The Path to Real Estate Transparency across Sub-Saharan Africa - Global Research 2018 - JLL
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The Path to Real Estate Transparency across Sub-Saharan Africa Global Research 2018
2 Nairobi Contents Executive Summary 4 Why is real estate transparency important? 7 Real estate transparency across Sub-Saharan Africa 8 Recent trends in transparency improvements 10 The future shape of real estate transparency 15 Improving valuation standards boost transparency across Sub-Saharan Africa 20
The Path to Real Estate Transparency across Sub-Saharan Africa 2018 Introducing the Global Real Estate Transparency Index For the past two decades, JLL and LaSalle have played a leading role in the pursuit of greater transparency and higher ethical standards in the global real estate market. Our Global Real Estate Transparency Index is a unique survey that quantifies real estate market transparency across 100 markets worldwide, updated every two years. The 2018 Index is our tenth edition. For more details visit: www.jll.com/transparency
4
Executive Summary
Transparency is improving in Sub-Saharan Africa, but failing to match rising
expectations
• The 2018 Real Estate Transparency Index reveals a Sub-Saharan African real estate industry
that is gradually making progress, with 10 out of 15 markets registering an improvement since
2016. However, the pace of change needs to accelerate to close the gap with other regions and
meet rising expectations in an environment where investors, business and communities are
demanding higher standards.
Nigeria and Kenya advance, while Rwanda is making its mark
• Improvements have been led by the West and East African hubs of Nigeria and Kenya, supported
by greater data availability, improved valuation standards and government digitisation initiatives.
Rwanda also continues to progress due to strengthened regulatory systems, sustainability
improvements and the introduction of online services.
Proptech and digitisation offer an opportunity to leapfrog traditional routes to
transparency
• New technologies – such as blockchain for land registries or ‘smart’ buildings and infrastructure
– together with the digitisation of existing processes, offer an opportunity for Sub-Saharan
Africa to leapfrog traditional routes to transparency and improve methods of collecting market
information.
Sub-Saharan Africa needs to catch up on sustainability regulations and
benchmarking
• The transparency of sustainability regulations and practices remain at an early stage. With
significant structural demand for modern infrastructure, housing and commercial real estate,
progress is needed to ensure high-quality and sustainable new construction and urban
environments.
Greater regulatory enforcement and deepening liquidity is essential for
meaningful change
• Further advancements in the ability to put new and existing regulations into practice is necessary
for many Sub-Saharan African markets to meaningfully raise their transparency levels. Increasing
market participation by institutional investors and the development of the listed sector will also
be key factors in enhancing transparency.
The Path to Real Estate Transparency across Sub-Saharan Africa 2018
Real Estate Transparency in Sub-Saharan Africa
Nigeria
• Online publication of statistics on
Ghana land transfers and regulatory permit
• New legislation to requirements
facilitate formation • Passage of Real Estate (Regulation
of REITs in 2018 and Development) Bill, 2018
SN 0<
Uganda
NG ET • Passage of legislation
CI GH enabling establishment
SN 0< of REITs in 2017
NG ET UG KE
CI GH RW
Kenya
UG
Rwanda RW
KE • Progress on online land registry
• Introduction of Green Star South Africa TZ and eCitizen service for property
green building certification system TZ transfers and land tax payments
• Regulatory and building quality AO • Establishment of Kenya Green
AO
control systems strengthened MZ MZ Building Society and introduction
ZM ZM
• Introduction of online services for of Green Star South Africa
property transfers building certification system
BW
• New building codes and urban MU
planning systems BW
ZA MU
Transparent ZA
Mozambique
Semi-Transparent
• Streamlined
Low Transparency
procedures at the
Opaque land registry
Transparent
Semi-Transparent
Source: JLL, LaSalle Investment Management
Low Transparency
Opaque
How do we measure transparency?
The JLL Global Real Estate Transparency Index is based on a combination of quantitative
market data and information gathered through a survey of the global business network of
JLL and LaSalle Investment Management across 100 countries and 158 city markets. For each
market we use 186 separate factors, both quantitative datapoints and survey questions, to
calculate the composite score. The survey data and quantitative measures complement each
other. For instance, knowing the market coverage and length of a country’s direct real estate
index is only one half of the story; for a complete picture, we also gather qualitative data on
whether investors actually trust and use the index. Local research teams, in consultation with
business leaders and real estate professionals active in each market, complete the survey.6
“Governance and transparency remain one of the biggest hurdles to
economic development on the continent. Investors, both international and
local, need to trust Africa before parting with their capital. Success will
flow from this. It is heartening to see that two of our region’s economic
powerhouses, Nigeria and Kenya, are the top two regional improvers, but
it is evident that more needs to be done before Africa begins competing on
a global scale.
