DLD signs MoU with JLL to create Commercial Property Price Index for Dubai
Dubai, UAE, 21 November 2020 – Dubai Land Department (DLD) has signed a memorandum of understanding (MoU) with Jones Lang LaSalle (JLL), a leading professional services firm that specialises in real estate and investment management, to create a ‘Commercial Property Price Index’ (CPPI).
Majida Ali Rashid, CEO of the Real Estate Promotion and Investment Management Sector at DLD, signed the MoU on behalf of DLD, and Thierry Delvaux, CEO of JLL MEA, signed on behalf of JLL. The agreement will see the establishment of an official commercial property index, which will act as a reliable source of data for use by investors, agencies, and institutions. Also, the index will allow investors to monitor commercial market performance when making investment decisions and portfolio management. The partnership will see the two entities work towards continuing to improve Dubai’s transparency and overall real estate investment health.
Majida Ali Rashid commented: “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 provides a regulatory method for registering lands and properties while also protecting the rights of customers. This provides, on a global level, an environment that would attract investment as well as supports the strategic real estate objectives of the government.
Thierry Delvaux 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.”
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About Dubai Land Department:
Dubai Land Department (DLD) was founded in January 1960 to establish the most prominent real estate sector in the Middle East and the world. It provides outstanding and integrated services to all its customers while developing the necessary legislation to propel the real estate sector in Dubai through the regulation of the sector, organising and promoting real estate investments, and spreading industry knowledge in search of regional and worldwide real estate innovation.
DLD seeks regional and worldwide innovation in real estate with the aid of its active sectors that include real estate registration services, real estate investment promotions, and corporate support, and with the aid of its active organisations that include the Real Estate Regulatory Agency, the Dubai Real Estate Institute, and the Rental Dispute Centre.
Unified Toll Free Number:
In order for Dubai Land Department to provide the best possible service in a rapid manner and to ensure the comfort and happiness of our customers, it has activated a new toll-free call centre number . This can be used for all Dubai Land Department and Rental Disputes Centre enquiries.
JLL (NYSE: JLL) is a leading professional services firm that specialises in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities.
JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
About JLL MEA
Across the Middle East and Africa (MEA) JLL is a leading player in the real estate and hospitality services markets. The firm has worked in 35 countries across the region and employs over 1000 internationally qualified professionals across its offices in Dubai, Abu Dhabi, Riyadh, Jeddah, Al Khobar, Cairo, Casablanca and Johannesburg www.jll-mena.com