2024年全球房地產(chǎn)透明度指數(shù)報告：轉(zhuǎn)型時期的透明度 Global Real Estate Transparency Index,2024 Transparency in a time of transition

Research

Global|August2024

GlobalRealEstate

TransparencyIndex,2024

Transparencyinatimeoftransition

JLLSEEABRiGHTERWAY

GlobalRealEstateTransparencyIndex,2024

Welcome

I’mpleasedtoshareour2024editionoftheGlobal

RealEstateTransparencyIndex.Inthe25yearssincewefirstpublishedtheIndex,JLLandLaSallehavecreatedtheindustry’spre-eminentbenchmarkofrealestate

transparency,whichwebelieveoffersaninvaluable

anduniqueguideforrealestateinvestors,lendersandcorporateoccupiersaroundtheworld.

Our2024editioncoincideswithaperiodofremarkablechangeassocioeconomic,technological,climate

andgeopoliticalshiftsintersecttocreateanewand

constantlyevolvingrealestatelandscape.Themost

rapidinterestratetighteningcycleindecadesis

comingtoanendbuthasledtoaprolongedperiodofuncertaintyandpricediscoveryinrealestatecapital

marketsaswemoveintoanewcycle.Morebroadly,

thewidespreadadoptionofAItoolsbybothindividualsandcompanieswillhaveaprofoundimpactonthe

economy,butalsobringswithitnewrisks.Theneedfordecarbonizationandclimateresilience,increasinglyfundamentaltothelong-termoutlookfortheeconomyandsociety,isalsoreachingacriticalturningpoint

asnewregulationscomeintoeffectacrossmultiple

jurisdictions.Andallofthisistakingplaceagainstthebackdropofarecordyearforelectionsasmorepeoplethaneverbeforecasttheirvotesacrosstheglobe,

raisingtheprospectofheightenedgovernanceandpolicyuncertainty.

Thescaleandcomplexityoftheseinter-relatedshiftsismakingdecision-makingmorecomplex.TheresultsofourIndexconfirmthattheworld’smosttransparentmarketshaveregisteredthegreatestprogress,

2

puttingtheminaparticularlystrongpositionto

benefitfromthenextinvestmentcycle.Butcontinuedimprovementsintransparencycan’tbetakenfor

grantedandmanyothermarketsarestrugglingtomaintainpreviousgainsorevenslippingback.

Periodsofchangeoffersignificantopportunity,but

ourindustrywillrequiregreatercollaborationbetweenallstakeholderstodrivebetteroutcomesthatmeet

thischallenge.Intimesoftransition,transparency

ismoreimportantthaneverinhelpingoccupiers,

investors,lendersandgovernmentstonavigateand

makeinformeddecisions.Wetrustthatour2024

editionprovidesanobjectivebenchmarkofrealestatetransparencythatcontributestohigherstandardsandhealthierrealestatemarketsandcommunities.

RichardBloxam

CEO,CapitalMarkets,JLL

GlobalRealEstateTransparencyIndex,2024

Contents

Highlights

Highlytransparentmarkets

offerstrongestrecoveryprospects

Leadingmarketspullingfurtherahead,whileSingaporejoinsthetopranks

GreatestregionalprogressacrossAsiaPacificEuropetopsthetransparencyrankings

GovernmentinitiativesboosttransparencyinUAEandSaudiArabiaContinuedadvancesintopNorthAmericanmarkets

ProgressstallsacrossSub-SaharanAfrica

Keytransparencythemestowatch

AnexpandingrealestateinvestmentuniverseDebtmarketsinthespotlight

DigitizationandAIpushtheboundariesoftransparencybutraisenewrisks

Sustainabilitytransparencyacceleratingasreportingandriskrequirementsreachacriticalstage

