Tuesday,  Nov 24, 2020,05:37 (GMT+7) 0 0
Vietnam becomes ‘semi-transparent’ real estate market for first time: JLL
By Gia Phong
Thursday,  Jul 16, 2020,13:51 (GMT+7)

Vietnam becomes ‘semi-transparent’ real estate market for first time: JLL

By Gia Phong

A night view of a residential area in District 7, HCMC. Vietnam rises to a new category on the JLL’s global real estate transparency index – PHOTO: GIA PHONG

HCMC – The progress in Vietnam’s largest market, HCMC, has seen it rise one place in the rankings to 56th, while steady advances over the last two surveys have helped push the country into the "Semi-Transparent" market category for first time in JLL’s biennial Global Real Estate Transparency Index 2020.

“It is no surprise that Vietnam has moved from ‘Non-transparent’ to ‘Semi-transparent' in our latest transparency index,” said Stephen Wyatt, Country Head of JLL Vietnam.

He explained that over the past decade, Vietnam has become a top destination for manufacturing in Southeast Asia and has attracted significant foreign investment. The country will need to rise further in the rankings if it wants to attract more foreign investment.

Emerging markets have once again shown the greatest advancement in the index, with six Asia Pacific markets – Mainland China (32nd), Thailand (33rd), India (34th), Indonesia (40th), the Philippines (44th) and Vietnam (56th) – among the top 10 biggest improvers globally.

Progress in many of Vietnam main cities—Hanoi and HCMC—has pushed the country into a higher tier: "Semi-Transparent".

The 2020 Index has been launched during a time of massive economic and societal disruption where the need for transparent processes, accurate and timely data and high ethical standards is in closer focus.

The backdrop of the pandemic is also ensuring that transparency within Asia Pacific’s real estate legal and regulatory systems is more important than ever to global investors, as they look to deploy roughly US$40 billion in dry powder capital into the region.

The country’s strong economic prospects have drawn significant interest from both occupiers and investors, and that has led to increased competition and service offerings from property management companies, according to JLL Vietnam.

The firm stressed that while investment into commercial real estate has inevitably paused during the pandemic, the overarching trend toward rising allocations to this asset class will continue. As investors look to allocate more capital into real estate in this region, transparency becomes even more important.

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