Global Real Estate Transparency Index, 2018 Transparency in 158 Cities. Global Research
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1 Global Real Estate Transparency Index, 2018 Transparency in 158 Cities Global Research
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3 Transparency in 158 Cities 2018 Real estate transparency - a key ingredient of city success Recent JLL research on city competitiveness Decoding City Performance, 2017 identified real estate transparency as one of the 10 imperatives for a successful city. There is growing recognition among city governments and urban planners of the crucial role that a transparent real estate sector plays in city competitiveness, not only as a facilitator of new investment and business activity, but also in enabling sound long-term planning, enhancing community well-being and inclusiveness, and safeguarding the environment. For investors and businesses, market transparency contributes to secure investments and favourable operating environments, allowing them to make decisions with confidence. Foundations Cultivate Innovation Pathways Nurture and Attract Talent Build Infrastructure Platform 10 Imperatives for City Success Management Good Governance Focus on Transparency Build Smartness Safeguard Affordability Develop Effective Branding Globalisation Think Globally Long Term Develop Resilience Source: JLL and The Business of Cities Investors and businesses refocus on city dynamics Cities are increasingly differentiated by their business environments, market openness and levels of risk, and investor demand for greater transparency is extending to a wider range of cities. There is a clear shift in attention among investors and businesses towards comparing market conditions and prospects at a city level, rather than nationally. JLL and LaSalle s Transparency Index extended to 158 metro areas JLL and LaSalle s Global Real Estate Transparency Index, which has tracked the evolution of real estate transparency for two decades, has been expanded to cover 158 metropolitan areas across the globe. It is a response to the twin set of demands engendered by an increased focus on city-level dynamics to make local governments more responsive and accountable, and to help investors and businesses assess longterm stability and risk in cities.
4 4 Large, liquid Anglophone cities take top places The inaugural City Transparency Index confirms that the large, liquid Anglophone cities are in leading positions in the global rankings. London takes top spot as the world s most transparent real estate market, testimony to its position as the most active cross-border real estate investment market. Los Angeles, Sydney and San Francisco round off the global Top 4. Several mid-sized cities in established markets are among the world s most transparent More surprisingly, several mid-sized cities with extensive market data coverage and robust regulatory environments, such as Manchester, Birmingham (UK), San Diego, Denver, Brisbane, Portland, Edinburgh and Glasgow also feature among the global Top 25. Global Real Estate Transparency Index, 2018 Top 25 Cities Global Rank City Score 1 London Los Angeles Sydney San Francisco Manchester New York Melbourne Washington DC Birmingham (UK) Boston Seattle Miami San Diego Denver Brisbane Portland Edinburgh Chicago Glasgow Dallas Baltimore Paris Toronto Houston Phoenix 1.46 Source: JLL, LaSalle Investment Management
5 Transparency in 158 Cities 2018 Asia Pacific s leading gateway cities make progress Asia Pacific s leading gateways sit outside the top tier with Singapore (48 th ), Hong Kong (49 th ) and Tokyo (50 th ) on the cusp of Highly Transparent, belying their economic maturity and status. Nonetheless, progress is being made: Tokyo ranks highly in the transparency of sustainability regulations and benchmarks. Meanwhile, Seoul (73 rd ) has edged into the Transparent tier for the first time, with heightened investor activity pushing improvements in data coverage. Rapidly developing megacities are on the cusp of Transparency Many of the world s largest and most rapidly growing megacities sit mid-table and are in striking distance of the Transparent tier. These include Shanghai (75 th ), Beijing (76 th ), Bangkok (77th), Mumbai (78 th ), Delhi (79 th ), Sao Paulo (82 nd ), Moscow (84 th ), Mexico City (85 th ), Istanbul (89 th ) and Jakarta (91 st ). Many of these cities are still not well-represented as real estate investment destinations, highlighting the huge potential that might be released from a further boost of transparency levels. For cities of such vast scale, further regulatory reforms, and crucially enforcement of existing laws and regulations, will be essential to boost investment, business efficiencies and quality of life. Dubai leads the Middle East Dubai stands out as a city that is making notable progress, with a host of government initiatives, enhanced regulatory procedures and an increasingly dynamic proptech sector. It leads a region that is otherwise characterised by relatively low real estate transparency.
