CBRE, one of the world’s leading property consulting firms, and Dubai Land Department (DLD) signed a memorandum of understanding. Under the MoU, CBRE will provide research analysis of DLD data for two years. The agreement will encourage market transparency through the development of a number of tailored reports and studies that will boost knowledge of the Emirate’s real estate sector at a local, regional, and global level.
CBRE’s range of services – that will be delivered as part of the partnership – will include research consultancy on the real estate market to provide evolving market trends and opportunities to support DLD’s strategic vision. The agreement directly involves CBRE in the decision-making process by empowering the real estate consultancy firm to provide advisory services on the introduction of new schemes and incentives into the market.
The research provided by CBRE will enable the Government of Dubai to produce important thought leadership campaigns on the Emirate’s real estate sector to guide developers, investors, and end-users on the evolution of the market. CBRE will also support DLD in implementing technology to further facilitate data capture and analysis.
Majid Saqr Al Marri, CEO of the Registration and Real Estate Services Sector at DLD, said: “As a department that is dedicated to enhancing and increasing real estate development in Dubai, we are pleased to be partnering with world-leading consultancy firm CBRE to deliver detailed analysis of the Dubai real estate market over the past few years. This information will be crucial in guiding future policy, whilst also empowering developers, landlords, and end-users to make informed and educated real estate decisions. We are confident that this collaboration will enable us to successfully shape the future evolution of this sector in line with Dubai’s vision to become a global investment powerhouse and one of the most innovative nations on earth.”
Nicholas Maclean, Managing Director of CBRE MENAT, said: “We are delighted to sign this important MoU with DLD to further increase market transparency and provide rich data and invaluable insights to all stakeholders as part of our joint efforts to promote Dubai as a world-class real estate hub. We believe that collaboration between the public and private sector is key to ensuring the further growth of Dubai’s real estate sector. The agreement represents an important step in demonstrating to the world that Dubai is deeply committed to becoming a leading real estate hub with transparency, and technology at its core.”
The data that will be analysed by CBRE will include details such as average price per sale, average price per square foot, and other various key performance indicators to enable buyers and tenants to make informed decisions. The agreement follows several recent announcements by DLD that demonstrate its commitment to digital transformation. The MoU with CBRE forms part of the Dubai 10x initiative that aims to place government entities 10 years ahead of the rest of the world in all sectors, including real estate.
The MoU was signed by Majid Saqr Al Marri, CEO of the Registration and Real Estate Services Sector at DLD, and Nicholas Maclean during the 18th edition of Cityscape Global 2019 held at the Dubai World trade Centre on 25 – 27 September.
Source: Grayling Communications Dubai