Moneylaunderingandbeneficialownershipregulationsrisinguptheagenda

Retrospectiveandprospectivereflections

on

theTransparencyIndex

Transparencyintablesandcharts

Technicalnote

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Semi43Bulgaria2.91

GlobalRealEstateTransparencyIndex,2024

GlobalRealEstate

TransparencyIndex,2024

2024

Composite

Rank

2024

TransparencyLevel

Composite

1UnitedKingdom1.24

2France1.26

3UnitedStates1.34

4Australia1.37

5Canada1.49

6Netherlands1.49

7NewZealand1.59

High

MarketScore

8

Ireland

1.72

9

Sweden

1.77

10

Germany

1.79

11

Japan

1.83

12

Belgium

1.84

13Singapore1.92

Transparent

14Finland1.97

15HongKongSAR1.97

16Denmark2.04

17Switzerland2.05

18Spain2.06

19Italy2.12

20Poland2.13

21Norway2.24

22CzechRepublic2.27

23Luxembourg2.29

24Hungary2.30

25Portugal2.30

26

ChineseTaipei

2.34

27

SouthKorea

2.35

28

UAE-Dubai

2.38

29

SouthAfrica

2.40

30

China-Tier1

2.42

31

India-Tier1

2.44

32

Thailand

2.53

33

Malaysia

2.57

34

Romania

2.61

35Slovakia2.62

36Greece2.71

37Mexico2.77

38SaudiArabia2.79

39Israel2.79

40Indonesia2.81

41UAE-AbuDhabi2.87

42Brazil2.89

44Croatia2.92

45Philippines2.95

46Turkey2.96

47Chile3.06

48Peru3.14

49Vietnam3.25

50Slovenia3.25

Source:JLL,LaSalle,2024

2024

Composite

Rank

2024

TransparencyLevel

Composite

MarketScore

51Kenya3.31

52Argentina3.36

53Serbia3.37

54MacaoSAR3.42

55

Colombia

3.46

56

Mauritius

3.47

57PuertoRico3.47

58Malta3.54

59Morocco3.55

60Botswana3.62

61Egypt3.64

62Zambia3.68

63SriLanka3.69

64Nigeria3.69

65Bahrain3.79

66Pakistan3.87

Low

Semi

67

CostaRica

3.87

68

Qatar

3.89

69

Uruguay

4.00

70

Jordan

4.02

71

Oman

4.14

72

Rwanda

4.14

73Ghana4.15

74Ecuador4.19

75Algeria4.37

76Tunisia4.38

77Angola4.40

78Panama4.40

79Uganda4.40

80Mozambique4.40

Opaque

83Tanzania4.44

84Senegal4.47

85Honduras4.46

86DominicanRepublic4.48

87Guatemala4.54

88Ethiopia4.57

89Iraq4.60

5

GlobalRealEstateTransparencyIndex,2024

Highlights

1

Realestatetransparencyismorecriticalthaneverintimesofuncertainty

Thepaceofstructuralchangesimpactingrealestatemarkets–fromdemographicshifts

tosustainabilitytargetsandtechnological

advances–isaccelerating.Theselong-

termchangesareintersectingwithcyclicalchallenges,ascompaniesandmarkets

processrapidadjustmentstopricingand

growthprospects.Thelargestelectionyearin

historyandongoinggeopoliticaltensionsandconflictareintroducingadditionalelementsofpolicyuncertaintyaroundtheworld.Allofthesefactorsmeanthattransparencyismoreimportantthaneverasrealestateinvestors,

occupiersandgovernmentsnavigatethe

transitiontoanewrealestatecycleandthenextstageofurbangrowth.

2

Themosttransparentmarketsarepullingaheadandpositionedtoleadintothenextcycle

Themosttransparentmarketshaveregisteredthestrongestgainsinthe2024GlobalReal

EstateTransparencyIndexastheysetnew

benchmarksfortechnologyintegration,deeperdataavailabilityandclimatereporting.TheU.S.,Canada,FranceandAustraliaareallamong

theglobaltopimprovers,whileSingaporehasenteredthe‘HighlyTransparent’groupforthefirsttime,boostedbyafocusonsustainabilityanddigitalservices.Thistopsetofcountries

hasattractedoverUS$1.2trillionindirect

commercialrealestateinvestmentoverthelasttwoyears,over80%oftheglobaltotal.

Andwiththelowestriskandhighestlevels

oftransparencyarounddemandandpricingdynamics,inparticularforgrowthproperty

sectors,theyarepositionedtoleadthe

cyclicalrecoveryinliquidityascapitalmarketsactivityincreases.

