By Andrew Batt:
Thailand’s real estate industry remains “semi-transparent” while markets in The Philippines, Indonesia and Vietnam were among the top ten most improved markets globally, according to a report published today.
The 2012 Global Real Estate Transparency Index, a proprietary Jones Lang LaSalle survey that calculates transparency in 97 real estate markets worldwide by weighting 83 different factors, provides investors and corporate occupiers with data and analysis critical to transacting, owning and operating in global markets. The Index also assists governments and other industry organisations interested in improving transparency.
The report revealed that recovering real estate markets have prompted renewed impetus to transparency improvements following a slowdown in progress during the financial crisis in 2008 and 2009. Nearly 90 percent of markets have registered advances in real estate transparency during the past two years, driven by improving market fundamentals data and performance measurement, combined with better governance of listed vehicles.
Chris Fossick Managing Director of Singapore and South East Asia, Jones Lang LaSalle said: “The real estate markets in South East Asia have made significant inroads in improving their transparency over the past two years. Three out of the top 10 improvers globally are from this region – The Philippines, Indonesia and Vietnam. All three countries have improved on the back of greater availability of market data and changes in the regulatory and transaction processes. With the exception of Vietnam, most South East Asia markets are either in the transparent (Singapore and Malaysia) or semi-transparent band (The Philippines, Thailand and Indonesia). This finding is echoed by the recent rise in direct foreign investments (FDI) into the ASEAN especially into Indonesia and the Philippines. The rise of FDI into ASEAN is testament of global investors’ confidence of the long term growth potential in this region.”
He continued: “Whilst there are no Asian cities yet in the top 10 highly transparent markets globally, Hong Kong ranks the highest in Asia at 11 with Singapore closely behind at 13. Both Singapore and Hong Kong have shown improvements in their overall global ranking with Hong Kong marginally ahead of Singapore as a result of more detailed market fundamental data.”
Top of the list for transparency according to the report is the United States of America, with the United Kingdom, Australia, the Netherlands and New Zealand making up the top five countries.
Full details can be found here: www.joneslanglasalle.com/Transparency
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