Honesty is the best policy, especially when it comes to economic growth. A report released last week cited Ireland’s property market as one of the most ‘highly transparent’ in the world. Ireland is ranked 9th globally in terms of most transparent countries.
The JLL Global Real Estate Transparency Index (GRETI) index is published every two years, measuring transparency in 158 metropolitan areas. This year’s survey saw a 36% increase in the number of factors which contribute to the overall scoring. Among the 186 unique indicators, new topic areas included:
- regulations and market practice around anti-money laundering stops
- beneficial ownership
- a significant increase in questions around sustainability and the use of property technology
A distinguishing factor between countries that scored well, was the adoption of technology. The report primes ‘Prop-tech’ to be a major influence on the property market globally. In terms of adoption of new technology advancements, Ireland ranks 8th globally.
JLL is professional services firm which specialises in real estate and investment management. A Fortune 500 company, JLL has operations in over 80 countries and maintains a global workforce of 83500. Upon the release of this report, John Moran, JLL CEO stated: ‘People underestimate the importance of a transparent market. It gives comfort to occupiers, investors and funders providing a platform that allows for a sustainable market. It is no accident that the world’s leading companies, chose to be here where they can thrive in a business-friendly environment.’
In light of recent events, such as the Paradise Papers and other watershed whistleblowing, Niamh Manning, JLL Research Analyst, stresses the importance of transparency: ‘High standards of transparency within the property market has far reaching positive effects, from boosting investment, advancing industry standards, and improving business efficiencies to contributing to a conscious rise in employee wellbeing and satisfaction and helping the environment.’
For more information, or to read the full report, visit www.jll.com.