Transparency in Asia Pacific property markets is being aided by technology.

 

Proptech adoption offers a huge opportunity for mature economies in Asia Pacific, such as Singapore, Hong Kong, and Japan, to advance real estate transparency. According to JLL's Global Real Estate Transparency Index (GRETI) 2018, these top investment destinations are on the verge of joining the 'Highly Transparent' category, which includes countries including Australia, New Zealand, the United States, and the United Kingdom. qatar property

"The proptech sector is rapidly expanding, especially in Asia," says Jeremy Kelly, Director, Global Research, JLL. "However, adoption remains low in comparison to North America and Europe." "Proptech's possible advantages aren't only limited to open markets. It may also aid transparency in semi-transparent markets such as China, which has a thriving proptech sector but lacks conventional data sources."

 

According to Denis Ma, Head of Research at JLL in Hong Kong, "Hong Kong remains one of Asia's largest and most open real estate markets, according to our new transparency survey. Despite being one of only a few cities in the world that still uses a deeds registry system to record land and property transactions, the city has been able to maintain this distinction. However, with the rise of proptech, the city's already efficient real estate markets have the potential to become even more so, especially in the area of conveyancing. However, reaching these new heights will only be feasible if the government sticks to enacting the 2004 Land Titles Ordinance."

 

Sustainability accountability is another important field where both Singapore and Hong Kong could develop. Strengthening energy efficiency standards, carbon monitoring, and tighter energy usage disclosure would assist them in making the transition, and they should learn from Japan, which has become a world leader in sustainability accountability.

 

In Asia Pacific, the most significant changes have occurred.

 

According to Dr Megan Walters, Head of Research, Asia Pacific at JLL, "Asia Pacific as a whole has made the greatest transparency changes since 2016 relative to the other four regions covered by the survey." "Developments in Myanmar, Macau, Thailand, India, and South Korea support this."

 

"Macau has also progressed by focusing on anti-money laundering, which has resulted in increased financial regulator oversight. It's also worth remembering that India's reform-minded government has made great strides in improving accountability and reducing corruption. A regional highlight is the Real Estate Regulatory Act, which was passed in 2016 and introduced in 2017. At the top of the 'Semi-Transparent' group, the nation joins China, Indonesia, and Thailand "Dr. Walters agrees.

 

JLL Macau's Managing Director, Gregory Ku, said, "Macau climbed 10 places to 60th position in this year's Global Real Estate Transparency Index, becoming the first Chinese territory to appear in the Semi-Transparent category. The government's crackdown on money laundering, as well as efforts to release accurate residential transaction data on a monthly basis and implement new leasing regulations, have all contributed to the development. In the future, we want to see more real estate data made available to the general public."