6 6 Transparency Score Range Within Countries More Transparent Brazil Canada Mexico United States France Germany Italy Poland Russia Spain Switzerland Turkey United Kingdom Australia China India Japan South Africa Overall Transparency Score (Inversed) Highest Score Country Average Lowest Score More Opaque Source: JLL, LaSalle Investment Management Large differences between primary and secondary cities even in some Highly Transparent markets Our City Index reveals that most Highly Transparent countries with a significant history of market data availability and aligned government structures tend to have the smallest transparency differences between cities, with the UK (e.g. London v Manchester), Germany (Berlin v Munich), Australia (Sydney v Brisbane) and Canada (Toronto v Vancouver) having consistently high levels of transparency outside primary cities. Others, like France and Japan, show a larger divergence between metro areas due to differences in data availability, with market tracking more limited outside of Paris and Tokyo.
7 Transparency in 158 Cities 2018 Los Angeles is the most transparent city in the U.S. This pattern of divergence is also evident to a lesser extent in the United States, with a patchwork of state and municipal governments leading to differences in transaction disclosure rules and taxation, compounding the effects of distinct market practices and data availability across metropolitan areas. For example: Californian markets rank highly overall, with Los Angeles the most transparent city nationally, in part due to more predictable property tax systems. New York, the world s most liquid commercial real estate market, is ranked 6 th globally. Local property measurement standards, which differ from international best-practice conventions - for example, through non-standardised and occasionally arbitrary loss factors which require negotiation between landlord and tenant - contribute to its lower score. Non-disclosure laws in Texas mean that transparency around sales prices and transaction activity can be lower than other major U.S. cities, with overall transparency levels in Dallas, Houston and Austin lower than among their national peers. China and India take different paths to transparency Asia s largest Semi-Transparent markets have among the most notable variations in transparency levels between cities, which reflect the different paths taken towards transparency in each market. In China, a wide divergence in regulatory scores highlights the extent to which improvements have been driven by greater professionalisation of the market in Tier 1 cities, while regulatory frameworks have remained somewhat fragmented. India, meanwhile, has lower levels of regulatory divergence as the national government gradually implements a range of new reforms, with wider differences between cities in areas such as transaction processes and data availability. Russia shows largest transparency range across cities Russia s cities have the largest overall difference in transparency levels. While Moscow sits on the edge of the Transparent tier, lower levels of occupier and investment activity result in lower availability of market fundamentals data, investment performance tracking and transaction quality in other Russian cities. Too many cities are still Opaque Over 40 cities in the Index are classified as having Low Transparency or are Opaque. These cities are concentrated in Africa, the Middle East and Latin America, where there is a strong imperative to improve transparency in the drive for greater business efficiency and to spur much-needed investment in highquality infrastructure and housing. In these developing cities, improving real estate transparency is an imperative to boosting living standards and safeguarding the environment.
8 8 Real Estate Transparency and Investment Volumes Transaction Volumes (Log Scale) London New York Los Angeles Paris Tokyo Boston Hong Kong Shanghai Sydney Singapore Seoul Beijing Melbourne Berlin Oslo Austin Dublin Moscow Lyon Zurich Shenzhen Calgary Sao Paulo Dubai Krakow Istanbul Sofia Ho Chi Minh City Cape Town Zagreb Abu Dhabi Macau Doha Jakarta Ahmedabad Ankara Riyadh Cairo Lima Kunming Yangon Beirut Yekaterinburg More Transparent Transparency Score R = 0.66 More Opaque Based on direct commercial real estate investment, (Log Scale) Source: JLL, LaSalle Investment Management Transparency rises with investment activity Real estate investors remain focused on markets offering higher levels of transparency and market openness. Of the world s top 30 cities for real estate investment, only two the Chinese megacities of Shanghai and Beijing remain in the Semi-Transparent tier of our city rankings. Overall, Highly Transparent cities account for 70% of direct real estate investment across the 158 cities covered, and nearly three-quarters of cross-border investment. As investors and businesses increasingly look to understand city-level dynamics, real estate transparency has a crucial role in market competitiveness, efficiency and long-term prospects and risks.
