Transparency improves in Thailand real estate

transparency

FIRST WITH THE NEWS: Real estate transparency in Thailand has improved slightly during the past two years.

The only survey covering the subject, the JLL Global Real Estate Transparency Index, was published yesterday and reported slow but steady progress around the world, driven by increased regulations and new technology.

Thailand’s ranking in the bi-annual report has improved four places, from 38th in 2016 to 34th now. This still classes the country’s real estate market as being “semi-transparent”.

This places Thailand alongside China, India, Israel and Brazil.

The report noted that Governments worldwide have been gradually forging greater transparency in real estate markets, addrgssing growing demands from investors and the public to deliver significant change.

During the 20 years that JLL has been publishing its biennial proprietary report, increased regulatory requirements and greater data availability have driven incremental improvements.

Since 2016, 85 of the 100 countries surveyed recorded an improvement, and the growing impact of technology may propel this positive trend in the future.

“Transparency is increasingly important for commercial real estate, where investors are allocating ever more capital,” said Jeremy Kelly, Director, Global Research, JLL.

“The availability and quality of information – from prices to ownership – is crucial when trying to make investment decisions, especially in new markets.”.

Technology is poised to provide the next big leap in transparency, JLL said.

Proptech tools that transcend national borders such as blockchain, brokerage apps and open data could help semi-transparent markets leapfrog the normal process of transparency.

The United Kingdom, Australia and United States were the found to have the most transparent real estate markets, while the accolade of being the least transparent in this survey belonged to Venezuela.

In terms of Southeast Asia, Thailand was behind Singapore (ranted 12th) and Malaysia (30th), but ahead of Indonesia (42nd), the Philippines (48th), Vietnam (61st) and Myanmar (73rd).

 

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