The Dubai Land Department (DLD) and Jones Lang Salle (JLL), a leading global real estate consultancy, launched the first-ever ‘Dubai Commercial Property Price Index’ (CPPI) at Cityscape Global 2021.
Quarterly, the index will be published in Arabic and English and will be a significant indicator of how Dubai’s commercial real estate is performing.
Thierry Delvaux, CEO of JLL Middle East, Africa and Turkey, and Majida Ali Rashid, CEO of DLD’s Real Estate Promotion and Investment Management Sector, jointly launched the index following a memorandum of understanding (MoU) signed in 2020.
The CPPI is the only commercial price index in Dubai and is designed to be a reliable source of data for investors, agencies, and institutions. It will also allow investors to monitor the performance of commercial markets when making investment decisions and managing portfolios.
“At DLD, we are constantly keen to develop tools that will enhance the trust of customers, investors and those interested in the real estate sector and market in the emirate, in line with our vision of providing high-value insights to investors and companies alike and enhancing the attractiveness of real estate investment in the emirate,” Majida Ali Rashid said.
“CPPI will constitute an added value to Dubai’s real estate sector, and we look forward to cooperating with JLL to enhance trust and transparency through the index, which, in turn, contributes to enabling and enhancing the real estate investment environment in the emirate,” she added.
Delvaux said: “We are thrilled to be launching the index that we had announced with DLD last year. It represents a strong move towards improving real estate transparency and will play a huge role in further attracting local, regional and global institutional investors to the region.”
Cityscape Global Summit and Exhibition will be held from November 7-11 at the Dubai Exhibition Centre (Expo 2020 site). The summit will reflect and address Expo 2020’s three main sub-themes (opportunity, mobility, and sustainability), with a special focus on the Mena region, including the UAE, KSA, Oman, Egypt, and Bahrain.