Romania, among the transparent real estate markets, in JLL’s GRETI

Newsroom 03/07/2018 | 10:20

Romania remains in the category of transparent real estate markets, ranked 29th in Global Real Estate Transparency Index 2018 (GRETI) by JLL, which analyzes 100 countries in the world. The country belongs to the category of transparent markets, along with other countries like Switzerland, Austria, Denmark, Italy, Poland, Czech Republic, Slovakia or Hungary.

The local market still suffers from the availability of information, while from the point of view of the transaction process – renting, selling – the conditions in Romania are comparable to those in the UK. In this chapter, Romania received a higher score than that obtained by the United States, Germany or Sweden.

In the chapter were analyzed, the quality and availability of pre-sale information, the fairness and confidentiality of the bidding process, the professional and ethical standards of real estate agents and their enforcement, the existence of regulations on money laundering, the implementation of these regulations , the availability of property and property management firms etc.

Transparent markets include, next to Romania, Singapore, Hong Kong, Japan, Belgium, Spain, South Africa, Norway, Portugal, Taiwan, Malaysia, South Korea and Luxembourg.

“In Europe, most progress has been made in Central and Eastern Europe, markets which are gradually approaching Western area. Serbia and Slovakia are ranked among the top 10 markets with the most significant progress, while Slovenia, the Czech Republic and Romania are also making good progress. Data availability on the market has improved amid high levels of cross-border trading, as does the regulatory framework, ” the report said.

In the category of the most transparent real estate markets in the world, 11 countries are grouped as “high”, namely Great Britain, Australia, United States, France, Canada, the Netherlands, New Zealand, Germany, Ireland, Sweden and Finland.

Globally, 85 of the 100 markets surveyed have seen positive developments, as governments around the world have gradually created greater transparency in the real estate sector, thus meeting the growing demand from investors for significant changes.

“Transparency is increasingly important for the commercial real estate market, where investors increasingly allocate capital. The availability and quality of information – from pricing to ownership – is essential when trying to make investment decisions, especially in new markets, “the report states.

GRETI is done every two years and includes country comparisons based on 186 indicators, from the perspective of information availability, administration, transaction process, property rights and the legislative framework.

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