RIYADH: Makkah Chamber of Commerce & Industry in Saudi Arabia has pledged to improve the transparency of its real estate market under an agreement with consultancy JLL. The two parties signed a memorandum of understanding (MoU) this week stating that JLL would collaborate with stakeholders to compile and share data on the real estate sector to provide more clarity to developers, investors and brokers.
Makkah Chamber of Commerce & Industry has agreed to make the data more freely accessible to the public under the MoU. It is expected to publish a comprehensive report on Makkah’s real estate market in the third quarter of 2016, the two parties announced.
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Maher Jamal, chairman of Makkah Chamber of Commerce & Industry, said: “The members of the Chamber of Commerce intend to work with organisations that promote transparency and accessibility of information, and also safeguard development sectors, especially within real estate. “As the ambitious ‘Saudi Vision 2030’ announced earlier this year, the need for rigorous transformation in all sectors is imperative now more than ever. With [JLL’s] extensive expertise in real estate consulting and reporting, we are confident of the value their insights will bring.” JLL signed a similar agreement with the Saudi Eastern Province Chamber of Commerce & Industry in May.
Saudi Arabia was ranked 63rd out of 109 markets in JLL and LaSalle Investment Management’s 2016 Global Real Estate Transparency Index, published last month. It moved up the rankings this year to be included in the ‘semi-transparent’ category for the first time. However, the kingdom still lags behind other markets, including Dubai, which at 48th was ranked the most transparent real estate market in the Middle East and North Africa region.
