Transparency in real estate has long been an issue within the market, however, JLL reveals that new regulations are working to improve the real estate market on a global scale.
With Thailand taking steps to upgrade the property tax system and digitise its land registry, and Macau cracking down on money laundering, countries around the world have introduced policies aimed at reducing red tape, curbing corruption and improving legal process across the board.
The efforts have followed mounting concerns among investors and the public after the Panama Papers and Paradise Papers leaks.
But the true benefit of these regulations, according to JLL and LaSalle’s biannual 2018 Global Transparency Index, is more nuanced because in some cases, enforcement has been falling short.
Mind the enforcement gap
Of the 100 countries surveyed for the index, 85 registered an overall improvement from two years ago.
Yet not all the new policies are being put into practice, creating a