Singapore Among Most Transparent Real Estate Markets World Jll
Singapore has recently been recognized as one of the top real estate markets in terms of transparency, according to a report published by JLL. The city-state has been placed in the “Highly Transparent” category of markets under the latest edition of the Global Real Estate Transparency Index (GRETI), which assesses real estate markets worldwide based on market data and a survey.
The report, co-published by JLL and LaSalle every two years, evaluated market transparency in 89 countries and territories and 151 cities globally. This is the first time Singapore has been classified as a Highly Transparent market, which is the highest tier under GRETI and consists of markets that achieve the highest scores according to the index framework.
The country’s inclusion in the top tier was largely due to its focus on sustainability, with the implementation of mandatory climate-related reporting requirements for listed companies in 2025. Additionally, Singapore’s ranking was also supported by its efforts to improve technology and digital services, including the launch of its Real Estate Industry Transformation Map (ITM) 2025. This plan outlines strategies to digitalize property transaction processes, promote technology adoption by property agencies, and enhance skills in the industry.
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While Europe remains the most transparent region overall, Asia Pacific (Apac) has shown the greatest improvement in regional average transparency in the past two years. This is supported by a growing emphasis on environmental, social, and governance (ESG) disclosures, new construction standards, and increased availability of data. India was the top improver globally, charting the biggest progress in its GRETI score this year compared to the previous edition in 2022. This improvement was attributed to greater data coverage and quality, a more proactive financial regulator, and streamlined building regulations.
Singapore is the fourth Apac market to join the Highly Transparent group, along with Australia, New Zealand, and Japan. It is also only the second Asian country to make the top tier, following Japan’s inclusion in 2022. These sweeping changes across the region are narrowing the gap between Apac and Western markets. However, Europe and North America still lead the pack, driven by progress in sustainability standards. The UK maintained its position at the top of this year’s rankings, followed by France, the Netherlands, Ireland, Sweden, Germany, and Belgium.
The Highly Transparent group’s position ahead of the rest of the world is also reflected in investment activity, with over US$1.2 trillion ($1.6 trillion) in direct real estate investment pouring into these markets over the last two years, accounting for 80% of the global total. As the world faces economic uncertainty, transparency is more crucial than ever, and Highly Transparent markets are expected to continue benefiting in the current environment.
According to Richard Bloxam, CEO of capital markets at JLL, interest in transparent markets has never been greater among investors, as external challenges such as geopolitical tensions and election cycles continue to draw increased attention. He notes that rapid interest rate tightening over the past two years has led to a prolonged period of uncertainty and price discovery in the real estate capital markets. With the potential for interest rate cuts on the horizon, Highly Transparent markets are well-positioned to leverage on a new investment cycle.
As the market transitions, a few major transparency themes are emerging. One of these is a more rapid expansion of the real estate investment universe, driven by demographic changes, technology integration, shifting supply chains, and evolving occupier preferences. This has resulted in a significant reallocation of capital, with industrial and living sectors now accounting for over 50% of global direct real estate investments, compared to 29% ten years ago. Emerging property types, such as student housing, data centers, and cold storage space, are also gaining popularity among institutional investors.
Another key theme is the increasing focus on debt markets. Over US$3.1 trillion of real estate assets globally have maturing debt over 2024 and 2025, of which US$2.1 trillion will require refinancing. This landscape highlights the importance of transparency, as real estate lenders go beyond traditional banks – which are heavily regulated – to include other credit sources such as debt funds, pensions, and insurance companies. As scrutiny in the debt market intensifies, there is a growing emphasis on anti-money laundering (AML) and beneficial ownership (BO) regulations. However, challenges remain in effectively implementing and enforcing these regulations, as seen in countries such as India, Indonesia, and the UAE.
The use of artificial intelligence (AI) is also expected to impact market transparency significantly. Currently, over 500 companies worldwide offer real estate-specific AI services. While early findings suggest that AI will boost transparency across the industry, significant investment is required to effectively harness the technology. Moreover, experts and policymakers have raised concerns about data privacy, resulting in a regulatory environment around AI that is still evolving.
Sustainability continues to be a key factor driving transparency, as countries strive to meet their 2030 target to halve carbon emissions under the Paris Agreement. Despite notable progress, sustainability metrics are among the least transparent worldwide. This lack of standardized information and processes contributes to issues with data quality and raises concerns about greenwashing. However, with the introduction of new green requirements, transparency in sustainability is expected to grow across the world’s largest economies over the next two years.