Dubai and Abu Dhabi have claimed the top regional spots in a global study of property market transparency.
But the Middle East and North Africa remains one of the least transparent regions of the world, the report from Jones Lang LaSalle found.
“The UAE has reinforced its position as the most transparent real estate market in the region, with progress being recorded in both Dubai and Abu Dhabi,” the report said. “This reflects the UAE’s status as one of the most stable and secure real estate markets in a still volatile region.”
Existing property regulations were rethought after the property crash in 2008 when scores of projects were abandoned by developers leaving many buyers out of pocket.
The United States topped the survey, which compared dozens of performance measures across 97 property markets worldwide.
Dubai ranked 47th on the list, ahead of Abu Dhabi at 52. Oman was the least transparent of the GCC states at 74.
While Abu Dhabi trailed Dubai in the overall rankings, the report found that the quality of property market data in the capital was better than its neighbour in some sectors and that its planning system was more regulated, through the Urban Planning Council
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