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Discuss this article (1 Comments)98% call for more transparency in real estate
by This email address is being protected from spam bots, you need Javascript enabled to view it on Wednesday, 13 August 2008
REAL WORRIES: An Arabian Business poll has revealed widespread concern about the lack of transparency in the real estate markets. (Getty Images)
Huge strides need to be taken in the Gulf property market before residents can feel confident that the industry has their interests at heart.
That's the overwhelming view suggested by an Arabian Business online poll which revealed that a massive 86 percent of respondents did not trust the real estate market locally and urgent action needed to be taken to improve matters.
They called for greater transparency in the industry, claiming far too many deals are still done behind closed doors.
We ran the poll on Tuesday after Dubai-based developer Nakheel revealed that it had launched a staff audit to ensure greater transparency and that they were complying to all regulations.
Last month, a report by Jones Lang Lasalle claimed Dubai was now the most transparent market in the Middle East.
The study showed that the city registered the greatest improvement in real estate transparency globally over the last two years.
But Arabian Business readers disagreed. As well as 86 percent calling for urgent action, another 12 percent thought that, while the situation had improved, there was still a long way to go.
Just two percent of respondents said they were happy with the state of the region's real estate market and would be happy to do business.
Asked whether their recent real estate dealings had been "open and honest", no-one in our poll said yes.
READERS' COMMENTS
Disclaimer: The views expressed here by our readers are not necessarily shared by ArabianBusiness.com or its employees.
Definitely no transparency
Posted by aaqib on Wednesday 13 August 2008 at 19:42 UAE time
The result of the study is definitely inaccurate .As Arabian Business readers must have read several facts about developers abandoning projects like the recent one of Ivory Towers ,must admit that there's a long way for this property market to travel to be one of the most honest ones .
Posted by aaqib on Wednesday 13 August 2008 at 19:42 UAE time
The result of the study is definitely inaccurate .As Arabian Business readers must have read several facts about developers abandoning projects like the recent one of Ivory Towers ,must admit that there's a long way for this property market to travel to be one of the most honest ones .
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