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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 and LaSalle Investment Management, in which the United Arab Emirates was named the most transparent real estate market in the Middle East.
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 last two years. The country’s booming real estate market has overcome the impact of the 2008/2009 financial crisis and is now recording high real estate transparency levels.
Nearly 90% of markets registered advances in real estate transparency in the last two years, driven by improvements in market data and performance measurement, and better governance of listed entities.
Commenting on the findings of the report, Ziad El Chaar, Managing Director, Damac Properties, said that 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.