Singapore second most transparent property market in Asia
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| High-rise buildings in Singapore. Photo by Pexels |
For the first time, Singapore was evaluated as "highly
transparent" and placed second in Asia for the transparency of its real
estate market.
With an aggregate score of 1.92, the city-state rose one rank from
the previous year to 13th place worldwide, according to The Business Times,
which cited the Global Real Estate Transparency Index 2024 released on August
27 by real estate consulting firm JLL.
Through the combination of survey answers and quantitative data
from 89 nations and 151 city markets, the index assesses market transparency.
Based on six criteria—performance, legal and regulatory framework, market
fundamentals, transaction process, corporate governance, and sustainability
initiatives—each city receives an overall score ranging from one to five.
A higher degree of market transparency is indicated by a lower score.
"Highly transparent" is the designation given to scores less than
1.96, while "transparent" to "opaque" are the four other
groups to which scores above 1.96 belong.
Japan, which ranks 11th with a score of 1.83, is the only other
Asian market in the "highly transparent" group, the top rating
category.
EdgeProp Singapore, a property news site, attributes Singapore's
promotion to the top category this year to its dedication to sustainability as
well as its efforts to improve technology and digital services.
Among the notable measures that the city-state has introduced are
the Real Estate Industry Transformation Map 2025, a roadmap that intends to
upskill the workforce and improve the efficiency, security, and professionalism
of property transactions; and mandatory climate-related reporting requirements
for listed companies, which go into effect in 2025.
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