We are proud as JLL to be contributing to improvements in transparency
in the many markets we operate in. We believe in the Africa story and
will continue to provide our clients with the service they require to feel
confident in their investments.”
Craig Hean
CEO: South Africa and Sub-Saharan Africa, JLL
“We have seen tangible improvements in transparency and governance on
the sub-continent, especially in the countries where we have an established
footprint, such as Kenya and Zambia. Since the global financial crisis, the
region has experienced several economic cycles that have supported the
establishment of relative levels of market depth and maturity.
Greater political stability in the region also plays an important role as
it allows for consistent policy implementation. We have noticed a strong
political will to curb corruption in a number of countries. Transparency
and effective anti-corruption policies not only increase the ease of doing
business within a specific country, but also level the playing field as far as
competition is concerned, which ultimately benefits the end-user.”
Mark Truscott
Business Development Manager, Developments, Improvon
“One of the reasons we started our specialised warehousing property
company in Kenya two years ago was that we felt transparency was
improving both in Kenya and the wider continent, which would help
support our institutional investment platform and assets. There is still
much room for improvement of course, particularly around land registry,
title and planning processes, which should be digitised to reduce fraud
cases. But overall the fog over transparency in Africa is starting to lift and
the trend is heading in the right direction.”
Toby Selman
CEO, Africa Logistics PropertiesThe Path to Real Estate Transparency across Sub-Saharan Africa 2018
Why is real estate transparency important?
There is a growing acknowledgement of the central role a transparent real estate sector plays in providing
healthy, productive and competitive environments for communities and businesses. Market transparency
is the foundation which allows investors and corporate occupiers to operate and make decisions with
confidence. It enables governments and public bodies to function effectively, providing long-term benefits
to local communities and the environment through enhancing security of property ownership, safe
housing and workplaces, and reliable and professional services.
Boosts Improves
Investment Business
Efficiencies
Real Estate
Transparency
Advances Safeguards the
Living Environment
Standards
Raises Employee
Well-Being
Our latest survey reveals a Sub-Saharan African real estate industry that is gradually making progress.
However, transparency across the region is advancing at a more muted pace than in previous years and
progress is still too slow in an environment where investors and businesses, as well as communities, are
demanding much higher standards.
Further improvement in real estate transparency will be an integral component in the region’s drive for
greater business efficiency, as well as spurring the investment needed to meet the rapidly growing demand
for high-quality urban infrastructure across Sub-Saharan Africa. It will also play a pivotal role in boosting
living standards and safeguarding the environment.8
Real estate transparency across
Sub-Saharan Africa
Markets in Southern and East Africa take top positions
While there are wide disparities in transparency within Sub-Saharan Africa’s sub-regions, Southern
and East Africa account for the top five markets.
• South Africa (21st) remains the only ‘Transparent’ country in Sub-Saharan Africa (SSA),
with a significant institutional investor base and listed sector helping it score among
the top 20 global markets in the ‘Investment Performance Measurement’, ‘Corporate
Governance’ and ‘Regulatory and Legal’ sub-indices.
• Botswana (45th) and Mauritius (51st) round out the three most transparent markets and
are positioned in the ‘Semi-Transparent’ tier, benefitting from stable regulatory systems
as well as greater involvement from international consultancies and asset managers,
with Mauritius in particular a base for many SSA-focused funds.
• In SSA’s other ‘Semi-Transparent’ markets, improvements in the availability of market
fundamentals data, valuation quality and the tenant transaction process have seen
Kenya (53rd) overtake Zambia (56th).
