PH improves in global real estate transparency index
07/09/2012
PH ranked 7th in a list of markets that have made significant improvements between 2010 to 2012.
MANILA, Philippines - The Philippines is one of the top 10 improvers in the 2012 Global Real Estate Transparency Index, a biennial worldwide survey conducted by Jones Lang LaSalle (JLL) .
The Philippines ranked 35th among 97 real estate markets in the world in the survey. However, it ranked 7th in a list of markets that have made significant improvements between 2010 to 2012.
The list of top 10 improvers included Turkey, Brazil and Mexico. The Philippines tied with Indonesia, but bested Vietnam, South Korea and Thailand in the category.
David Leechiu, JLL country manager, said the Philippines' improved score on the transparency survey would help the country attract more investors.
"Increased transparency attracts more investors. And as more investors flock to a country, the environment for even greater transparency improves," he said, in a statement.
Claro Cordero, head of research of JLL, said the Philippines' improved ranking in real estate transparency is attributed to changes in regulatory and transaction processes.
"The supervision of the licensing of various real estate professionals by the Professional Regulation Commission and the digitization of land titles by the Land Registry Commission are among the factors that improved our country’s transparency rating. The increase in threshold amounts for VAT-exempt real estate transactions likewise pushed up the scores of the Philippines," Cordero said.
JLL's Global Real Estate Transparency Index named the United States as the most transparent real estate market, followed by United Kingdom and Australia.
The Index noted that in emerging Asia, the increase in corporate occupier activity is increasing the pace of transparency improvement in the Philippines, Vietnam and Indonesia.
The Philippine real estate market has seen a significant increase in international offshoring companies due to the booming business process outsourcing industry.
The list of top 10 improvers included Turkey, Brazil and Mexico. The Philippines tied with Indonesia, but bested Vietnam, South Korea and Thailand in the category.
David Leechiu, JLL country manager, said the Philippines' improved score on the transparency survey would help the country attract more investors.
"Increased transparency attracts more investors. And as more investors flock to a country, the environment for even greater transparency improves," he said, in a statement.
Claro Cordero, head of research of JLL, said the Philippines' improved ranking in real estate transparency is attributed to changes in regulatory and transaction processes.
"The supervision of the licensing of various real estate professionals by the Professional Regulation Commission and the digitization of land titles by the Land Registry Commission are among the factors that improved our country’s transparency rating. The increase in threshold amounts for VAT-exempt real estate transactions likewise pushed up the scores of the Philippines," Cordero said.
JLL's Global Real Estate Transparency Index named the United States as the most transparent real estate market, followed by United Kingdom and Australia.
The Index noted that in emerging Asia, the increase in corporate occupier activity is increasing the pace of transparency improvement in the Philippines, Vietnam and Indonesia.
The Philippine real estate market has seen a significant increase in international offshoring companies due to the booming business process outsourcing industry.
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