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Mena’s most transparent property market-Dubai: JLL
Jun 27, 2012
Dubai continues to be the most transparent market in the Middle East and North Africa (Mena) region, while Abu Dhabi came in second in Jones Lang LaSalle’s (JLL) 2012 Global Real Estate Transparency Index released on Wednesday.
Dubai and Abu Dhabi rank 47th and 52nd, respectively, on the transparency index globally.
As per the report, although transparency levels have improved in 80 per cent of the Mena markets over the past two years, these gains have been comparatively “modest”. Property markets in the region remain less transparent than other global regions.
JLL stated that Dubai scores high for its regulatory framework, with the Real Estate Regulatory Authority widely acknowledged as the regional market leader and the Dubai International Financial centre, emerging as the vehicle of choice for listed real estate funds.
Despite Abu Dhabi lagging behind Dubai by one to two years in terms of its property development cycle, the report calls attention to the fact that it has seen a similar improvement in transparency in 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.
The list of the world’s most transparent markets was dominated by the Anglophone countries.
While the US real-estate market features as the most transparent across the world, United Kingdom and Australia followed close. New Zealand and Canada came in fifth and sixth positions respectively.
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.”