9 Transparency City-Level Transparency in 158 Cities 2018
10 10 Global Real Estate Transparency Index, 2018 City Ranking Transparency Level High Global Rank City Score 1 London Los Angeles Sydney San Francisco Manchester New York Melbourne Washington DC Birmingham (UK) Boston Seattle Miami San Diego Denver Brisbane Portland Edinburgh Chicago Glasgow Dallas Baltimore Paris Toronto Houston Phoenix Orlando Minneapolis St. Louis Atlanta Charlotte Amsterdam Philadelphia Tampa Nashville Austin Calgary Montreal Vancouver Auckland Detroit Lyon Munich Frankfurt Berlin Dublin Stockholm Helsinki 1.95 Source: JLL, LaSalle Investment Management Transparency Level Transparent Semi Global Rank City Score 48 Singapore Hong Kong Tokyo Geneva Zurich Brussels Copenhagen Milan Rome Barcelona Madrid Warsaw Johannesburg Osaka Vienna Prague Oslo Lisbon Taipei Krakow Bratislava Cape Town Budapest Bucharest Kuala Lumpur Seoul Luxembourg Shanghai Beijing Bangkok Mumbai Delhi Bengaluru Tel Aviv Sao Paulo Hyderabad Moscow Mexico City Rio de Janeiro Dubai Shenzhen Istanbul Guangzhou Jakarta Athens Chengdu Belo Horizonte Ahmedabad Ankara Zagreb Gaborone Ljubljana St Petersburg 3.07
11 Transparency in 158 Cities 2018 Transparency Level Semi Low Opaque Global Rank City Score 101 Monterrey Belgrade Manila Sofia San Juan Port Louis Santiago Zhengzhou Nairobi Riyadh Abu Dhabi Lusaka Cairo Lima Buenos Aires Macau Ho Chi Minh City Kunming Manama Casablanca Bogota San Jose Colombo Lagos Amman Yekaterinburg Kiev Kuwait City Doha Montevideo Yangon Tehran Karachi Accra Almaty Kigali Quito Panama City Beirut Muscat Tunis Kampala Luanda George Town Algiers Minsk Nassau Dar es Salaam Guatemala City Addis Ababa Santo Domingo Tegucigalpa Baghdad Abidjan Maputo Dakar Tripoli Caracas 4.73 How do we measure transparency? The JLL and LaSalle s Global Real Estate Transparency Index is based on a combination of quantitative market data and information gathered through a survey of the global business network of JLL and LaSalle Investment Management across 100 countries and 158 city markets. For each City market we use 186 separate factors, both quantitative datapoints and survey questions, to calculate the composite score. The survey data and quantitative measures complement each other. For instance, knowing the market coverage and length of a city s direct real estate index is only one half of the story; for a complete picture, we also gather qualitative data on whether investors actually trust and use the index. Local research teams, in consultation with business leaders and real estate professionals active in each market, complete the survey.
12 12 JLL Regional Headquarters Chicago 200 East Randolph Drive Chicago, IL USA London 30 Warwick Street London W1B 5NH United Kingdom Singapore 9 Raffles Place #39-00 Republic Plaza Singapore Authors Jeremy Kelly, Matthew McAuley To find out more about Global Real Estate Transparency, visit our website: COPYRIGHT JONES LANG LASALLE IP, INC This report has been prepared solely for information purposes and does not necessarily purport to be a complete analysis of the topics discussed, which are inherently unpredictable. It has been based on sources we believe to be reliable, but we have not independently verified those sources and we do not guarantee that the information in the report is accurate or complete. Any views expressed in the report reflect our judgment at this date and are subject to change without notice. Statements that are forwardlooking involve known and unknown risks and uncertainties that may cause future realities to be materially different from those implied by such forward-looking statements. Advice we give to clients in particular situations may differ from the views expressed in this report. No investment or other business decisions should be made based solely on the views expressed in this report
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