3 Gulf states seek Dubai help to organise property sector
30/04/2014
Saudi Arabia, Kuwait and Bahrain the two other Gulf countries are seeking to copy Dubai’s experience in organising their real estate sector by creating a relevant body and taking other measures, a Dubai property official was quoted on Tuesday as saying.
Sultan bin Mejren, director general of Dubai’s Land Department, said the emirate is among a few countries to adopt governance in its real estate sector, adding that an organised property activity helps fight poverty and serve the domestic economy.
Quoted by the Saudi Arabic language daily ‘Aleqtisadiah’, he said the property sector in Dubai has become one of the most organised and secure sectors in the world as all land and property transactions are conducted within the emirate’s land department.
“Three Gulf countries are now seeking to benefit from Dubai’s experience in this field. They want to establish a property system similar to that in Dubai,” he told the paper at a governance conference organised by the World Bank in Washington.
He said Saudi Arabia was the first Gulf country to approach Dubai for help, adding that it has sought training courses in Dubai for its real estate officials and that there have been meetings with the Saudi trade minister and other officials.
“Kuwait is also in the process of setting up a land department similar to that in Dubai while Bahrain has plans to create a real estate body soon,” he said.
Whilst Dubai may have the best land registration amongst the gulf countries the United Kingdom and other european countries offer a more secure transaction utilizing lawyers and solicitors to ensure that the land registration and paperwork is all done legally.
In Dubai you are at the mercy of real estate brokers and often deals fall through due to incomplete paperwork.
The Dubai Land Department is much better the other gulf countries, but still has a lot of changes before it can be classed as the best in the world.
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