High-rise buildings in Singapore. Photo by Pexels
Singapore ranked second in Asia for real estate market transparency and was rated as “highly transparent” for the first time.
The city-state moved up one spot from last year to 13th place globally, achieving an overall score of 1.92, The Business Times reported, citing the Global Real Estate Transparency Index 2024 published by property consultancy JLL on Tuesday.
The index evaluates market transparency by combining quantitative data and survey results from 89 countries and 151 city markets.
An overall score from one to five is given to each city based on six factors including performance, regulatory and legal policies, market fundamentals, transaction process, corporate governance and sustainability efforts.
A lower score indicates a higher level of market transparency. Scores below 1.96 are designated as “highly transparent,” while those above 1.96 are categorized into four other groups, ranging from “transparent” to “opaque.”
The only other Asian market in the “highly transparent” group – the top ranking category – is Japan at the 11th spot, scoring 1.83.
Singapore’s advancement to the highest group this year is attributed to its commitment to sustainability and efforts to enhance technology and digital services, according to property news site EdgeProp Singapore.
Notable initiatives introduced by the city-state include mandatory climate-related reporting requirements for listed companies, effective from 2025, and the Real Estate Industry Transformation Map 2025, a roadmap that aims to future-proof the property industry by upskilling the workforce and enhancing the efficiency, security, and professionalism of property transactions.
Globally, the U.K. is the most transparent property market this year with a score of 1.24, followed by France with 1.26 and the U.S. with 1.34, according to the index.
From: VnexPress
Real Estate News
