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Ireland’s property market has a 'transparent open door'

Written by Robert McHugh, on 1st Jul 2016. Posted in Ireland

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Ireland has the 8th most transparent real estate market in the world according to the JLL Global Real Estate Transparency Index (GRETI) which was launched this week. 
 
Finishing in the top 10, Ireland was placed in the ‘highly transparent’ category, alongside the UK, Australia, Canada, US, France, New Zealand and the Netherlands. Completing the top 10 was Germany and Finland. 

The ten countries identified as ‘Highly Transparent’ by GRETI account for 75 percent of global investment into commercial real estate, highlighting the extent to which transparency drives real estate investment decisions.
 
The Index, which has been running for 17 years, is a unique survey that quantifies real estate market transparency across 109 markets globally.
 
Ireland scored particularly highly in the ‘Governance of List Vehicles’ and ‘Transaction Process’ section, finishing in top spot for both. Ireland’s score in these categories was boosted by the increase in the number of listed real estate companies since the last transparency index was undertaken in 2014, and greater regulation and recording of transaction information.
 
A review of investment properties sold in the first half of the year suggests that volumes are close to €3 billion. At the mid-point in the year, this is already close to the year-end figure for 2015 which was €3.4 billion. A notable feature of this volume is that the number of transactions is significantly down but their value is up. 
 
Head of Research at JLL, Hannah Dwyer said, "At a time when corporates and investors are closely scrutinising their real estate decisions, the release of the Index is timely. Ireland is the 8th most transparent market in the world, and the 4th most transparent in Europe. A significant benefit that Ireland now has above the other European countries is that it is the only remaining English-speaking member of the European Union and the Euro."

She added, "Ireland also has a long tradition of being an open economy, with a young skilled workforce, and a competitive corporate tax rate at 12.5%. With such a pro-business environment and proximity to Britain, Ireland is well-positioned from an occupier and investor perspective to benefit from some of the post-Brexit uncertainty, and we are expecting to see a positive short-term bounce in demand from these sectors."

Source: www.businessworld.ie 

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