Property Finder and the Dubai Land Department (DLD) have signed a memorandum of understanding (MoU) to help Dubai become one of the most transparent real estate markets worldwide.
DLD has provided its data to Property Finder for the second time with the aim of further strengthening Dubai’s position in the Global Real Estate Transparency Index.
Property Finder, by signing this memorandum, understands the importance of data and transparency in the real estate market due to the influx of proprietary data available to large organizations. The collection and publication of data is a key component of Property Finder’s business model. Additionally, working with the Dubai government will provide an opportunity to safeguard consumer information by developing solutions to modern-day challenges.
In July 2019, DLD and Property Finder announced Dubai’s first official sales and rental price index, Mo’asher, which is published on DLD’s and Property Finder’s websites monthly. Property Finder’s willingness to partner with Dubai for the second time after the launch of Mo’asher demonstrates the government’s confidence in the platform’s ability to deliver high-quality products and services to the industry.
Mo’asher has significantly improved Dubai’s ranking in the Global Real Estate Transparency Index since its launch. Dubai has moved from 40th to 36th in JLL’s 2020 report on Real Estate transparency, which ranks 99 countries and territories and 163 global cities. This ultimately strengthened the city’s position as Mena’s most transparent real estate market, moving four places up the global ranking with expectations to grow even more.
This is the second time the DLD has provided anonymous data to a private entity to make their data publicly available. This MoU aims to increase transparency by leveraging DLD’s insights to build solutions-driven products that educate and provide detailed information to consumers through Property Finder. The company uses the data to build technologically optimized products that give consumers all the information they need to make an informed decision about renting and buying property in the UAE.
Michael Lahyani, Property Finder’s founder and CEO, said: “Property Finder and the Dubai Land Department share the same vision in further professionalizing the real estate market. With operations across the wider Mena region, we have access to the largest set of proprietary data on asking prices and a number of other metrics that attribute to the larger real estate picture.”
“Thanks to this immense amount of data that we are able to access, we believe this partnership will further advance the property market in Dubai and increase transparency,” he added.
As a result of the success of this partnership, Property Finder aims to work with other government agencies in the UAE to develop a country-wide housing index that is the most effective for the real estate industry today and in the future.