Beyondthe‘HighlyTransparent’countries,

severalmajormarketsthathavemade

progressandarefocusedonenablinghigherlevelsofinstitutionalization–includingIndiaandMainlandChina’sleadingcitiesand

SouthKoreainAsiaPacific,andtheUAEand

GlobalRealEstateTransparencyIndex,2024

SaudiArabiaintheMiddleEastandNorth

Africa(MENA)region–offerstronglong-

termprospects.Thesemarketswillrequireasignificantexpansionofurbaninfrastructureoverthecomingdecadebuthavecollectivelyreceivedonly6%ofglobalinvestment

since2022,highlightingthescaleofopportunityastransparencyimprovesfurther.Progress

elsewherehasbeenlimited,andcountries

furtherdowntherankingswillneedtopickupthepacetoclosethetransparencygap.

3

AIisenhancingtransparencyandcreatingacompetitiveedge

TheadventofwidespreadgenerativeAI(GenAI)capabilitieshassuperchargedexpectationsfortechnology’simpactonrealestate.InvestmentintoAIisgrowingexponentially,andalthoughmanyapplicationsareatanexploratorystageitisalreadyboostingtransparencyacross

theindustry–helpingtosiftthroughand

summarizehugevolumesoflegaldocuments,automatingbuildingmanagement,poweringinteractiveurbanandarchitecturaldesign,andenablingunprecedentedlevelsofspeedandgranularityinvaluationsandanalytics.JLL’sAI

platform,forexample,alreadyhelpstoidentifyoneinfivecapitalmarketsopportunities

globally.ButextractingfullvaluefromAIwillrequireconsiderableeffortandinvestmentincreatingtherightarchitectureandgovernancetocapturestandardizeddatathatcanbefed

intomodels,somethingmostcompanies–

andgovernments–arestilllacking.Asthesecapabilitiesarebuiltout,AIoffersthepotentialforsignificantadvancesinproductivity

andtransparency.

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GlobalRealEstateTransparencyIndex,2024

4

Sustainabilitytransparencyisataturningpointforinvestorsandcorporateoccupiers

Sustainabilitytransparencyisbecoming

increasinglycriticalasthedeadlinetohalveemissionsby2030inlinewiththeParis

Agreementnearsandagrowingnumberof

countriesandcitiessetoutmandatorylong-termdecarbonizationpathways.Withnew

buildingenergyperformancestandards,

sustainabilityreportingrequirements

andcorporatecommitmentsrampingup,

sustainabilityhasbeenthelargestdriverof

transparencyimprovementsinthe2024Index.

Despitetheprogressmadesofar,sustainabilitymetricscontinuetobeamongtheleast

transparentglobally.Manycompaniesarestillatanearlystageintrackingtheiractual

portfolioemissions,buildinglevelperformanceorclimaterisk,withalackofstandardized

informationandprocessescontributingto

concernsaboutdataqualityandgreenwashing.Marketswiththeclearestlong-termpathwaytomoresustainablerealestate–suchasFrance,

Japan,leadingcitiesintheU.S.,andtheUK–willofferthemosttransparentandpredictableenvironments,helpingtoaddressthe

significantshortfallinlow-carbonbuildingsandallowingoccupierstomakelocationandspacedecisionswithconfidence,governmentsto

meetdecarbonizationtargetsandinvestorstofuture-prooftheirportfolios.

7

GlobalRealEstateTransparencyIndex,2024

Selectedhighlightsinrealestatetransparencyoverthelasttwoyears

Canada

?Newbeneficialownershiplegislation

?Localbuildingemissionsregulations,e.g.inMontrealandVancouver

UK

?Improvedbeneficialownershiptrackingandenforcement

?ExpansionofTCFD-alignedreportingrequirements

France

?Implementationofbuilding-levelenergyperformancedatabase

?MandatorybiodiversitystandardsinParisthroughPLUBioclimatiqueregulations

?TranspositionofCorporateSustainabilityReportingDirective(CSRD)

