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Property Research Body for Middle East
Property professionals in the Middle East are in discussions to establish a research society to help developers and governments make better market decisions.
Sponsored by Abu Dhabi's ALDAR Properties, the Property Research Society has so far attracted interest from more than 100 industry players, including bankers, developers, researchers and brokers, and is likely to be up and running in the first half of this year.
In an interview for The National, ALDAR's Director of Research and Head of Commercial Leasing Charlie Acworth said the current economic climate has proved a good time for the creation of the body, giving industry figures time to take stock of their needs for and use of market information.
Acworth hopes one effect will be to make market research firms to be more conscientious about what they produce: 'Unfortunately the market hasn't been transparent about some of the information that has been made public... There's no question in my mind that, historically, the quality of research in the region has been poor, but it is improving significantly.'
The society will be modelled on the UK's Society of Property Researchers and will provide a forum for members to gather and share market data and resources.
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