仲量联行-2020年全球房地产透明度指数（英文）-2020.7-85页_4mb

Global Real Estate Transparency Index 2020 Summary

Core Content

The Global Real Estate Transparency Index (GRETI) 2020, developed by JLL and LaSalle, is the 11th edition of the index and covers 99 countries and territories, evaluating real estate transparency through 210 separate elements. It highlights the increasing importance of transparency in the context of sustainability, digitization, and decarbonization, driven by global challenges such as the COVID-19 pandemic and climate change.

Main Points

Transparency and Its Importance

• Real estate transparency is critical for efficient markets and is becoming a central issue in city governance and investment decisions.
• The real estate industry is now a significant part of global investment strategies, with more private individuals exposed to it through pension funds, insurance policies, and REITs.
• Transparency is expected to improve further and faster due to investor, consumer, and regulatory pressures, as well as technological advancements.

Global Rankings and Trends

• The top 3 'Highly Transparent' markets are the UK, US, and Australia.
• France, Sweden, Germany, and Ireland have made notable improvements in transparency.
• Mainland China's leading cities, Shanghai and Beijing, have moved into the 'Transparent' tier.
• Abu Dhabi is the top global improver in 2020, driven by sustainability initiatives.
• Costa Rica, India, Thailand, and Vietnam are among the top improvers in the index.

Regional Performance

• Americas: Gradual improvement, but progress stalls in largest Latin American markets.
• Asia Pacific: Strongest improvements, especially in Mainland China, India, and Thailand.
• Europe: Mature markets lead, while Central and Eastern Europe (CEE) struggles to maintain gains.
• Middle East & North Africa (MENA): UAE continues to advance, while other markets lag.
• Sub-Saharan Africa: Uneven progress, with some markets slipping back.
• Africa, MENA, and Latin America: Geopolitical and economic challenges hinder progress, and there is a risk of regression.

Key Drivers of Improvement

• Sustainability: Increased focus on green building certifications, energy efficiency, and net zero carbon frameworks.
• Proptech: Rapid adoption of digital tools, big data, and smart buildings is improving transparency.
• Alternatives Sectors: Self-storage, data centers, and life sciences are becoming more transparent due to increased institutional investment and data availability.
• Health and Wellness: The pandemic has shifted focus to building health, with WELL Building Standard and Fitwel leading the way in health and wellness certification.

What's Next for Real Estate Transparency?

• Technology and Proptech: Will continue to drive transparency, especially with blockchain and digital twins.
• Regulatory Evolution: The pandemic has accelerated the development of new regulations, especially around social distancing, virus testing, and contact tracing.
• Sustainability and Resilience: Mandatory sustainability standards and building resilience codes are expected to become more prevalent, especially in net zero carbon frameworks.
• Health and Wellness: Building health metrics will become a key focus, including ventilation, air filtration, and cleaning standards.
• Government Engagement: Some governments are actively engaging with proptech, such as the UK's Digital Street program, while others are still in early stages of blockchain adoption.

Key Findings from the 2020 Survey

• 70% of territories have shown improvement in transparency scores.
• The pace of improvement is the weakest since the Global Financial Crisis.
• Technology is playing a major role in improving transparency, with proptech platforms and digital tools becoming more widespread.
• Sustainability is a major driver of transparency improvement, especially in Anglophone countries and high-income Asia Pacific markets.
• Health and wellness is emerging as a new focus, particularly in the wake of the pandemic.
• Regulatory challenges persist, especially in emerging and developing markets, where corporate governance and enforcement are still weak.

Conclusion

GRETI 2020 underscores the critical role of transparency in the real estate industry, especially as the world moves toward sustainable, resilient, and healthy built environments. While progress is uneven, technological advancements and regulatory reforms are expected to accelerate transparency improvements in the coming years. The index serves as a benchmark for cross-border investors, developers, and occupiers, and as a tool for governments and industry bodies to enhance market efficiency and ethical standards.