China

?Completionofunifiednationalrealestateregistrationsystem

?MandatoryTCFD-aligned

disclosureforlistedcompanies

Japan

Spain

Launchofcentral

beneficialownership

registerforrealestate

UnitedStates

?ProgressonbeneficialownershiptrackingthroughtheCorporateTransparencyAct

?PublicationofZeroEmissionBuilding(ZEB)standard

?Adoptionofclimatedisclosurerequirements

?RevisedBuildingEnergyConservationAct

?Mandatory

TCFD-aligneddisclosureforlistedcompanies

Kenya

?Newopen-endeddebtfundperformanceindex

?Localsustainabilityinitiatives,e.g.LocalLaw97

comingintoefectinNewYork;40citiescommittedtoBuildingPerformanceStandards

IntroductionofRealEstateRegulationBill

Singapore

?LaunchofRealEstate

IndustryTransformationMap2025

?ISSB-aligneddisclosurerequirementsfor

listedcompanies

AbuDhabi

Australia

India

?LaunchofAbuDhabiRealEstate

Centre(ADREC)toimproveoversightandeficiency

?NewAI-enabledBIMandplanning

?Digitizationoflandregistryandinformationsystemsthrough‘DigitalIndia’initiative

?Publicationofclimaterisk

?UpdatedNationalConstructionCode

?Progresstowardspublic

Dubai

beneficialownershipregister

?Launchoftechnology-focusedinitiativesincludingRealEstateInnovationIncubatorandDubaiPropTechGroup

?EnhancementstodigitalservicesthroughDubaiRESTinterface

reviewsystem

disclosureguidelines

?Launchofstandardizeddevelopmentandbuildingregulations

?IntroductionoflegislationonmandatoryESGdisclosureforlargelistedcompanies

GlobalRealEstateTransparencyIndex,2024

What’snextfor

realestatetransparency?

Anexpandingrealestateinvestmentuniverse

Realestatemarketsareintheearlystages

ofasignificantreallocationofcapitalas

investorstargetpropertytypesbenefitingfromstructuralgrowthindemand.Demographic

andtechnologicalchanges,combinedwith

shiftinggovernmentandoccupierpriorities,

arerequiringinvestorstounderstanddynamicsacrossanincreasinglybroadinvestible

universe–fromthegrowthoflivinginvestment

strategiesinEuropeandAsiaPacifictotherapidscale-upindatacenterrequirementsglobally.

Thetransparencyofinfrastructureplanning,tradepolicyandoperatingmodelswillbeincreasinglyimportantfactorsindecision-makingasprimarydriversofprospectsforsectorssuchasdatacentersoradvanced

manufacturingfacilities.

QRealestatedebtmarketsinthespotlight

Realestatedebtmarketshavebroadenedas

non-banklendersexpandandcomplement

traditionalsourcesofcredit.Withanestimated

US$2.1trillionofrealestatedebtthatwillneedrefinancingbetween2024and2025

–approximately30%ofwhichhasbeen

completedoverthefirsthalfof2024–monetaryauthoritieshaveraisedconcernsabout

potentialrisksemanatingfromtherelative

lackoftransparencyaroundprivatecredit

lendingvolumesandfinancingconditionsinmanymarkets.Withstill-highinterest

ratespushingtherefinancinggaphigher,

debtmarkettransparencywillremainontheagendaasinvestorscontinuetodiversifyinto

creditstrategiesanddistressrisesincertainpartsofthemarket.

9

GlobalRealEstateTransparencyIndex,2024

DigitizationandAIpushtheboundariesoftransparencybutraisenewrisks

AsAIapplicationsareintegratedacrossthe

industry,theregulatoryandcompliancerisksassociatedwiththesetoolsarealsorising.AI

regulationsarehittingamilestonein2024,

withnewlegislationorguidanceunderwayinmarketsincludingtheU.S.,EU,China,CanadaandAustralia.Manyoftheseeffortsarefocusingonthetransparencyoftheunderlyingmodelsaswellasdatasecurityandprivacy,while

realestate-specificregulationstargetedattoolssuchasAutomatedValuationModels

(AVMs)arealsoinprogress.Atthesametime,

awarenessisgrowingofthepotentialrisksofAItoolsinadvertentlyleadingtoprice-fixingorotheranti-competitivebehavior;forexample,throughpricingoptimizationalgorithms.

