Tuesday, June 24 17:50:36
Ireland has ranked eighth in the world for the transparency of its commercial property market.
The eighth edition of JLL's Global Real Estate Transparency Index, covering 102 markets worldwide, shows continued progress in the transparency of commercial real estate around the world with over 80pc of markets registering improvement since 2012.
The Global Real Estate Transparency Index is a biennial study that quantifies real estate market transparency and is a helpful gauge for the industry to understand the differences between countries in terms of openness to information, processes and regulation. This in turn affects decisions when transacting, owning and operating in foreign markets.
The world's most transparent markets are still dominated by English speaking markets - the UK ranks as the world's most transparent market in 2014, followed by the US, Australia and New Zealand. Ireland performed strongly, and is now ranked as the 8th most transparent market in the world, placed within the 'Highly Transparent' market category. This compares to the last survey in 2012 when Ireland was placed 15th and ranked as 'Transparent'.
Although finishing 8th overall, Ireland was ranked first across a number of categories within the Index, including Transaction Process, Regulatory and Legal, and Governance of Listed Vehicles.
Hannah Dwyer, Head of Research at JLL Dublin said that "The significant improvement in Ireland's transparency has been driven a number of positive factors. The introduction of new legislation, particularly regarding REITs, new building control regulations, and the release of new national property databases in the last 2 years are a few points that have helped to moved Ireland into the top tier of transparency. This is also mirrored in the uplift in transactional activity in the investment market, with increased levels of investors looking to invest in this open market. Investors, developers and corporate occupiers are expecting ever greater levels of real estate transparency - in terms of legal and regulatory enforcement, financial disclosure, fairness of transaction processes and access to high-quality market data and performance benchmarks. Ireland is therefore ranked highly in these indicators, and is up near the top alongside some the top global investment locations".