Dubai has been recognised as a strong and friendly destination for real estate investors, builders and tenants. A report published by the US-based real estate company JLL indicates that Dubai is special because it provides robust coordination and clarity around responsibilities, which attracts partners to invest in the city’s real estate segment.The report has also noted that Dubai is quick, capable and productive in responding to opportunities.
Thierry Delvaux, CEO of JLL MEA, told the media, “As the report highlights, cities like Dubai are far better equipped to enter into sustained partnerships with investors and developers, given their governance models. What 2020 has proven is that while macro fundamentals are important, qualitative characteristics such as good governance, management, health and safety will have a large impact on where people choose to live, work and play. These factors will play a huge role in decision making moving forward and in identifying cities that will emerge as resilient post-pandemic.”
The report also indicated other cities apart from Dubai which posed robust technical capability and governance. The cities mentioned in the report are Tokyo, Hamburg, Hong Kong, Berlin, Shenzhen, Stockholm and Singapore. However, cities such as Mumbai, Manchester and Milan were described as weak in terms of governance and technical capability.
JLL’s director of global research, Jeremy Kelly said that cities require effective governance to have a brighter future including an effective transparency and brokerage between city stakeholders and the private sector. Dubai has been swifty developing compared to other cities across the world.