Moreconsistentstandardsondatacollection,modeltraininganduseareapromisingstep.TrackingthisevolvingregulatorybackgroundandbuildingacomprehensiveunderstandingofhowAItoolsfunctionandtheirsecurityandcomplianceriskswillbekeyforcompaniestonavigatetherisksandrealizethetransparencygainsthatAIoffers.

Sustainabilitytransparencyacceleratingasreportingandriskrequirementsreachacriticalstage

Neworexpandedcorporatesustainabilityreportingmandatesaresettocomeinto

effectoverthenexttwoyearsacrossmanyoftheworld’slargesteconomies,includingtheU.S.,EU,UK,China,Japan,Korea,

CanadaandAustralia.Thesemeasures

willresultinasubstantialincreaseinthe

numberofcompanieswithmandatory

reportingrequirementsandawidespread

needtoformalizesustainabilitymetrics

andmeasurementmethodologies,leading

toadeeperandmoreconsistentviewof

sustainabilityperformanceglobally,particularly

foremissionsandphysicalclimaterisks.Withmoregovernmentsalsomandatingbuilding-levelenergyandemissionsdisclosure,a

combinationofmoregranularandconsistentdata,progressivelymorestringentstandards

andimprovedbuildingmanagementwilldrivefasterprogress.Assustainabilitydecisions

becomeembeddedinoccupierandinvestor

decision-makinganddrivelocationand

investmentdecisions,laggingmarketswillneedtospeeduptheiradoptionofhigherstandardstostaycompetitive.

10

GlobalRealEstateTransparencyIndex,2024

Moneylaunderingandbeneficialownershipregulationsrisinguptheagenda

UpdatedguidancefromtheFinancialActionTaskForce(FATF)whichrequirescountriesto

ensuretheycantrackthetrueownershipof

companies,combinedwithwideningfinancialsanctionsregimes,hasmaintainedmomentumforimprovinganti-moneylaundering(AML)

andbeneficialownership(BO)regulations.ThishasspurredanincreaseinthenumberofcountriesintroducingchangestoAMLorBOrulesinrecentyears,withadditionalprogressunderwayinagrowingnumberofmarkets.Theeffectivenessofexistingregulations

continuestobeunderscrutiny,with

implementationanddefinitionsoften

inconsistentandrelativelyeasytocircumvent.Butasgeopoliticaltensionsandriskriseuptheagendaandtighterstandardsareintroducedinmorejurisdictions,investorsandcorporationswillneedtodevotemoreresourcestoensuring

complianceandwillincreasinglygravitate

towardsmarketswithrobustregulatorysystemsandlowerreputationalandfinancialrisk.

11

GlobalRealEstateTransparencyIndex,2024

The2024surveycovers89countriesandterritoriesworldwide

HighlyTransparentTransparent

Semi-TransparentLowTransparencyOpaque

Source:JLL,LaSalle,2024

GlobalRealEstateTransparencyIndex,2024

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brighterway

Studentsfrommorethan200differentuniversitiesacrosstheglobeuseJLLandLaSalle’sGlobalRealEstateTransparencyIndextolearnandbetter

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GlobalRealEstateTransparencyIndex,2024

Highlytransparentmarketsofferstrongestrecoveryprospects

Leadingmarketspullingfurtherahead,whileSingaporejoinsthetopranks

Over80%ofrealestate

investmentgloballyisallocatedtohighlytransparentmarkets

JLL’s2024GlobalRealEstateTransparencyIndexshowsthattransparencyhasimprovedacrossthemajorityofcountriesandterritories,butthetopgroupof‘Highly

Transparent’marketshaveregisteredthestrongestprogressandcontinuetopullawayfromtherest.TheUKmaintainsitspositionatthetopoftherankings,whileacombinationofmeasuresincludingcutting-edgetechnologyintegration,enhancedsustainabilityregulationsandreporting,granulardataavailability

anddigitalserviceprovisionhavecontributedtotheU.S.,Canada,FranceandAustraliaalljoiningthelistoftopimprovers.

