How Dubai aims to add more transparency for commercial property investors

How Dubai aims to add more transparency for commercial property investors

Dubai Land Department (DLD) is planning to launch a price index to add transparency to the emirate's commercial property market at a time when coronavirus has created uncertainty in the future of the office sector globally.

As thousands more workers in Dubai continue to work at home rather than in the office as coronavirus restrictions continue, DLD said it has signed a memorandum of understanding with Jones Lang LaSalle (JLL) to create a Commercial Property Price Index (CPPI).

The official commercial property index will act as a reliable source of data for use by investors, agencies, and institutions, a statement said, adding that it will also allow investors to monitor commercial market performance when making investment decisions and portfolio management.

"The partnership will see the two entities work towards continuing to improve Dubai's transparency and overall real estate investment health," the statement said.

Majida Ali Rashid, CEO of the Real Estate Promotion and Investment Management Sector at DLD, said: "This partnership with JLL consolidates our commitment to strengthening the real estate sector in Dubai, the emirate's position as a real estate leader on a global scale... DLD continuously introduces initiatives and products to help boost transparency in the industry to help in the decision-making