparent in the Middle East and North Africa region. The Emirate of Abu Dhabi witnessed a remarkable development in real estate sales with an amount of AED 22.51 billion, ranking 45th globally after it was ranked 48th in 2020.
Speaking of the encouraging development, Firas Al-Msaddi, CEO of fam Properties said; “This international classification is crucial as the government in alliance with the real estate sector players collaborate well to establish industry benchmarks. The UAE government is continuously facilitating laws and procedures to attract investors and enable seamless buying and selling processes. We have witnessed it all, especially during the period of Expo2020 when demand was at an all-time high and visitors had the opportunity to experience the luxury of living in the UAE.”
In the past two years, the UAE’s Real Estate sector is on a phenomenal growth track along with some industry-first records like the sale of the most expensive and under-construction villa at Jumeirah bay island sealed at AED 350 million. Overall, there is an increase in unit sales and an appreciation in price per square foot.
DXBinteract.com also revealed that the number of real estate brokers working in more than 2,600 agencies has exceeded 10,000 reflecting a growth of 34% compared to the previous year. Ejari recorded a commendable performance with more than 36,800 freehold titles, making it the highest ever.