posted on 27/06/2012: 861 views
Dubai remains the most transparent market within the Middle East and North Africa (Mena) region, while Abu Dhabi holds the second spot in Jones Lang LaSalle's (JLL) 2012 Global Real Estate Transparency Index released on Wednesday.
In terms of the global ranking, Dubai and Abu Dhabi hold the 47th and 52nd position, respectively, on the transparency index.
According to the report, despite transparency levels have improved in 80 per cent of the Mena markets in the past two years, these gains have been relatively "modest” and real estate markets in the region remains less transparent than other global regions.
Dubai, JLL states, scores most strongly for its regulatory framework, with the Real Estate Regulatory Authority widely acknowledged to be the market leader within the region, and the Dubai International Financial centre, which is emerging as the vehicle of choice for listed real estate funds.
Although Abu Dhabi is one to two years behind Dubai in its property development cycle, the report points out that it has seen a similar improvement in transparency to Dubai since 2010.
"The quality of market data is better in Abu Dhabi than Dubai in some sectors and the planning system is more regulated (through the Urban Planning Council); advances in these areas have reinforced Abu Dhabi's position as the second most transparent market in the Mena,” JLL says.
Dominating the list of the world's most transparent markets are the Anglophone countries.
The United States tops as the world's most transparent real estate market this year, followed closely by the United Kingdom and Australia. New Zealand occupies the fifth position and Canada is in sixth place.
They are joined by several European markets - Netherlands (4th), France (7th), Finland (8th), Sweden (9th) and Switzerland (10th), which together constitute the world's "highly transparent' markets.” – Emirates 24|7
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