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JLL Global Real Estate Transparency Index reports Asia Pacific shows fastest progress
Shanghai, July 11, 2018 – JLL's (NYSE: JLL) 2018 Global Real Estate Transparency Index (GRETI) reveals that transparency continues to improve gradually around the world. Progress in transparency has been broad-based, with 85% of countries registering an improvement compared with roughly two-thirds in 2016. Asia Pacific markets saw the strongest improvement in the last two years with Mainland China resting on the cusp of the 'Transparent' category.
Top ranks dominated by Anglophone countries
The top ranks of GRETI 2018 are once again dominated by Anglophone countries, with the UK, Australia and U.S. taking the top three positions. However, a number of tech-savvy Continental European markets are catching up. The Netherlands consolidating its position in the top tier and registered one of the largest improvements of any market, while Sweden joined the 'Highly Transparent' tier for the first time. Combined, the eleven 'Highly Transparent' markets account for 75% of global direct investment into commercial real estate.
Asia Pacific markets see strongest transparency improvement
Asia Pacific's markets as a group saw the strongest transparency improvements since 2016. Myanmar witnessed the largest improvement globally; Macau, Thailand and India also joined Myanmar among the global top 10 improvers; Australia and New Zealand remaining the standard-bearers for transparency as they stand near the top of the global rankings; Asia's most mature economies - Singapore, Hong Kong and Japan - all sit on the verge of 'Highly Transparent'; and South Korea nudged into the 'Transparent' tier for the first time, with heightened investor activity pushing information providers to improve data coverage.
Mainland China is on the cusp of the 'Transparent' category
In this year's report, Mainland China became even closer to the 'Transparent' category, ranking 33 globally, just behind Luxembourg. Mainland China ranks within the top 25 for 'investment performance measurement' and 'market fundamentals' – demonstrating the professional and relatively transparent nature of the real estate industry itself. However, Mainland China still has work to do on governance (52nd) and regulatory & legal (60th).
It's worth mentioning that a new element on prop-tech adoption has been added to this year's survey to reflect the growing role of new technology in real estate. A vibrant prop-tech industry will prove critical in markets like Mainland China, where traditional data sources are lacking. In recent years, prop-tech in Mainland China has flourished as crowdsourced data platforms gain popularity. This trend will continue, potentially helping Mainland China 'leapfrog' other markets in the future.
Among the cities, Shanghai and Beijing sit on the cusp of transparency, bolstered by the availability of comprehensive commercial property databases, as well as relatively transparent and strongly enforced processes around planning and building codes. These cities' real estate markets are ahead of their peers in terms of professionalism, standardization and internationalization. Shenzhen and Guangzhou are close behind, while Hangzhou, Suzhou and Tianjin are ahead of inland peers, where real estate practices appear to be positively influenced by transparency in neighboring Shanghai and Beijing.
About JLL's Global Real Estate Transparency Index
This 10th edition of the Global Real Estate Transparency Index (GRETI) contains the most comprehensive country comparisons of data availability, governance, transaction processes, property rights and the regulatory/legal environment around the world.
The Index is updated every two years and has been charting the evolution of real estate transparency across the globe for 20 years. The 2018 Index covers 100 countries and 158 city markets, and the number of individual factors covered has increased by 36% to 186 factors.
For a copy of the report: click
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