Dubai has made significant strides in improving transparency in its real estate sector through a new strategic partnership between the Dubai Land Department (DLD) and Digital Dubai. This collaboration aims to develop advanced data systems to monitor property prices, benefitting investors, developers, and buyers by providing reliable market insights.
The initiative reflects Dubai’s broader vision to strengthen confidence in key industries, particularly real estate, which contributed 7.5% to the emirate’s GDP in 2023. The partnership will introduce specialized indicators to track both residential and commercial property prices, enabling stakeholders to make informed decisions in a rapidly evolving market.
Hamad Obaid Al Mansoori, Director General of Digital Dubai, emphasized that this collaboration is crucial for digitizing various sectors and enhancing their economic contributions. He highlighted that the partnership will deliver solutions that stimulate market activity and attract further investment.
His Excellency Eng. Marwan Ahmed Bin Ghalita, Director General of DLD, noted the importance of accurate market indexes in helping decision-makers and investors plan effectively for the future. This partnership comes at a time when Dubai’s real estate sector is gaining global recognition, being the only property market in the Middle East and North Africa classified as ‘Transparent’ in the 2024 Global Real Estate Transparency Index, ranked 28th worldwide.
Furthermore, the integration of cutting-edge technologies like AI, blockchain, and data analytics into real estate practices aligns with Dubai’s ongoing digital transformation efforts. Recent statistics show positive growth in the residential real estate price index for Q2 2024, reflecting a 2.93% increase overall, driven by strong investor confidence.
This strategic partnership between Digital Dubai and the Dubai Land Department is a significant step toward a more transparent and data-driven real estate market, enabling stakeholders to capitalize on emerging trends and opportunities.
