RIYADH: Saudi Arabia has been ranked as the second-best global improver in real estate transparency, according to a new index.
The Kingdom’s advancement to 38th position in JLL’s 2024 Global Real Estate Transparency Index underscores significant progress in transparency and regulatory frameworks, reflecting broader efforts to transform the sector under Vision 2030.
Saudi Arabia’s rise is attributed to key government initiatives, including the formalization of the land registration system through the Real Estate Registry. The public now has access to digitized data on sales, leases, and planning developments from the Real Estate General Authority.
“Recognizing Saudi Arabia among the top 40 most transparent real estate markets globally in JLL’s latest Global Real Estate Transparency Index validates the effectiveness of our comprehensive reforms,” said Tayseer Al-Mufarrij, spokesman for REGA.
The Kingdom has implemented a series of reforms to enhance transparency and efficiency, with over 18 new legislations introduced to modernize regulations and improve service quality.
These initiatives are designed to protect stakeholders, increase market transparency, and boost investor confidence, supporting Saudi Arabia’s economic diversification and large-scale urban development projects.
Al-Mufarrij emphasized the significance of these reforms, saying: “These initiatives, aimed at improving transparency and investor confidence, are essential for the Kingdom’s continued development and economic diversification.”
James Allan, CEO of JLL Middle East and Africa, said that Saudi Arabia’s recent improvements align with global trends toward greater transparency and sustainability.
“Markets worldwide are embracing stricter environmental regulations, leveraging technology to improve data availability, and introducing new regulations to boost transparency and governance,” Allan said.
Saud Al-Sulaimani, country head of JLL Saudi Arabia, further explained the role of collaboration between the government and private sector in the Kingdom’s advancements.
“Saudi Arabia’s remarkable progress in real estate transparency is a testament to the collaborative efforts between the government and private sector. Implementing robust regulatory frameworks, improving access to land information and urban planning systems, and digitizing real estate data have enhanced market efficiency and transparency,” Al-Sulaimani said.
These reforms, he added, are attracting both local and international investors while supporting the Kingdom’s broader economic diversification goals.
JLL, which has been operating in Saudi Arabia for over a decade, has established a significant presence with offices in Riyadh, Jeddah, and Alkhobar, employing over 300 people.
The consultancy firm has been involved in advising on major real estate developments, including the King Abdullah Financial District, Prince Mohammed Bin Salman Non-Profit City, and projects led by the Diriyah Gate Development Authority.
The GRETI, produced by JLL and LaSalle Investment Management, has tracked the evolution of real estate transparency globally since 1999.
Released every two years, the 13th edition of the report provides a comprehensive assessment of real estate markets in 89 countries and territories. It evaluates key metrics such as the quality and availability of performance benchmarks, market data, and governance frameworks, as well as legal and regulatory environments, transaction processes, and sustainability measures.
