The index ranked the country as semi-transparent, making it the third most transparent market in Africa after South Africa which and Mauritius.
According to the index, only South Africa has attained full transparency on the continent while only three countries (Kenya, Mauritius and Botswana were ranked as semi-transparent.
Most African countries ranked as low transparency or opaque with Ethiopia and Libya making the end of the rankings.
“Kenya has implemented several reforms including continued work on digitizing its land registry and moving procedures online, but it has also withdrawn some measures – for example, land ownership information is no longer publicly available – and implementation of past initiatives remains slow,” the report says.
The top ranks continue to be held by Anglophone countries, with the UK, the U.S. and Australia in the top three positions.
JLL said that transparency has been boosted in these ‘Highly Transparent’ markets by a combination of proptech and new data, sustainability initiatives, anti-money laundering regulations and enhanced tracking of alternatives sectors.
“We continue to see the rise of proptech across all parts of the real estate industry. The growing adoption of proptech platforms, digital tools and ‘big data’ techniques are rapidly increasing the volume of real estate market data available. Online marketplaces, shared economy platforms and asset management tools through to digital twins, smart cities and smart buildings are all serving to improve transparency,” it says.
The index has also highlighted the increasing role of sustainability in improving transparency in real estate markets.
“There is a rising expectation that the real estate industry will deliver zero carbon buildings and, in response, the GRETI Survey now covers initiatives relating to net zero carbon building frameworks,” adds the report.
The index also shows noted that a positive feedback loop between rising niche property-type institutional investment and greater market data availability has propelled sectors like self-storage, data centers and life sciences to the leading edge of real estate transparency improvement.
Real estate transparency is now central to the debate on city competitiveness and governance as governments are recognizing the role of transparency in boosting investment and business activity, supporting infrastructure investment, facilitating long-term planning and improving the quality of life for citizens.
“Improving transparency will become even more important to attract capital in this environment, with investors gravitating to ‘Highly Transparent’ markets with robust regulations. There will be a race to move from simply making policies to enforcing policies,” says JLL.
The index which is published every two years ranks markets based on six sub-indices including performance measurement, market fundamentals, governance of listed vehicles, regulatory and legal, transaction processes, and sustainability.