To launch enhanced methodology for publishing property sale price indexes
Aimed at enhancing transparency standards in the local real estate market
Hamad Obaid Al Mansoori: Our strategic partnership with the Dubai Land Department exemplifies the collaboration and synergy between government entities to enhance market dynamism and attract further investments, aiming to strengthen Dubai’s position as a global investment hub, particularly in the real estate sector, in line with the Dubai Economic Agenda D33.
Marwan Ahmed Bin Ghalita: This partnership enhances transparency and credibility in the real estate sector, reinforcing Dubai’s position as the most transparent market in the region, according to the 2024 Real Estate Transparency Index.
Younus Al Nasser: This partnership provides an accurate and integrated data system that monitors the performance of the real estate market and offers comprehensive benchmark comparisons across all aspects of this vital sector.
Dubai, October 8, 2024: In a significant step towards enhancing transparency in Dubai’s real estate market and promoting data-driven decision-making, Digital Dubai has announced a strategic partnership with the Dubai Land Department to introduce specialized indicators for residential and commercial property sale prices within the emirate.
This partnership falls within a comprehensive strategic vision to enhance confidence in the emirate’s vital industries, including real estate, which contributed 7.5% to Dubai’s total GDP in 2023 and remains one of the leading sectors in attracting investments. The strategic collaboration reflects the commitment to tracking property price movements, monitoring transaction values across various areas of Dubai, and keeping pace with periodic changes. The goal is to generate real estate statistical indicators that support decision-making and provide economic analyses related to property price trends.
In this context, Hamad Obaid Al Mansoori, Director General of Digital Dubai, said: “This partnership reflects Digital Dubai’s vision of digitizing life in the emirate and leveraging advanced digital technologies to serve strategic sectors and enhance their contribution to the overall GDP. We view this collaboration with the Dubai Land Department as a model of partnership and integration between government entities, designed to deliver solutions that boost market dynamism and attract further investments. The ultimate goal is to solidify Dubai’s position as a leading global investment hub, particularly in the real estate sector, and to achieve the objectives of the Dubai Economic Agenda D33.”
His Excellency Eng. Marwan Ahmed Bin Ghalita, Director General of Dubai Land Department, highlighted that this partnership with Digital Dubai marks an important step towards enhancing transparency and credibility in Dubai’s real estate market. He stated, “Providing accurate indexes that reflect real market prices and trends enables decision-makers, investors, and developers to plan more effectively and forecast the future, thereby boosting Dubai’s competitiveness and supporting our vision of achieving global leadership in real estate investment. This aligns with Dubai’s position as the only property market in the Middle East and North Africa region to be classified in the ‘Transparency’ category, having advanced one position to 28th place in the 2024 Global Real Estate Transparency Index. Moreover, Dubai ranks among the top five markets globally that have shown the most improvement in transparency, highlighting the significant impact and role of government initiatives in this regard.
This aligns with Dubai’s standing as the only real estate market in the Middle East and North Africa region to be classified in the “transparency” category, having advanced one position to 28th place in the 2024 Global Real Estate Transparency Index. Moreover, Dubai ranks among the top five markets globally that have shown the most improvement in transparency, highlighting the significant impact and role of government initiatives in this regard. His Excellency Younus Al Nasser, Chief Executive of the Dubai Data and Statistics Establishment, said: “This partnership delivers accurate and integrated data systems that monitor real estate market performance while providing comprehensive benchmarking across all aspects of this vital sector. This collaboration is part of a broader initiative to enhance the use of data and statistics to support the performance and activity of key sectors within the emirate. It also serves as a practical example of the positive impact that precise data can have on every stage of real estate development, from the planning phase through to the management of real estate facilities.”
Statistics and Figures
The new partnership between the Dubai Digital Authority and the Dubai Land Department reflects ongoing efforts to enhance the technical methodology of real estate indexes. The foundations underpinning these indexes have been updated, including revisions to the base year and relative weights, to ensure the delivery of more accurate and transparent results that encompass all areas of the emirate.
The quarterly change rates of the residential real estate price index for the second quarter of 2024 demonstrated positive results, with an overall increase of approximately 2.93%, comprising 6.58% for residential villas and 1.27% for residential apartments. Similarly, the commercial real estate price index for the same period also reflected growth, registering a rise of around 0.48%, including 4.77% for shops and offices.
Future Goals 6:
This strategic cooperation seeks to achieve several key objectives, including measuring real estate market performance and understanding trends and shifts, which will assist in making strategic decisions and developing appropriate policies. Additionally, it aims to support investment planning by leveraging digital data to identify opportunities and promote the growth of projects. The partnership also contributes to monitoring the market to better understand its mechanisms and to determine the necessary actions to address challenges. It will further provide data to the public and investors, empowering them to more accurately evaluate opportunities and risks. Another objective is to support national requirements and meet the needs of researchers by granting students and professionals in the sector access to precise data for their research. Finally, it seeks to track inflation and economic recession trends, as these indicators are crucial references in calculating GDP and assessing the industry impact of price changes.
Do Follow: CIO News LinkedIn Account | CIO News Facebook | CIO News Youtube | CIO News Twitter
About us:
CIO News is the premier platform dedicated to delivering the latest news, updates, and insights from the CIO industry. As a trusted source in the technology and IT sector, we provide a comprehensive resource for executives and professionals seeking to stay informed and ahead of the curve. With a focus on cutting-edge developments and trends, CIO News serves as your go-to destination for staying abreast of the rapidly evolving landscape of technology and IT. Founded in June 2020, CIO News has rapidly evolved with ambitious growth plans to expand globally, targeting markets in the Middle East & Africa, ASEAN, USA, and the UK.
