Dubai has taken a major step towards enhancing transparency in its real estate sector through a newly-announced strategic partnership between Digital Dubai and the Dubai Land Department (DLD). This collaboration aims to introduce a series of specialised indicators to track residential and commercial property sale prices across the emirate, ultimately creating a data-driven real estate market that benefits investors, developers, and buyers alike.
The partnership reflects the emirate’s broader vision to strengthen confidence in key industries, particularly real estate, which contributed 7.5% to Dubai’s GDP in 2023. The strategic collaboration will generate statistical indicators that monitor property price movements and transaction values, offering invaluable insights for decision-makers and stakeholders as they navigate the evolving market.
Hamad Obaid Al Mansoori, Director General of Digital Dubai in his statement said, “This partnership reflects Digital Dubai’s vision of digitising life in the emirate and leveraging advanced digital technologies to serve strategic sectors and enhance their contribution to the overall GDP. Our collaboration with the Dubai Land Department will deliver solutions that boost market dynamism and attract further investments.”
His Excellency Eng. Marwan Ahmed Bin Ghalita, Director General of Dubai Land Department, added, “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 collaboration comes at a time when Dubai’s real estate sector continues to shine on the global stage. Dubai is the only property market in the Middle East and North Africa region classified in the prestigious ‘Transparency’ category in the 2024 Global Real Estate Transparency Index. The city ranks 28th globally, having advanced one position, and is recognised among the top five markets that have shown the most significant improvements in transparency.
The partnership between Digital Dubai and the Dubai Land Department will result in highly accurate and integrated data systems that monitor real estate market performance. As His Excellency Younus Al Nasser, Chief Executive of the Dubai Data and Statistics Establishment, explained, “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 data-driven approach will support the full lifecycle of real estate development, from planning and construction to facility management, offering market participants reliable and actionable insights. The move also aligns with Dubai’s ongoing efforts to integrate cutting-edge technology like AI, blockchain, and data analytics into its real estate infrastructure.
The residential real estate price index for the second quarter of 2024 has already shown positive growth, with an overall increase of 2.93%. This growth includes a substantial rise of 6.58% for residential villas and 1.27% for residential apartments. Commercial real estate prices followed suit, reflecting a 0.48% increase, including a notable 4.77% growth in the office and retail segments.
These quarterly figures are clear indicators of the growing momentum of Dubai’s property market, driven by strong investor confidence and demand. By tracking these market movements closely, stakeholders can identify emerging trends and capitalise on lucrative opportunities.
