Dubai has once again emerged as having the most transparent real estate market in the MENA region. The city’s improvement to its creation of an official residential transaction-based index, Mo’asher. The index is believed to be a potentially important step forward for Dubai” because of its versatility and applicability by the market’s constituents. UAE capital Abu Dhabi also rose on the index to rank at 48 globally and the second highest in the MENA region. The emirate’s rise in the ranking stemmed from its introduction of newer initiatives aimed at promoting corporate and real estate sustainability.
The pledge signed between the UAE Ministry of Climate Change and Environment and the Abu Dhabi Global Market (ADGM) will have financial policies that would directly result in social, economic, and environmental benefits. Two other factors pertinent to Abu Dhabi’s rising rank: the first green real estate investment trust (REIT) and the unveiling of a new data management programme. data management programme, falling under the Open Data initiative, is designed to nurture the emirate’s goal of becoming one of the best places to visit, work, invest, and live in the world. Meanwhile Saudi Arabia – as a country – got ranked at 57th place globally this year, placing it third in the region. Saudi Arabian organizations such as the Ministry of Finance and the Saudi Arabian Monetary Authority understand the importance of transparency and have begun to periodically publish micro-level indicators. The kingdom’s ministry of justice has also been providing data, which has proven to be beneficial for the performance of residential real estate transactions.