Riyadh, Kingdom of Saudi Arabia; 5 September 2024 – Saudi Arabia has ranked as one of the most improved markets globally, according to JLL’s latest Global Real Estate Transparency Index (GRETI) 2024. The Kingdom’s significant improvement in score reflects its advancements in robust transparency and regulatory frameworks aimed at enhancing market effectiveness and transparency. This progress is pivotal as the Kingdom continues to transform its real estate sector, aligning with Vision 2030 objectives.
Securing 38th position globally, Saudi Arabia’s gains in transparency are driven by a focused government strategy and the launch of key initiatives such as the formalisation of the land registration system through the Real Estate Registry and public provision of digitised data on sales, leases, and planning developments from the Real Estate Regulatory Authority (REGA). Enhanced online services and deeper coverage of the market from data providers have also facilitated this transformation.
More so, the government’s efforts to streamline procedures for qualification and licensing, along with clear registration requirements for developers, are enhancing service quality, ensuring greater reliability, and protecting the interests of all stakeholders. These efforts have boosted the Kingdom’s transparency score and positioned it as second among top improvers in real estate transparency globally. Such higher transparency will also play a key role in enabling some of the world’s largest urban development projects currently underway in Saudi Arabia.
Tayseer bin Mohammed Al-Mufarrij, spokesman for the Real Estate General Authority (REGA), said: “Recognising 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. With over 18 new legislations, including updated real estate systems and regulatory frameworks, we are demonstrating our unwavering commitment to Vision 2030. These initiatives, aimed at improving transparency and investor confidence, are essential for the Kingdom’s continued development and economic diversification.”
Produced jointly by JLL and LaSalle Investment Management, GRETI has been charting the evolution of real estate transparency across the globe since 1999. Updated every two years, the 13th edition this year is based on a comprehensive survey of the availability and quality of performance benchmarks and market data, governance structures, regulatory and legal environments, transaction processes, and sustainability instruments covering 89 countries and territories worldwide.
James Allan, CEO of JLL Middle East and Africa (MEA), commented: “Saudi Arabia’s recent strides in enhancing real estate transparency reflect a broader global trend towards an increased focus on sustainability and technological integration. While government-led initiatives are reshaping the real estate landscape, markets worldwide are embracing stricter environmental regulations, leveraging technology to improve data availability, and introducing new regulations to boost transparency and governance.”
Saud Al Sulaimani, Country Head of KSA JLL, added: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 or urban planning systems, and digitising real estate data have improved market efficiency and transparency. This attracts local and international investors and supports the Kingdom’s broader economic diversification goals and vision for a dynamic and future-focused real estate market.”
JLL is one of the first real estate consultancies to establish itself in the Kingdom of Saudi Arabia with remarkable growth since over a decade ago with offices in Riyadh, Jeddah, and Al Khobar. With over 300 employees in the Kingdom as of today, it has supported the Saudi vision and successfully advised some of the Kingdom’s biggest real estate developments and Giga projects including the King Abdullah Financial District, Prince Mohammed Bin Salman Non-Profit City, and other landmark projects by the Diriyah Gate Development Authority.
