Friday, November 05, 2010

UAE takes least time in the world for registration of properties: World Bank

The UAE leads the world when it comes to 'ease of registering a property', said a new World Bank report, which ranked 183 countries globally on major aspects pertaining to business regulation for domestic firms.

Last year, governments in 117 economies passed 216 regulatory reforms aimed at making it easier to begin and operate a business, strengthening transparency and property rights and improving efficiency of commercial dispute resolution and bankruptcy procedures, as per the report titled "Doing Business 2011", the eighth among the series of annual reports published by the World Bank and IFC.

Registering a property is the fundamental need for beginning and operating a business in any part of the world.

"Effective administration of land is a part of that. If formal property transfer is too costly or complicated, formal titles may go informal again," the report said.

In the UAE investor protection is high of the agenda. There is only a single procedure required to register a property in the country, in comparison with at least six procedures in other parts of the region.

Further, the time taken for registering a property in the UAE is just two days, which is the least in the world. This is, in comparison to 32.5 days the regional average, although this is again amongst the least in the world, in comparison to other regions in the world.

The time taken to register a property in other regions of the world averages higher than that in the MENA region, with registration period averaging 86.7 days in East Asia and Pacific region.

Moreover, the cost of registering property in the UAE is also very competitive, as per the report amounting to two percent of property value, in comparison with regional average of 5.7 percent.

The report also highlights that last year 11 out of 18 economies in MENA region adopted a total of 22 business regulation reforms to create opportunity for domestic entrepreneurs.

Further appreciating some of the measure taken by the UAE during the past one year, the World Bank report mentioned that the UAE has improved access to credit by establishing a legal framework for operation of private credit bureau and requiring that financial institutions share credit information.

The report said that the trade, document preparation was all streamlined, and the launch of the new Dubai Customs Comprehensive System, Mirsal 2, further reduced the time needed for trading.

Globally, Singapore leads the world in the ease of doing business for the fifth consecutive time, followed by Hong Kong SAR China, New Zealand, the United Kingdom and the US.

Among top 25 economies, 18 of them made things easier than in the past year. The UAE has been ranked 40th in the world among 183 economies, the third in the region, among 18 economies.

1 comment:

Revealty said...

That's great.. How many days it take for the registration of properties in USA if all the documents and all are okay? I am asking because very soon I am going to buy some properties in Ohio with the help of Revealty.