Dubai has been hailed as the most transparent property market in the Middle East and North Africa (MENA) region, according to a new report by Jones Lang LaSalle. The 2012 Global Real Estate Transparency Index placed Dubai at the top, ahead of neighbouring emirate Abu Dhabi, which the report states is up to two years behind Dubai in property development. Dubai accumulated the most points for its strong regulatory system through the Real Estate Regulatory Authority, as well as the Dubai International Financial Centre, which is a top choice for real estate listings. On a global scale Dubai holds the 47th place out of nearly 100 locations.
The Index adds more weight to recent reports that Dubai’s property market is on the rise. In the first three months of 2012, luxury residential real estate prices rose by 4%, according to UK based consultancy Knight Frank. This increase makes Dubai the fastest growing property market out of the 23 global cities surveyed in the report earlier this year. A study by Global Property Guide also recently put the UAE among the top 5 MENA countries for rental yield. With yields at around 6.89% per year, the report revealed that the UAE has higher levels than the UK and more than double the rental yield of Hong Kong.