JLL index shows transparency gains boost real estate

JLL has published the 2026 edition of its Global Real Estate Transparency Index, which shows that two-thirds of global markets improved transparency over the past two years.

The index links stronger transparency with higher investment activity in commercial property markets. Transaction volumes in markets classified as highly transparent rose 64% over the period, 20 percentage points faster than the rest of the world, and those markets attracted USD $1.4 trillion in real estate capital.

According to the index, those 13 highly transparent markets now account for 56% of the world's income-producing real estate and more than 80% of global direct investment. Investors continue to favour jurisdictions with clearer data, earlier price discovery and more predictable regulation as market conditions remain uneven.

Asia Pacific featured strongly among the biggest movers in the rankings. Five markets in the region were among the 10 largest improvers worldwide, with India and Vietnam leading the gains. South Korea, Australia and Thailand also recorded significant progress.

Direct transaction volumes in India and Vietnam reached record highs, with the two markets attracting a combined USD $12 billion over the past two years. JLL attributed the shift to stronger digital infrastructure, broader market data availability, tighter corporate governance and improved legal enforcement.

India was highlighted as the region's leading improver, supported by the expansion of digital systems and the growth of its real estate investment trust market. Vietnam, South Korea and Thailand were cited for wider disclosure in alternative property sectors, while Australia posted further gains despite already ranking among the world's more transparent markets.

Capital flows

The findings come as investors reassess where to place capital in commercial real estate after a period of higher borrowing costs and slower dealmaking in many markets. Transparency has become a more decisive factor in liquidity and capital allocation, particularly for cross-border investors seeking markets where data and rules are easier to navigate.

Richard Bloxam, Chief Executive Officer of Capital Markets at JLL, said the direction of travel is now clear for global investors.

"Transparency is no longer just a benchmark for market maturity: it's a prerequisite for global capital deployment," said Richard Bloxam, Chief Executive Officer of Capital Markets at JLL. "In a period of uncertainty, investors are prioritising markets with strong digital infrastructure, robust data disclosure and regulatory clarity. The reforms underway across markets like India, Vietnam and South Korea will help improve operating conditions, narrow the transparency gap with established global hubs and unlock cross-border investment."

Outside Asia Pacific, the Middle East and North Africa also featured prominently among the fastest-improving markets. Saudi Arabia, Dubai, Abu Dhabi and Qatar were all listed among the top improvers as governments in the region continued programmes aimed at attracting foreign investment and formalising market practices.

Those changes helped some markets in the region draw overseas capital despite geopolitical tensions. JLL pointed to policy reforms in Saudi Arabia and land administration initiatives in Dubai as examples of measures that have widened disclosure and improved market processes for international investors and lenders.

Alternative sectors

The index also found that transparency improvements are spreading beyond office, logistics and retail property into debt markets and operationally intensive assets. Alternative sectors such as data centres and infrastructure now account for 20% of direct transaction volumes globally, double their share of a decade ago.

That shift is increasing demand for more detailed information on operating costs, energy supply and grid resilience, particularly in sectors where occupancy and rental data offer only part of the investment picture. JLL said gains in energy performance tracking and digitisation are contributing to broader progress, with more than 90% of occupiers and investors now using artificial intelligence tools.

Dominic Silman, Chief Economist for LaSalle, said the latest gains have been concentrated in parts of the market that were historically less transparent.

"Over the last cycle transparency gains have concentrated in debt markets and niche and alternative sectors, which are all gradually approaching the data availability in the traditional sectors," said Dominic Silman, Chief Economist for LaSalle. "As transparency in an alternative sector improves, that's often a leading indicator of growing institutionalisation and investment."

Regulatory changes are also drawing more private wealth, retail and pension capital into real estate markets. That is increasing pressure for more standardised reporting, more frequent valuations and clearer disclosure, particularly as new investor groups enter sectors that have traditionally depended on specialist market knowledge.