Real Estate Transparency in Sub-Saharan Africa, 2018
Transparency Tier Global Rank Market Score
Transparent 21 South Africa 2.21
45 Botswana 3.06
51 Mauritius 3.23
Semi Kenya sees continued progress due
53 Kenya 3.29 to an improved transaction process
and greater data availability
56 Zambia 3.41
Nigeria is the top regional improver as
67 Nigeria 3.73 third-party providers enhance market
coverage and valuation quality
Low 76 Ghana 3.99
78 Rwanda 4.06
84 Uganda 4.20
85 Angola 4.25
90 Tanzania 4.37
Opaque 92 Ethiopia 4.47
96 Ivory Coast 4.53
97 Mozambique 4.53
98 Senegal 4.59
Source: JLL, LaSalle Investment ManagementThe Path to Real Estate Transparency across Sub-Saharan Africa 2018
Majority of Sub-Saharan Africa markets are ‘Low Transparency’ or ‘Opaque’
The majority of markets in SSA continue to be in the ‘Low Transparency’ or ‘Opaque’ categories.
• Nigeria (67th), Ghana (76th) and Rwanda (78th) have all registered improvements over the last
two years, but have maintained their positions in the ‘Low Transparency’ tier.
• Meanwhile, the early stage of commercial real estate market development in several high-
growth East and West African markets, including Uganda (84th), Tanzania (90th), Ethiopia (92th),
Ivory Coast (96th) and Senegal (98th), contributes to their place in the ‘Opaque’ category.
Real Estate Transparency by African Sub-Region, 2018
2.0
Transparency Score (Inversed)
South Africa
Transparent
3.0
Botswana
Mauritius
Kenya
Zambia Semi-Transparent
Nigeria
4.0 Ghana
Rwanda Low Transparency
Angola Uganda
Tanzania
Ivory Coast Mozambique Ethiopia
Senegal
Opaque
5.0
West Africa Southern Africa East Africa
Source: JLL, LaSalle Investment Management10
Recent trends in transparency improvements
Advances led by regional hubs – Nigeria and Kenya
Following solid gains in previous surveys, our latest Real Estate Transparency Index reveals that the Sub-
Saharan Africa region has seen more limited advancement over the last two years, with improvements led
by the West and East African hubs of Nigeria and Kenya.
Out of the 15 Sub-Saharan African markets included in the Index, 10 have seen some level of progress
in real estate transparency levels, although none were among the top global improvers. Advances in
the ‘Market Fundamentals’, ‘Investment Performance Measurement’ and ‘Transaction Processes’ sub-
indices have contributed to the regional improvements, as international service providers deepen their
involvement in markets across the region and government data initiatives push forward digitisation and
more open information.
Real Estate Transparency in Sub-Saharan Africa
Average Transparency Score
More Transparent 3.2 7%
Improvement in Average Transparency
3.4 6%
Transparency Score (Inversed)
3.4 3.5
5%
3.6 4%
3.6
3%
2%
3.8 3.9
1%
Less Transparent 4.0 0
2012 2014 2016 2018
Average Change in Score Average Transparency Score
Regional average based on 8 markets with data history to 2012.
Source: JLL, LaSalle Investment ManagementThe Path to Real Estate Transparency across Sub-Saharan Africa 2018
Selective improvement continues
While overall progress in real estate transparency across the region has been more muted over the past two
years than in previous surveys, advances have continued to be made in several areas:
• Accessibility and quality of real estate data
–– Market fundamentals data: The availability, quality and depth of real estate market data has once
again shown the greatest improvement, with international service providers increasing their coverage
of sectors including offices, hotels and logistics.
–– Financing conditions: There has been a rise in the availability of information collected by market
participants on financing conditions across the region, including lender expectations and typical
financing terms.
–– Government open data and technology initiatives: Government data initiatives have been
important in increasing data availability and smoothing transaction processes. Markets including
Kenya, Botswana, Rwanda, Mauritius, Ivory Coast and Uganda have taken steps to digitise their
land registries, while the efforts of Nigeria and Ghana to more openly publish statistics and regulatory
requirements online are part of a broader move towards online ‘one-stop shops’ for carrying out
queries or making tax and service payments.
The transparency journey of Sub-Saharan Africa’s real estate markets
2012 2014 2016 2018
2.0
Transparency Score (Inversed)
South Africa
Transparent
Global
2.5
Botswana
3.0 Semi-Transparent
Mauritius
Kenya
SS Africa
3.5 Zambia
Nigeria
Low Transparency
4.0 Ghana
Angola
4.5
Opaque
5.0
Global average based on 50 markets included since 2004; regional average based on 8 SSA markets with data history to 2012.
