How Transparent Dubai Realty Market Is – An OverviewThursday, June 28, 2012
The Dubai real estate market is considered the most transparent real estate market in the Middle East and North Africa but it still lags behind as compared to other global realty markets.
Transparency levels have been increasing in the region and has reached 80 percent during the last two years. The Lebanese real estate market is showing the greatest jump, according to a consultancy report. An analyst said that more things should be done to increase the transparency level not just in Dubai but across the region especially, regarding investment performance.
A few areas did not show progress during recent years that has contributed to the low level investment activity and oversupply, currently being experienced in some regions of the country. Transparency levels should be improved within the next few years as policy makers understand the importance of transparency when it comes to both local and international investments.
Dubai real estate was badly hit by recession but officials have taken several effective measures to protect and improve their drowning real estate market. According to a proposed investor protection law announced in April, “investors will be able to get a full refund if a developer fails to provide property unit or service as promised.”
Dubai was ranked 47th of 97 countries globally based on a range of performance measures such as regulations and transactions, market fundamentals and a lot more. Abu Dhabi took the 52nd spot in the same ranking. According to analysts, Egypt is the only market that is experiencing a decline in transparency. Progress right after 2011 revolution is extremely slow and the vacuum created by the lack of constitution adding to uncertainty in the region and lack of transparency.
The USA topped the global survey while Sudan was ranked lowest in the global transparency survey.