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United Arab Emirates, Dubai: With Dubai and Abu Dhabi among the world’s leading cities in the Global Real Estate Transparency Index, the UAE’s real estate market has once again demonstrated its world-class operating standards. Updates were shared on DXBinteract.com, an exclusive interactive data site that tracks the UAE’s real estate industry, providing real-time reports and data with credibility and transparency. Both emirates increased their dominance of the index following the announcement of the sector’s results for the January-June 2022 period.
The Global Real Estate Transparency Index, which provides an important guide for investors, developers and corporate tenants, revealed that the emirate of Dubai entered the ‘most transparent market’ category for the first time after its real estate market became the most transparent market in the MENA region. Real estate sales in the Emirate of Abu Dhabi have grown significantly, with sales of AED 22.51 billion, ranking 45th globally after ranking 48th in 2020.
Speaking of the encouraging development, Firas Al-Msaddi, CEO of fam Properties, said; “This international classification is crucial as the government works with real estate industry players to establish industry benchmarks. The UAE government is continuously promoting laws and procedures to attract Investors and a seamless buying and selling process. We are witnessing this, especially during Expo 2020, where demand is at an all-time high and visitors have the opportunity to experience luxury living in the UAE.”
The UAE’s real estate sector is on a staggering growth trajectory over the past two years, while also setting records for some industry firsts, such as the most expensive villa under construction on Palm Jumeirah for AED 350 million . Overall, unit sales increased and prices per square foot rose.
DXBinteract.com also revealed that the number of real estate agents working at more than 2,600 agencies has surpassed 10,000, a 34% increase compared to last year. Ejari’s performance is commendable, with over 36,800 freehold titles, the highest ever.
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