Real estate transparency is an essential ingredient of a well-functioning economy and society and therefore touches on multiple aspects of life.
JLL recently published its latest Global Real Estate Transparency Index, a biennial survey of the world of real estate transparency. The 2020 Index was compiled at a time of massive economic and societal disruption during which governments, businesses and communities grappled with the impacts of COVID-19.
In the newly released biannual survey, Thailand is ranked 33th, a slight improvement from the 2018 edition of the Index where the country was ranked 34th, but a measurable step in the right direction compared to the 2016 ranking (38th).
Furthermore, that small improvement has pushed Thailand into a higher tier, namely from the ‘Semi-Transparent’ to ‘Transparent’.
There are no Asian countries classified in the ‘Highly Transparent’ tier, and only seven in the ‘Transparent’ Tier.
Singapore is the best performer among Asian countries (14th), closely followed by Hong Kong (15th) and Taiwan (23rd) weirdly referenced as “Chinese Taipei” in the JLL publication.
Then there is Malaysia (29th) and South Korea (30th) followed by China (Shanghai and Beijing) and Thailand respectively in 32nd and 33rd position.
Transparency is improving, but not fast enough
The latest survey results, covering 163 cities in 99 countries and territories, tell us that improvements to real estate transparency continue to be made across the globe.
However, overall progress is still not fast enough for a society demanding ever higher ethical standards and one in which businesses are being held to account to invest and operate transparently and sustainably.