Source: JLL, LaSalle Investment Management12
• Valuation standards (see feature article, page 20) – Valuation standards are rising, with new standards
being introduced, greater competition, more use of third-party providers and increased frequency of
valuations.
• Sustainability – GRETI 2018 marks the inclusion of sustainability tools as a component of the Index.
Rwanda and Kenya are among the few markets globally to see an improvement in the ‘Sustainability’
sub-index due to the introduction of the Green Star South Africa green building certification scheme.
Across the region, green building councils have now been established in Mauritius, Kenya, Rwanda,
Zambia, Ghana, Tanzania and Namibia.
• Transaction processes – Sales and facilities management processes continue to see increased
competition and further steps being taken to improve transparency, for example in tenants’ service
charges or the bidding and due diligence process, as international service providers contribute to
higher standards.
Sub-Saharan Africa’s Transparency by Topic Area
Versus Transparent Markets
Transparent 1.0
Transparency Score (Inversed)
2.0
3.0
4.0 Transparent Markets Sub-Saharan Africa
Opaque 5.0
Eminent Regulation Land and Corporate Overall Listed RE Direct
Domain Property Governance Securities Property Unlisted
Registration Indices Indices Fund Indices
Market
Valuations Occupier Sales Financial Debt Fundamentals
Services Transactions Disclosure Regulation Data Sustainability
Source: JLL, LaSalle Investment ManagementThe Path to Real Estate Transparency across Sub-Saharan Africa 2018
Further progress on data availability and regulatory enforcement required
Despite these signs of continuing progress, Sub-Saharan Africa has registered the slowest improvement of
any global region in GRETI 2018, with several areas where there is significant opportunity to close the gap
with other regions.
Sub-Saharan Africa remains the global region with the lowest level of market data availability, with
challenges for data collection which include relatively few independent research firms with the requisite staff
and budgets to collect comprehensive and accurate data, a lack of industry forums for sharing information,
low government data collection capabilities for urban infrastructure and relatively undeveloped listed public
REIT markets, which typically raise data standards and availability through public reporting.
Availability, quality and depth of market fundamentals data by region
SS Africa
MENA
Americas
Asia Pacific
Europe
0.0 0.5 1.0 1.5 2.0 2.5
Average Transparency Score (Higher=Better)
Source: JLL, LaSalle Investment Management
Continued progress in regulatory environments is also critical to raising transparency levels. While there
have been a number of positive regulatory steps taken over the past two years across the region, some
markets have introduced legislation which raises questions about transparency levels going forward, such
as South Africa’s proposed constitutional amendment on land expropriation.14 Johannesburg
The Path to Real Estate Transparency across Sub-Saharan Africa 2018
The future shape of real estate transparency
Sub-Saharan Africa continues to make progress in real estate transparency, although the pace of
improvement will need to accelerate to close the gap with other regions and meet rising expectations.
Transparency is an integral component of building more functional real estate markets for the region’s
future needs, from being able to accurately determine community and business requirements for urban
planning and design, to sourcing sustainable financing and improving the investment climate.
Looking ahead, deeper engagement from international service providers, a widening pool of funding
sources and, crucially, improved regulatory enforcement will all be required to meet the growing demand
for transparency across the region.
Future Drivers of Real Estate Transparency
The Rise of Regulatory
Proptech Enforcement
Transparency
Improvement
Deepening Sustainable
Liquidity Practices16
Proptech provides opportunity to leapfrog normal transparency evolution
New technologies – such as blockchain for land registries or transactions; ‘smart’ buildings and
infrastructure for facilities management or repair; and new database capabilities for collaborative data
sharing between market participants – together with digitisation of existing processes, offer the potential to
leapfrog traditional methods of improving market information where regular data sources may be lacking.
A number of Sub-Saharan African countries are introducing new ways to provide better services or improve
data availability, with examples including:
• Digitisation – Governments across the region are taking steps to digitise data collection and
publication as well as to create online e-governance portals in an effort to improve efficiency and
visibility. In addition to improvements to land registries, this includes online services such as
facilitating land transfers or tax payments (in Kenya and Rwanda) or the collation and publication of
government data and regulations (e.g., land transfer statistics in Lagos).
• Blockchain – Several governments, including Kenya, Ghana and Rwanda, have set up working groups
or already trialled blockchain technologies for recording land ownership, while private companies are
also looking to set up commercial systems in several markets.
