The real estate market is a central pillar of the global economy, yet its complexity and the diversity of regulatory frameworks make transparency a crucial factor for investors. The Global Real Estate Transparency Index (GRETI) from JLL and LaSalle Investment Management provides an indispensable compass here. Updated every two years, the index assesses transparency in 89 countries and 151 cities based on 256 indicators—from market data and transaction processes to regulatory standards and sustainability reporting. Lower scores indicate higher transparency (scale: 1.00 for highly transparent to 5.00 for opaque). The 2024 edition, published in September 2024, shows a global improvement driven by technology and ESG initiatives, but it is not without challenges such as data security and geopolitical risks.
The Most Transparent Markets: Top 10 and Global Trends
Highly transparent markets attract over 80 percent of global investments—more than 1.2 trillion US dollars in the last two years. The leaders of the GRETI 2024 have scored points through better ownership tracking, energy efficiency data, and ESG disclosure. Here are the top 10 most transparent countries with their scores and changes since 2022:
| Rank | Country | Score | Change since 2022 |
|---|---|---|---|
| 1 | United Kingdom | 1.24 | Improved (e.g., through better ownership tracking) |
| 2 | France | 1.26 | Strongly improved (e.g., energy performance database) |
| 3 | USA | 1.34 | Improved (e.g., Corporate Transparency Act) |
| 4 | Australia | 1.37 | Strongly improved (e.g., ESG disclosure requirements) |
| 5 | Canada | 1.49 | Improved (e.g., property registers) |
| 6 | Netherlands | 1.49 | Stably improved (EU directives on sustainability) |
| 7 | New Zealand | 1.59 | Stable (e.g., climate reporting) |
| 8 | Ireland | 1.72 | Risen (e.g., zero-emission standards) |
| 9 | Sweden | 1.77 | Improved (e.g., biodiversity standards) |
| 10 | Germany | 1.79 | Improved (e.g., EU Taxonomy) |
Key Insights
- Sustainability as a Driver: ESG metrics are driving improvements, yet they remain the weakest globally. EU directives like the CSRD and local initiatives, such as Paris biodiversity rules, are shaping progress.
- Technology and AI: Automated valuations and analyses boost efficiency but pose risks like data protection gaps.
- Challenges: In semi-transparent or opaque markets (e.g., Sub-Saharan Africa), regulation is lacking. The refinancing need of 2.1 trillion US dollars by 2025 underscores the urgency for more open debt markets.
Regional Highlights
Europe dominates as the most transparent region, with France and the United Kingdom leading the way. In Asia-Pacific, the region with the strongest average improvements, Singapore rises to the “Highly Transparent” category, while India is a global top improver. North America benefits from advances in the USA and Canada, but Latin America slips. In the Middle East and North Africa (MENA), the UAE and Saudi Arabia are digitizing, while Sub-Saharan Africa stagnates due to regulatory hurdles.
Israel in Focus: A Semi-Transparent Market with Potential
Israel, as a bridge between Europe and the Middle East, ranks 39th out of 89 countries in the GRETI 2024 with a score of 2.79—clearly in the “Semi-Transparent” category (2.66–3.50). The market offers solid data availability and regulatory stability but is not yet fully transparent enough to cross the threshold to the “Transparent” group (1.97–2.65). This limits access to global capital flows, as 90 percent of investments flow into the top categories.
Specific changes since 2022 are not quantified in detail, but Israel’s affiliation with the EMEA region (often classified as European) benefits from broader trends like digitalization and sustainability standards. The score is based on six pillars covering 256 indicators:
| Pillar | Description and Relevance for Israel |
|---|---|
| Performance Measurement | Indices for real estate and funds. Strong due to listed vehicles in Tel Aviv. |
| Market Fundamentals | Data on rents and transactions. Good for offices and residential, gaps in industrial and hotels. |
| Governance of Listed Vehicles | Corporate governance. Highly rated thanks to strict stock exchange rules. |
| Regulatory & Legal | Tax and construction law. Efficient, but weaknesses in beneficial ownership. |
| Transaction Process | Bidding processes and AML. Potential through digitalization. |
| Sustainability | Energy efficiency and climate risks. Progress with LEED certifications, but the globally weakest pillar. |
Strengths and Challenges: Israel’s tech scene integrates AI into analyses and attracts investments in tech parks and residential real estate. However, incomplete data in niches (e.g., retail) and geopolitical uncertainties hinder advancement. Initiatives from the Israel Real Estate Forum (IREF) aim at better platforms and ESG reports.
Rental Yields in Key Israeli Cities (Q3 2025)
Interactive Bar Chart: Hover for details. Data source: Global Property Guide (contextual to GRETI market fundamentals).
Outlook: With sustained efforts, Israel could climb into the top 30 by the next edition in 2026 and shine as a tech hub for real estate.
Conclusion: Transparency as a Competitive Advantage
The GRETI 2024 underscores: Transparency is not a luxury, but a must for sustainable growth. While frontrunners like the United Kingdom set new standards, Israel—like many semi-transparent markets—has enormous potential through innovation and regulatory reforms. Disclaimer: Figures are estimations on public records. No warranty. No base for investment decisions. No prognosis.