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Is Dubai Real Estate lacking lucidity

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Blair Hagkull, MD of JLLSs Middle East unit said to www.propertykhazana.com that, “Dubai’s Realty segment is still lacking behind in lucidity in spite of hard work to clear out its picture, land and investment management company”. It was said in a conference where it had opened its biannual Open for Business – Realty Transparency in the Middle East & North Africa.
Tier I realty markets which comprise cities like New York and London are grouped as the extremely transparent, as Tier IV or Semi-Opaque markets comprise Middle Eastern countries like Saudi Arabia, Oman, Kuwait, Qatar and other UAE emirates like Ras Al Khaimah and Fujairah. Tier V or Opaque markets comprise Syria, Sudan and Algeria.
As per to the sources saying @ the www.propertykhazana.com, Dubai is at the hub of the Gulf Region’s by building flourishing prompted by the opening of foreign ownership rights in 2002. In latest years, Dubai has struggled to make its realty regulations tighter in a bid to draw the attention foreign investors more from places like UK, Russia and India. JLLS says that better clearness has led to 12 times hike in auctions activity in Dubai, as the ownership property law was set up. As per to the Dubai Lands Department, the value of the realty dealings in Dubai has increased from 38.7 Billion dirham’s in 2002 to 262 Billion dirham’s in 2007. Dubai Lands Department guess’s that the value of dealings will be increased to 717 Billion dirham’s in 2008.
Source: NBTVLIVE

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