Dubai Realty Tops In Transparency

To the relief of investors in Dubai's action-packed real estate market, transparency is set to be improved further by implementing regulations in the future, according to an industry report.Dubai is the most improved city in terms of real estate transparency, making it the most transparent market in the Mena region, as highlighted in a real estate transparency index by Jones Lang LaSalle.

Dubai is even rated above BRIC countries -Brazil, Russia, India and China - which represent the growth and future of world business and economy, said Blair Hagkull, managing director of Jones Lang LaSalle, Mena region.This improvement is mainly attributed to the creation of the Real Estate Regulatory Authority (Rera), the law allowing foreigners to buy property.

However, Hagkull also said, despite the improvements in Dubai's market, it still has a long way to go to catch up with mature markets, such as London and New York. As truckloads of money are poured into Dubai real estate, many property disputes also bubble to the surface. The issue of dispute resolution plays a key role in trying to achieve a tier two market, Hagkull said. To rectify this, Rera is planning to create a real estate court to deal specifically with disputes, as part of efforts to improve the transparency of the market. However, Rera were unavailable for comment.