Turkey among most improved countries globally in real estate transparency
Turkey tops the table of the most improved country in real estate transparency for 2010, according to a report by Jones Lang LaSalle and LaSalle Investment Management.
The two organizations released the “2010 Global Commercial Real Estate Transparency Index” on Thursday. Since the last index was released two years ago, Turkey has moved up 27 positions in the rankings and improved more than any of the 81 other markets sampled.
Turkey is now classified as ‘semi-transparent’ rather than ‘low-transparent.’ Alan Robertson, managing director of Jones Lang LaSalle in Turkey, said there are a number of reasons behind Turkey’s improvement in the rankings.
“Firstly, the Turkish government has shown a strong determination to improve the business environment and to create a level playing field for both foreign and local investors,” he said. “Within the framework of the European Union accession process, Turkey has been working hard to align its legal and regulatory systems with more developed countries. Secondly, a number of private initiatives to improve real estate data boosted transparency levels, particularly in the retail sector.”
Roberston said he believes the trend will continue, making Turkey increasingly attractive for foreign investors. “Over the next few years we expect to see further improvements in transparency levels, and in my view that is going to be very good news for Turkey, and for those who invest in its commercial real estate markets,” he said.
Australia topped the list of the world’s most transparent real estate market, knocking Canada into second place. Nine of the top 15 improvers on the list are from Europe, while six are from the Asia Pacific region.
However, the list shows that overall, one-third of markets globally have shown no change or worse – deterioration in transparency.
Jacques Gordon, global head of strategy for LaSalle Investment Management, said the index reveals a notable slowdown in the progress of real estate transparency over the past two years. “
It suggests that the recent turmoil in global financial, economic and real estate markets has impacted on market behavior, with real estate players focusing on survival rather than market advancement,” Gordon said.
30.01.2012
SOURCE: HDN
