Dubai Land Department, DLD, has signed a memorandum of understanding, MoU, with Jones Lang LaSalle, JLL, a leading professional services firm that specialises in real estate and investment management, to create a ‘Commercial Property Price Index’ , CPPI.
The agreement signed between Majida Ali Rashid, CEO of the Real Estate Promotion and Investment Management Sector at DLD, and Thierry Delvaux, CEO of JLL MEA, will see the establishment of an official commercial property index, which will act as a reliable source of data for use by investors, agencies, and institutions. Also, the index will 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.
Majida Ali Rashid commented: “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, and DLD’s partnerships and relationships with the private sector. DLD continuously introduces initiatives and products to help boost transparency in the industry to help in the decision-making of investors. The Commercial Property Price Index will serve all relevant parties by granting them deeper insight into the industry while also allowing them to best manage their portfolio of properties.”
DLD already provides a regulatory method for registering lands and properties while also protecting the rights of customers. This provides, on a global level, an environment that would attract investment as well as supports the strategic real estate objectives of the government.
Thierry Delvaux said: “The agreement with DLD will allow us to collaborate to improve real estate transparency, in turn attracting local, regional, and global institutional investors into the market. Dubai already enjoys a prestigious position as one of the best investment destinations in the region, thanks to its strategic location and investment-stimulating environment. We look forward to further enhancing its position through the creation of this Commercial Property Price Index.”