• Listings – The most widely adopted technology platforms within real estate globally are oriented
around listings websites, and these are proliferating across Sub-Saharan Africa, from multinational
sites such as Jumia to country-specific platforms like PropertyPro in Nigeria or Property24 in Kenya.
• Data collection – Technology is aiding the collection of more comprehensive and accurate market
data. HassConsult in Kenya, for example, compiles data from listing websites as well as offline sources
for its property indices.
KigaliThe Path to Real Estate Transparency across Sub-Saharan Africa 2018
Deepening liquidity
Increased market participation by institutional investors and the development of the listed sector are key
factors in enhancing publicly available market fundamentals data, increasing visibility of current market
trends and improving investment performance tracking. Institutional capital currently plays a limited role in
most Sub-Saharan African markets, with low allocations from local pension funds and relatively few public
companies focused on long-term ownership of real estate.
The ongoing spread of REIT legislation – with Uganda joining South Africa, Kenya, Nigeria and Tanzania
in passing legislation enabling such structures in 2017, while Ghana is also expected to table regulations
to facilitate REIT formation in 2018 – is a positive sign for the region. However, take-up has been slow in
those markets which allow REIT structures, with opacity around tax structures, lack of institutional capital
allocated to local REITs and investor unfamiliarity hampering the development of the sector.
Higher transparency encourages higher investment
Real Estate Transparency and Investment Volumes
11
Transaction Volumes (Log Scale)
South Africa
10
9
Mauritius
Nigeria
Zambia
Kenya Mozambique
Ghana Tanzania
8
Botswana Ethiopia
Rwanda Senegal
7 Angola
Uganda Ivory Coast
R² = 0.54
6
2.0 2.5 3.0 3.5 4.0 4.5 5.0
Transparent Transparency Score Opaque
Total real estate investment volumes, 2007-2017, log scale
Source: JLL, LaSalle Investment Management, RCA18
Regulatory enforcement
In common with the majority of other ‘Semi-Transparent’ and ‘Low Transparency’ markets globally, those
in Sub-Saharan Africa exhibit a significant divergence between regulation and enforcement capabilities.
Further advancements in the ability to put new and existing regulations into practice – particularly in
building safety standards, land use planning and financial regulations – will be required in order for many of
these markets to meaningfully raise their transparency levels.
Regulatory enforcement lags transparent markets
Transparent 1.0
Average Regulatory Enforcement Score (Inversed)
2.0
3.0
4.0
Sub-Saharan Africa
Transparent Market Average
Opaque 5.0
Compulsory Taxation Contracts Anti-Money Land Use Financial Building Land Beneficial
Purchase Laundering Planning Regulations Codes Registry Ownership
Source: JLL, LaSalle Investment ManagementThe Path to Real Estate Transparency across Sub-Saharan Africa 2018
Sustainability practices
Real estate sustainability transparency remains at an early stage across the region, with every market
apart from South Africa scoring in the ‘Opaque’ category on this measure. While councils for the Green
Star South Africa building certification system have now been established in seven countries, there has
been limited progress in most markets on issues such as energy efficiency standards or benchmarking
systems, ‘green’ leases or carbon reporting frameworks. With significant structural demand for modern
infrastructure, housing and commercial real estate across the region, progress on these measures will
be needed to ensure high-quality new construction and urban environments that are able to meet the
sustainability requirements of the future.
Sub-Saharan Africa – Sustainability Transparency, 2018
Green Building Certification
Energy Efficiency (New Buildings)
Average
Higher Adoption
Financial Performance
Energy Efficiency (Existing Buildings)
Green Lease Clauses
Carbon Reporting
Energy Benchmarking
5.0 Transparency Score (Inversed) 4.020
Improving valuation standards boost
transparency across Sub-Saharan Africa
by Joshua Askew, FRICS and
Shadrack Mella
With the exception of South Africa, national valuation standards harmonised with global standards have
been absent in Sub-Saharan Africa to date. Apart from Royal Institution of Chartered Surveyors (RICS)
standards, which are used by global real estate professional services firms working in Africa, this absence
of enforced national standards has compromised transparency and resulted in severe reliability issues with
respect to local valuations produced across the continent. All of this is beginning to change.
