JULY & AUGUST 2012 |
www.opp.org.uk WORDS | Karolina Margielewska
Global Transparency R
ecovering real estate markets have prompted a renewed drive for improvements in
transparency following a slowdown in progress during the fi nancial crisis in 2008 and 2009. Nearly 90% of markets have registered improvements over the last two years. The survey, by Jones Lang LaSalle, calculates transparency in 97 real estate markets worldwide by weighing 83 different factors.
Among key fi ndings from the report: • The United States ranks as the
world’s most transparent real estate market in 2012, followed closely by the United Kingdom and Australia. • The gap in transparency between
Western Europe and some of the main Central European markets has been virtually eliminated as core Central and Eastern European (CEE) markets approach the mainstream. • Environmental sustainability
The World’s Most Transparent Countries, 2012 Dominated by Anglophone Markets
Global Rank
Highly Transparent
1 2 3 4 5 6 7 8 9
Transparent
10 11 12 13 14 15
Market United States
United Kingdom Australia
Netherlands New Zealand Canada France Finland Sweden
Switzerland Hong Kong Germany Singapore Denmark Ireland
CEE Transparency Index, 2012 Poland becoming European Core Market
Global Rank
Transparent Semi Transparent
19 24 26 36 40 51
Market Poland
Czech Republic Hungary Slovakia Romania Croatia
Composite Score
2,11 2,34 2,53 2,90 2,96 3,16
Sustainability pyramid | the transparency in real estate environmental issues
Composite Score
1,26 1,33 1,36 1,38 1,48 1,56 1,57 1,57 1,66 1,67 1,76 1,80 1,85 1,86 1,96
has emerged as an important transparency factor with the United Kingdom, Australia and France the most transparent markets in terms of real estate sustainability. The Czech Republic, CEE leader in the sustainable development, has taken 5th position in the world-wide ranking. • The Index emphasises the ascent of the MIST growth markets (Mexico, Indonesia, South Korea and Turkey), which all feature among the leading improvers. Turkey once again leads in transparency improvement. • Regionally, Latin America has seen the strongest progress in transparency. Brazil’s Tier 1 cities rank second globally in transparency improvement. • Mexico sits in third position globally (in terms of progress).
While the world economy is still in recovery, the 2012 Index reveals that real estate investors and corporate occupiers are widening their activity across a broader range of markets. In recognition of the increasing relevance of environmental sustainability in real estate, the 2012 Index now includes a separate Real Estate Sustainability Transparency Index for a sub-set of 28 countries, covering issues such as energy effi ciency benchmarking and green building rating systems. The United Kingdom, Australia and France have emerged as the most transparent markets in terms of real estate sustainability.
The 2012 results also reaffi rm the relationship between real estate investment volumes and transparency.
BUSINESS
INVESTMENT | 23
The US remains the world’s most transparent real estate market, followed closely by the UK and Australia – but Central and Eastern European markets are catching up... These are just some of the conclusions of the Jones Lang LaSalle and LaSalle Investment Management Global Real Estate Transparency Index 2012
Karoline Margielewska is a PR Specialist at global real estate services fi rm Jones Lang Lasalle. They can be contacted by email on
k.margielewska@
eu.jll.com or by telephone on +48 22 318 0000
Rising levels of transparency are associated with higher levels of foreign investment – a powerful incentive for encouraging the free fl ow of information, as well as the fair and consistent application of local property laws.
About the Global Real Estate Transparency Index The Global Real Estate Transparency Index was fi rst published in 1999. In addition to the new sustainability sub-set, the 2012 index has been enhanced in three main areas. The 2012 edition: • Incorporates more quantitative measures of real estate investment performance relating to directly owned real estate, public real estate securities and unlisted real estate funds. • Deepens the coverage of real
estate market fundamentals, by incorporating detailed empirically- derived measures of time-series data and database availability. • Expands the Index into new
markets. The Index now covers 97 markets, 16 more than in 2010. The 2012 Global Real Estate
Transparency Index is available for download at OPP Connect (
www.opp-connect.com).
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