The Dubai Land Department (DLD) has signed a memorandum of understanding (MoU) with Jones Lang LaSalle (JLL), a US-based leading professional services company specializing in real estate and investment management, to establish a ‘Commercial Property Price Index’ (CPPI) in the region.
The MoU has been signed by Majida Ali Rashid, CEO of the Real Estate Promotion and Investment Management Sector at DLD, and Thierry Delvaux, CEO of JLL MEA, on behalf of JLL company.
The agreement will behold the launching of official index of commercial property, which will serve as a credible source of data for investors, agencies and organizations to use. Moreover, the index would allow investors to track the performance of the commercial market when making investment decisions and portfolio management.
The deal will also witness the collaboration of two organizations to continue enhancing the openness of Dubai and the overall health of real estate investment.
“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 offers a regulatory method for land and property registration while protecting consumer rights as well. This offers an atmosphere at a global level that would draw investment as well as support the government’s strategic real estate goals.
Thierry Delvaux, CEO of JLL MEA 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,” he further added.