International valuation standards are codified by the International Valuation Standards Council (IVSC),
which released its latest International Valuation Standards in January 2017. The IVSC is an independent,
not-for-profit organisation that acts as the global standard precedent for valuation practice, and standards
setters, local valuation bodies and surveying institutions across the globe unify their own standards with
those of the IVSC. This is also now becoming the case in Sub-Saharan Africa.
With respect to serving as an example of the benefits of global valuation standards, the RICS and its
members have been active in Sub-Saharan Africa for several decades, and have been the standard bearer
in the region. The RICS Valuation Standards – known as the ‘Red Book’ – include the IVSC Standards and
have served as a practical example in both East and West Africa, demonstrating the substantial benefits
of possessing a coherent valuation framework emphasising harmonisation, professionalism and ethics in
territories which have historically lacked transparency and regulation.
Recent developments in valuation standards in two of Sub-Saharan Africa’s core markets, Kenya and
Nigeria, are encouraging and demonstrate how SSA’s valuation landscape is changing for the better.
Kenya
The valuation profession in Kenya is regulated by two bodies – the Institution of Surveyors of Kenya (ISK)
and the Valuers Registration Board (VRB). The ISK is the professional organisation that brings together the
different property professionals that that include valuers and land and building surveyors. The VRB on the
other hand is a statutory body established under an act of parliament and is tasked with valuers licensed
to undertake professional valuations.
Although the existence of these bodies over the years has led to better regulation of valuation practice and
reports produced in the market, the absence of clear and enforceable standards has resulted in a lack of
transparency and consistency. To address this, the Institution of Surveyors of Kenya has developed the
ISK Valuation Standards 2018, also referred to as the ‘Blue Book’, which incorporate the IVSC International
Valuation Standards. The principal objective of the ISK Standards is to ‘provide appropriate direction
and guidance to ISK members to ensure that the valuation advice and reports issued achieve the highest
standards of professionalism, integrity, clarity, reliability, and impartiality, and that the valuations/reports
are prepared in accordance with the recognised bases that are appropriate for the purposes of their
preparations’.The Path to Real Estate Transparency across Sub-Saharan Africa 2018
The four key objectives the standards aim to achieve are:
• To safeguard the public interest of the people of Kenya;
• To demonstrate that valuations undertaken in Kenya are transparent and produced under a strict
code of ethics;
• To demonstrate that the valuations undertaken in Kenya meet the requirements of international
investors and other international organisations;
• To allow assets in Kenya to be benchmarked accurately in a global marketplace.
The Valuers Act that established the Valuers Registration Board is also set to undergo amendment in order
to empower the Board to better regulate valuers and enforce standards. The ISK is currently collecting
views from its members and relevant stakeholders that include financial sector regulators, banks, pension
funds and universities, with the standards expected to be concluded and come into effect in 2019.
Nigeria
The structure of the valuation profession in Nigeria is similar to that of Kenya. The professional
organisation that caters for the interests of professional surveyors in the country is known as the Nigerian
Institution of Estate Surveyors and Valuers (NIESV). The Estate Surveyors and Valuers Registration Board of
Nigeria (ESVARBON), established by the Estate Surveyors and Valuers Decree, is the regulatory body for the
valuation profession.
In 2017, the ESVARBON embarked on the development of the Nigerian Valuation Standards, also known
as the ‘Green Book’. The main objective of the standards is ‘to engender confidence in, and to provide
assurance to clients and recognised users alike, that a valuation provided by an ESVARBON registered
valuer anywhere in the Federal Republic of Nigeria will be undertaken to the highest professional
standards’. The Green Book will also incorporate the IVSC International Valuation Standards and
will require its members to adopt these standards.
