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UAE among easiest nations to register property
posted on 01/01/2009
The UAE is the second easiest country in the Arab world to register property, according to a Doing Business report by the World Bank.
The easiest place in the Middle East to register property is Saudi Arabia which grabbed the number one spot. The UAE is followed by Bahrain, Oman and Sudan.
The UAE was fourth in a list of Arab countries that had fewest property registration regulations, with only three procedures. It was also the second fastest country to complete the registration process, with a time period of just six days. Informal titles cannot be used as security in obtaining loans which limits financing opportunities for businesses and individuals.
Many governments, including the UAE and specifically Dubai have recognised this and set the ball rolling to make it easier to register and transfer property officially.
"Efficient property registration reduces transaction costs and helps to formalise property titles. Simple procedures to register property are also associated with greater perceived security of property rights and less corruption," the World Bank said.
To this effect, Dubai's Real Estate Regulatory Authority (Rera) have plans in 2009 to create a specific system where people will go and register their properties.
And starting today, there is an online website Ejari, where all tenancy contracts must be registered. Rera hope this will be the final step in compiling a rental index and help them monitor the better and scale down landlord-tenant disputes.
Such plans, if successful, will make business more transparent and the lines of right and wrong less blurry. This is much-needed as, according to the report, the UAE has low rankings for investor protection and contract enforcement.
As other regions of the world remain bleak going into the new year due to crippling financial pressures, the UAE is becoming more and more attractive with business activity continuing relatively untouched.
The Middle East and North Africa (Mena) region is the second fastest reforming region in the world, as it saw 27 reforms in two-thirds of the region's economies.
Linked with property registration, the UAE is also the second easiest Arab country where getting credit is easy and was 68 in global rankings out of 181 countries. In dealing with construction permits, the UAE is heavily regulated, with 21 procedures over a lengthy 125 days.
The UAE is also in the top five Arab countries which offers the most legal rights available for borrowers and lenders.
Despite the credit crunch, the UAE still appears to be ahead, globally and regionally, in terms of getting credit. – Gulf News
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