14

GlobalRealEstateTransparencyIndex,2024

Thecompositionofthemosttransparentmarkets

continuestoshiftawayfromtheAnglophonemarkets.FollowingJapan’sinclusioninthe‘HighlyTransparent’groupin2022,Singaporealsoentersthetoptier

forthefirsttime,supportedbyhighersustainabilitystandardsandafocusonintegratingtechnologyanddigitalservicesthroughitsRealEstateIndustryTransformationMapandotherinitiatives.

The‘HighlyTransparent’marketscollectivelyaccountforover50%oftotalincome-producingrealestate

worldwideandmorethan80%ofdirectinvestment

globally.Asweenteranewrealestatecyclein2024,

thosecountrieswiththedeepestunderstanding

ofmarketdynamics,greatesttransparencyaround

pricediscovery,broadestcapitalmarketsandlargestpotentialfordiversificationwillleadtherecoveryinrealestateliquidity.

Transparencyimprovementbytier,2022–2024

HighlyTransparent TransparentSemi-TransparentLowTransparencyOpaque

0.000.010.020.030.040.05

Transparencyscorechange(inversed)

Source:JLL,LaSalle

15

GlobalRealEstateTransparencyIndex,2024

GreatestregionalprogressacrossAsiaPacific

CountriesinAsiaPacifichaverecordedthestrongestaveragetransparencyimprovementssince2022,

ledbytheregion’smosttransparentandlargest

markets.Singaporeentersthe‘HighlyTransparent’

groupin2024,whilenewESGandclimatedisclosurerequirementsandconstructionstandards,combinedwithdeeperdataavailabilityforalternativepropertysectors,havealsoresultedinrisingscoresinJapanandAustralia.

Indiaisthetopglobalimprover,withgreaterdata

coverageandqualityacrossbothcoreandniche

propertysectors–rangingfromindustrialtodata

centers–asinstitutionalizationinthemarketincreases.

Amoreproactivefinancialregulator,newclimateriskdisclosureguidelines,streamlinedbuildingregulationsanddigitizedlandrecordshavealsocontributedtoitsleadingcitiesenteringthe‘Transparent’tier.

globaltransparency

Top

improvers,2022–2024

0.160.140.12

0.100.080.060.040.02

0.00

Scorechange(inversed)

India-Tier1

SaudiArabia

UAE-Dubai

Dhabi

UnitedStates

France

Australia

Canada

SouthKorea

China-Tier1

UAE-Abu

Source:JLL,LaSalle

16

GlobalRealEstateTransparencyIndex,2024

SouthKoreaisalsoamongthelargestimprovers,

supportedbyagrowingREITmarketandbenchmarksfromtheKoreanAppraisalBoard,improveddata

availability–inparticularfortheofficeandindustrialsectors–andnewZero-EnergyBuilding(ZEB)

regulations,whileTCFD-alignedsustainabilityreportingissettocomeintoeffectfromnextyear.

Theregion’slargestmarket,MainlandChina,continuestodealwithchallengesinthepropertyindustry

andwidedisparitiesintransparencybetween

cities.However,anewunifiedlandregistrysystem,

diversifyinginvestmentlandscapeastheREITand

privateequityfundregimesevolve,implementation

ofbuildingenergyefficiencyrequirements,progresstowardsmandatoryESGdisclosureforlargelisted

companiesandimprovedmarketdatahaveboostedtransparencyinitsleadingcities,ShanghaiandBeijing.

17

GlobalRealEstateTransparencyIndex,2024

Europetopsthetransparencyrankings

Europeremainsthemosttransparentregion,withtheEUdrivingfurtherprogressinsustainabilitystandards–forexample,throughtherevisedEnergyPerformanceofBuildingsDirective(EPBD),whichsetsnewminimumenergyperformancerequirementsandmandates

globalwarmingpotentialandwholelifecarbon

reportingforbuildings,togetherwithpublicationoftheEUTaxonomyandimplementationoftheCorporate

SustainabilityReportingDirective(CSRD).France

headstheSustainabilitySub-Indexrankings;itsnewinitiativessuchasthePLUBioclimatiqueregulationsinParis–introducingmandatorybiodiversityprotectionandre