Qatar Real Estate News
Residents seek more transparency in property sector
The Gulf property market will have to take huge strides from its end, if the residents have to feel confident that the property sector takes their interest into consideration. This has been the opinion after an online poll was conducted by Arabian Business.
The poll revealed that a major 86 percent of respondents did not trust the local property market and said that urgent action needs to be taken to improve matters. Better transparency is required in the industry, and the residents feel that many deals are still being carried out behind closed doors.
The poll was conducted, following the statement by the Dubai-based developer Nakheel that it had launched a staff audit to ensure better transparency and that they were abiding by all regulations.
A report by Jones Lang LaSalle last month, had said that Dubai is the most transparent market in the Middle East. The study also revealed that the city witnessed greatest improvement in terms of real estate transparency in the global market over the past two years.
However, the poll by Arabian Business showed that respondents felt that 86 percent have still called for urgent action, while 12 percent felt that the situation has improved, although there is plenty of scope for improvement.
Only two of the respondents expressed happiness about the present state of the property sector in the region, and agreed that they would be happy to do business. As far as transparency is concerned, none of the respondents felt that the region was transparent in its real estate dealings.
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