Nigeria has been scored low in the 2022 Global Real Estate Transparency Index (GRETI) released by JLL and LaSalle Investment Management. Out of 156 cities across 94 countries and territories covered globally, Nigeria was ranked 60.
GRETI has been charting the evolution of real estate transparency across the globe since 1999. Updated every two years, this edition, the 12th, is based on a comprehensive survey of availability and quality of performance benchmarks and market data, governance structures, regulatory and legal environments, transaction processes and sustainability instruments.
Sustainability has been the biggest driver of transparency improvements across markets in GRETI 2022, with increasing number of countries and cities setting mandatory energy efficiency and emissions standards for buildings and the more widespread adoption of green and healthy building certifications. The leading markets are now also beginning to mandate sustainability reporting from companies and are collecting public building-level information on energy efficiency and emissions.
In some countries, the result is a more in-depth understanding of buildings and markets than ever before, from real- time occupancy or foot-traffic tracking to data aggregators, compiling information on developing asset types, and even the use of building and city-level digital twins for urban planning and forecasting.
Chief Executive Officer, LaSalle Investment Management, Mark Gabbay, said: “We believe that a robust global benchmark is an essential tool for the real estate industry. Transparency is the foundation, which allows corporate occupiers, investors and lenders to operate and make decisions with confidence.
He said: “This is a major challenge for growing real estate sector in Nigeria. Data is vital for planning, implementation, monitoring, evaluation and reporting in all sectors, especially in real estate.”
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