The latest JLL Global Real Estate Transparency Index (GRETI) released shows that Ireland’s property market ranks within the most “highly transparent” markets in the world. Ireland ranked 9th globally in terms of the most transparent countries.
The index which is published biennially, measures transparency in 158 metropolitan areas, across 186 unique indicators. This year’s survey saw a 36% increase in the number of indicators and factors which contribute to the overall scoring. New topic areas included regulations and market practice around anti-money laundering stops, beneficial ownership as well as a significant increase in questions around sustainability and the use of property technology.
In particular, one of the major distinguishing factors between countries who scored well in this year’s study was the adoption of technology across the property market. Prop-tech is primed to be a major change to the property market globally. In terms of adoption of new technology advancements across the market, Ireland ranks 8th globally.
John Moran, CEO of JLL Ireland said “People underestimate the importance of a transparent market. It gives comfort to occupiers, investors and funders providing a platform that allows for a sustainable market. It is no accident that the world’s leading companies chose to be here where they can thrive in a business-friendly environment.”
Niamh Manning, Research Analyst with JLL Ireland also added, “Through the GRETI Survey, JLL has championed higher regulatory, legal and industry standards for more than 20 years. In light of recent events, such as the Paradise Papers and other watershed whistleblowing, it is reassuring to see Ireland score so highly in the GRETI market review. Having recognised, high standards of transparency within the property market, has far-reaching positive effects, from boosting investment, advancing industry standards, and improving business efficiencies to contributing to a conscious rise in employee well-being and satisfaction and helping the environment.”