Damac Properties,
one of the Middle East's largest private luxury developers, has welcomed the
findings of a recent report released by Jones Lang LaSalle & LaSalle
Investment Management, in which the United Arab Emirates was named the most
transparent real estate market in the Middle East.
Global Real
Estate Transparency Index..!
Jones Lang LaSalle's 2012 Global Real Estate Transparency Index ranked Dubai as
the most developed real estate market in the MENA region, with a ranking of 47
out of the total 97 markets scored globally, followed by Abu Dhabi.
Among markets in the region, Lebanon made particularly significant progress over the past two years. The country's booming real estate market has overcome the impact of the 2008 and 2009 financial crisis and is now recording high real estate transparency levels.
Nearly 90 per cent of markets registered advances in real estate transparency in the past 2 years, driven by improvements in market data & performance measurement, and better governance of listed entities.
Mr. Ziad El Chaar, MD, Damac Properties, said, ''The Real Estate Regulatory Authority (RERA) of Dubai has developed property ownership legislation which has become the benchmark for other developing markets in the MENA region. RERA has made a series of important changes to the regulatory framework of Dubai's real estate market which have in turn boosted investor confidence.
Mr.El Chaar also said, '''The regulatory & legal framework of Dubai's real estate market is in line with international standards" RERA is widely recognised as the region's leading real estate regulator, and other countries have sought to emulate RERA through similar initiatives. This achievement is praise worthy."
Commenting on the regulatory framework of Dubai's real estate sector, Mr. Niall McLoughlin, Senior VP, Damac Properties, said, "The Land Department introduced 'Strata Law' No. 27 in the year 2007 with the objective of regulating properties with multiple ownership. In April of last year, 3 new directives outlined the requirement for developers to provide full disclosure statements about all of their projects in Dubai, as well as prepare 'Jointly Owned Property Declarations,' which include definitions of internal floor space and share of ownership of common areas. The 3rd directive outlines the framework for establishing Owners Associations."
Among markets in the region, Lebanon made particularly significant progress over the past two years. The country's booming real estate market has overcome the impact of the 2008 and 2009 financial crisis and is now recording high real estate transparency levels.
Nearly 90 per cent of markets registered advances in real estate transparency in the past 2 years, driven by improvements in market data & performance measurement, and better governance of listed entities.
Mr. Ziad El Chaar, MD, Damac Properties, said, ''The Real Estate Regulatory Authority (RERA) of Dubai has developed property ownership legislation which has become the benchmark for other developing markets in the MENA region. RERA has made a series of important changes to the regulatory framework of Dubai's real estate market which have in turn boosted investor confidence.
Mr.El Chaar also said, '''The regulatory & legal framework of Dubai's real estate market is in line with international standards" RERA is widely recognised as the region's leading real estate regulator, and other countries have sought to emulate RERA through similar initiatives. This achievement is praise worthy."
Commenting on the regulatory framework of Dubai's real estate sector, Mr. Niall McLoughlin, Senior VP, Damac Properties, said, "The Land Department introduced 'Strata Law' No. 27 in the year 2007 with the objective of regulating properties with multiple ownership. In April of last year, 3 new directives outlined the requirement for developers to provide full disclosure statements about all of their projects in Dubai, as well as prepare 'Jointly Owned Property Declarations,' which include definitions of internal floor space and share of ownership of common areas. The 3rd directive outlines the framework for establishing Owners Associations."
Unique Survey..!
Jones Lang
LaSalle's 2012 Global Real Estate Transparency Index is a unique survey that
analyses 83 different factors to quantify real estate sector transparency
across 97 markets worldwide. The Index aims to help real estate investors
understand and analyse important data when transacting, owning and operating in
foreign markets. The Index is also a helpful gauge for governments and industry
organisations interested in improving transparency in their home markets.
The United States ranked as the world's most transparent real estate market in 2012, closely followed by the United Kingdom and Australia. Countries that were counted as "Highly Transparent" markets included Netherlands, New Zealand, Canada, France, Finland, Sweden and Switzerland.
The Index reaffirmed the development of markets such as Mexico, Indonesia, South Korea and Turkey, which all featured among the most improved nations. Turkey once again topped the list of most improved countries.
Foreign investors continue to seek investment opportunities in the United Arab Emirates, whose economy is witnessing a steady growth. According to the latest IMF estimates, the UAE economy grew by 4.9 per cent last year and is expected to grow by 2.3 per cent in 2013.
Damac Properties is experiencing the strongest demand in 3 years across its range of premium developments at Dubai Marina, Downtown Dubai & the DIFC. There is a strong flight to quality in both Dubai & Abu Dhabi, as existing residents seek to upgrade, and new buyers aim to take advantage of market conditions which currently offer extraordinary value for money.
The United States ranked as the world's most transparent real estate market in 2012, closely followed by the United Kingdom and Australia. Countries that were counted as "Highly Transparent" markets included Netherlands, New Zealand, Canada, France, Finland, Sweden and Switzerland.
The Index reaffirmed the development of markets such as Mexico, Indonesia, South Korea and Turkey, which all featured among the most improved nations. Turkey once again topped the list of most improved countries.
Foreign investors continue to seek investment opportunities in the United Arab Emirates, whose economy is witnessing a steady growth. According to the latest IMF estimates, the UAE economy grew by 4.9 per cent last year and is expected to grow by 2.3 per cent in 2013.
Damac Properties is experiencing the strongest demand in 3 years across its range of premium developments at Dubai Marina, Downtown Dubai & the DIFC. There is a strong flight to quality in both Dubai & Abu Dhabi, as existing residents seek to upgrade, and new buyers aim to take advantage of market conditions which currently offer extraordinary value for money.
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