Global Real Estate Transparency Index , covering 102 markets worldwide, shows continued progress in the transparency of commercial real estate around the world. Over 80% of markets have registered improvement since 2012. The top improvers in each survey generally correlate with a surge in foreign direct investment and corporate occupier activity, as investors help to accelerate transparency reforms and governments realise that poor transparency will affect continued inward investment, long-term growth prospects and the quality of life of citizens.
The world’s most transparent markets are still dominated by Anglophone markets – the UK, U.S., Australia and New Zealand. However, France and Finland, which are at the forefront of ‘open data’ initiatives, have consolidated their positions in the top ranks. Ireland has moved into the top tier of transparency as a result of a new REIT-enabling legislation.
The top improvers in 2014 are dominated by Sub-Saharan African countries, as transparency pushes into the frontiers of global real estate. Five of the Global Top 10 improvers are in the sub-region - Kenya, Ghana, Nigeria, Zambia and Mauritius. However, while progress is being made across the continent, much still needs to be achieved.
Central and Eastern Europe continues to feature among the top improvers – notably Romania, Serbia and Hungary. However, Ukraine has regressed, highlighting how political uncertainty and geo-political strife can quickly compromise transparency levels.
Colombia and Peru are the biggest movers in the Americas underpinned by strong economic growth, high FDI and rising real estate investment. Despite these improvements, no South American country appears in the Global Top 20 of the overall index or any of the five sub-indices – the only continent to fail to achieve a top-scoring position.
MENA has struggled to maintain momentum – the notable exception is Qatar which is making concerted efforts to create a more open and transparent market. The country also illustrates the power of the international spotlight in forcing more stringent building controls and safety standards.
Improvements in Asia Pacific have been steady but unspectacular, and for the first time there are no Asia Pacific markets in the Global Top 10. The competition for the most transparent market in Asia has intensified, as Singapore moves ahead of Hong Kong, where cooling measures have compromised transparency levels.
JLL's Global Real Estate Transparency Index 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 17 years. The 2016 Index is our ninth edition and covers 109 markets.
The Index is an essential guide for cross-border investors, developers and occupiers of real estate - as well as government and industry bodies looking for international benchmarks.
In the 2016 Index we have introduced greater granularity as the real estate industry demands more detailed data to inform decisions. Additional elements have been included relating to the availability of disaggregated datasets; data on alternative sectors (such as student accommodation and self-storage); and aggregate data on debt and financing conditions. This has increased the number of individual factors covered by 21% to 139 factors. Although the consistency of the survey is not compromised, greater scrutiny and the explicit inclusion of more factors underpin some of the changes in score between 2014 and 2016.
Coverage has been extended further into Africa to include Djibouti, Ivory Coast, Rwanda and Tanzania. Ecuador, Luxembourg, Iran and Sri Lanka are also new to the Index. Recognising that cities are becoming more of a focus for real estate players, we have deepened the survey to include an extra city tier in China and have assessed market fundamentals data availability for an additional 28 cities across the globe.
As in previous surveys, teams of researchers and business leaders from JLL and LaSalle Investment Management have worked together to assess the transparency in each of the 109 markets. Our Alliance Partners have also helped to provide additional 'on-the-ground' information. Accounting, finance and legal experts have been consulted too, especially in emerging markets, in order to supplement our collective real estate knowledge.
Since we launched the Index in 1999, its components have evolved and been refined to reflect the changing demands of cross-border investors and corporate occupiers. Therefore, to enable comparisons to be made across time, we have recreated an historic Transparency Index based on current weights and questions. We should like to emphasise that the recalibrated historic Indices differ from those published at the time of each survey.
We trust that the 2016 Transparency Index will provide valuable insights into the changes in real estate transparency across the globe. A complete description of the methodology used to create this Index is set out in the technical note.
For more information about the Index and how we can help with your real estate decisions, please connect with one of the Global Real Estate Transparency Team.
-- Please Select --
Management / Executive
Professional / Consulting
Finance / Purchasing
IT / Technical
Other / Not Applicable
I'd like to receive industrial news from JLL
Aerospace & Defense
Automotive & Transport
Consumer Products Manufacturers
Energy & Utilities
Environmental Services & Equipment
Metals & Mining
Security Products & Services
I would like to subscribe to receive JLL Global Research