Dubai authorities look to increase property sector transparency

04/05/2011 - Dubai Property News Posted by Bob Brunskill
Dubai authorities look to increase property sector transparency

Investors looking to increase their exposure to Middle Eastern property markets are sure to welcome new plans to increase transparency.Plans have been revealed which aim to increase investor and tenant confidence in the Dubai real estate sector. It is hoped that by introducing more transparency to the sector confidence will return and foreign and local buyers will return to the markets.The Hawkamah Institute for Corporate Governance, Real Estate Regulatory Agency and the Dubai Real Estate Institute all signed an agreement to introduce new rules to govern the emirate.They claim that improving and strengthening corporate governance practices is one of the primary goals to protecting owners' property rights.Nasser Saidi, executive director of Hawkamah, told Arabian Business: "The real estate companies, property developers and valuation agencies need to become more transparent through better reporting of transactions and prices."He added that the landmark initiative would produce the first ever real estate corporate governance code in the region.