Already the most “transparent” real estate market in the region, the UAE and Dubai are pushing up the ranks in the global stakes too. The UAE is ranked 40th most transparent market in the world by the consultancy JLL in its annual study, an up from the 48th spot last year.
The UK, Australia and the US had the top three positions in the index, which ranks 100 countries. Venezuela was placed in the 100th spot.
Chances for further improvements same time next year are high, with Dubai now finalising a sweeping Rental Law for all property categories. The law will also create a more conducive platform for foreign funds and real estate investment trusts (Reits) to gain exposure in the market.
In the JLL rankings, those immediately ahead of Dubai include China (33), Russia (38) and Mexico (39). “One of the key objectives of the Dubai Land Department is to attract more investment and the government has therefore launched a number of initiatives to improve transparency and the quality of information available to real estate investors,” said Craig Plumb, Head of Research — MENA at JLL. “If all these initiatives are implemented then we would expect Dubai to improve further in the global rankings over the next two years.”
In the recent past, Dubai has brought in changes that address building classification process and unified lease forms across all rental properties.
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