The Green Book will set out procedural rules and guidance for valuers and covers ethics and conduct
as well as establishing a framework for uniformity and best practice in the execution and delivery of
valuations. The NIESV has been scheduling forums since late 2017 where it has gathered input from
professional members as well as various stakeholders, and it is expected that the Green Book will be
published and adopted during the course of 2018.22
Global Real Estate Transparency Index, 2018
Transparency Global Transparency Global
Tier Rank Market Score Tier Rank Market Score
1 United Kingdom 1.24 51 Mauritius 3.23
2 Australia 1.32 52 Chile 3.23
3 United States 1.37 53 Kenya 3.29
4 France 1.44 54 Saudi Arabia 3.32
5 Canada 1.45 55 UAE - Abu Dhabi 3.37
Semi
High 6 Netherlands 1.51 56 Zambia 3.41
7 New Zealand 1.59 57 Egypt 3.45
8 Germany 1.88 58 Peru 3.47
9 Ireland 1.93 59 Argentina 3.47
10 Sweden 1.93 60 Macau 3.49
11 Finland 1.95 61 Vietnam 3.52
12 Singapore 1.97 62 Bahrain 3.55
13 Hong Kong 1.97 63 Morocco 3.56
14 Japan 1.98 64 Colombia 3.56
15 Switzerland 2.02 65 Costa Rica 3.58
16 Belgium 2.08 66 Sri Lanka 3.70
17 Denmark 2.11 67 Nigeria 3.73
18 Italy 2.12 68 Jordan 3.74
19 Spain 2.14 69 Ukraine 3.82
20 Poland 2.15 70 Kuwait 3.84
Low
21 South Africa 2.21 71 Qatar 3.90
Transparent 22 Austria 2.23 72 Uruguay 3.96
23 Czech Republic 2.26 73 Myanmar 3.96
24 Norway 2.30 74 Iran 3.97
25 Portugal 2.30 75 Pakistan 3.99
26 Taiwan 2.32 76 Ghana 3.99
27 Slovakia 2.40 77 Kazakhstan 4.03
28 Hungary 2.44 78 Rwanda 4.06
29 Romania 2.49 79 Ecuador 4.10
30 Malaysia 2.57 80 Panama 4.15
31 South Korea 2.60 81 Lebanon 4.18
32 Luxembourg 2.65 82 Oman 4.19
33 China 2.67 83 Tunisia 4.20
34 Thailand 2.69 84 Uganda 4.20
35 India 2.71 85 Angola 4.25
36 Israel 2.72 86 Cayman Islands 4.26
37 Brazil 2.75 87 Algeria 4.27
38 Russia 2.78 88 Belarus 4.32
39 Mexico 2.78 89 Bahamas 4.36
40 UAE - Dubai 2.79 90 Tanzania 4.37
Opaque
41 Turkey 2.82 91 Guatemala 4.40
Semi
42 Indonesia 2.87 92 Ethiopia 4.47
43 Greece 2.94 93 Dominican Republic 4.48
44 Croatia 3.01 94 Honduras 4.50
45 Botswana 3.06 95 Iraq 4.51
46 Slovenia 3.06 96 Ivory Coast 4.53
47 Serbia 3.11 97 Mozambique 4.53
48 Philippines 3.11 98 Senegal 4.59
49 Bulgaria 3.11 99 Libya 4.63
50 Puerto Rico 3.18 100 Venezuela 4.73
Source: JLL, LaSalle Investment ManagementThe Path to Real Estate Transparency across Sub-Saharan Africa 2018
Johannesburg24
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To find out how JLL can assist you in making real estate decisions in Sub-Saharan Africa
Thierry Delvaux Craig Hean Tom Mundy Joshua Askew
CEO: MEA CEO: South Africa and Head of Advisory Head of Valuation
+971 4 426 6999 Sub-Saharan Africa Sub-Saharan Africa Sub-Saharan Africa
thierry.delvaux@eu.jll.com +27 11 507 2200 +27 11 507 2200 +44 20 7399 5466
craig.hean@eu.jll.com thomas.mundy@eu.jll.com joshua.askew@eu.jll.com
Contributing Authors
Jeremy Kelly, Matthew McAuley, Thomas Mundy, Joshua Askew, Shadrack Mella.
To find out more about Global Real Estate Transparency, visit our website:
www.jll.com/transparency
COPYRIGHT © JONES LANG LASALLE IP, INC. 2018
This report has been prepared solely for information purposes and does not necessarily purport to be a complete analysis of the topics discussed, which are inherently
unpredictable. It has been based on sources we believe to be reliable, but we have not independently verified those sources and we do not guarantee that the information in
the report is accurate or complete. Any views expressed in the report reflect our judgment at this date and are subject to change without notice. Statements that are forward-
looking involve known and unknown risks and uncertainties that may cause future realities to be materially different from those implied by such forward-looking statements.
Advice we give to clients in particular situations may differ from the views expressed in this report. No investment or other business decisions should be made based solely
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