Thursday, June 28, 2012

Singapore ranks 13th for property transparency globally

Singapore is ranked 13th among the most transparent real estate markets in the world, according to the 2012 Global Real Estate Transparency Index released by Jones Lang LaSalle (JLL).

Singapore recorded a composite score of 1.85, while Hong Kong, which landed in 11th spot, saw a rating of 1.76.

The index calculates transparency in 97 global real estate markets by assessing 83 different factors.

Chris Fossick, Managing Director of Singapore and Southeast Asia at JLL, 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.”

He attributed the improved standing of the three countries to greater availability of market data as well as changes in regulatory and transaction processes.

Majority of the Southeast Asian markets landed either in the transparent (Singapore and Malaysia) or semi-transparent (Philippines, Indonesia and Thailand) brackets.

“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,” noted Fossick.

Even though no Asian city made it into the top 10 list of highly transparent markets, Hong Kong and Singapore “have shown improvements in their overall global ranking with Hong Kong marginally ahead of Singapore as a result of more detailed market fundamental data”.

“While steady progress in real estate transparency has been made during the past two years, much still needs to be done,” said Jeremy Kelly, National Director, Global Research at JLL.

View the original article here

Source From Property Guru

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