Upon a recent survey conducted by the renowned real-estate consultancy company JLL, UAE moved up the ladder of transparency from the previously held 48th spot to the 40th spot in the list. The index issued, lists the most ingenuous real-estate markets in the world exhibiting translucence and genuineness in their business agendas. Thus, this ranking proves that UAE’s Real-Estate can be well-trusted. JLL consultancy is known to conduct annual surveys and reviews and despite some turbulence in the property business lately, UAE managed to ascend to a higher spot which has earned the country a valuable global recognition and limelight.
Out of a total of 100 countries to be ranked in JLL’s index, major market enigmas like The UK, Australia, and The US have held the top three ranks over the years. Whereas, Venezuela is on the 100th spot. Thus, securing a good spot in such a diverse market scenario is a significant win and UAE, more specifically Dubai has been able to do that.
It is for this acknowledgement that the real-estate maestro’s spirits have been lifted and they are now all set to further ascend up the list in the next year rankings. The Government has also been back-patting and encouraging the market by introducing newer, more reliable policies like the recent inclusion of finalizing a sweeping Rental Law for all categories involved with properties. Such a transparent law will give rise to increased foreign fund investments and the formation of real-estate investment trusts (REITS) exposing the UAE market to the whole world and welcoming investors from all parts of the globe.
However, after a more detailed and meticulous study, we found out that UAE’s direct competitors as of now will be China, Russia, and Mexico as these are the countries slightly ahead of UAE within the ranking index holding the 33rd, 38th and 39th spot respectively. Upon discussion with the leading brain of JLL Consultancy i.e. The Head of Research- MENA, Mr. Craig Plumb encouragingly stated: “If all these initiatives are implemented then we would expect Dubai to improve further in the global rankings over the next two years.”
Thus, it is inevitably a big step in the right direction for Dubai and UAE, and the real-estate market is all set to outshine in the coming years.