Saudi Arabia a top mover in property transparency, and other headlines

For PropertyGuru’s real estate news roundup, Saudi Arabia has been ranked as the second-best global improver in real estate transparency. In other updates, Australia’s environment for real estate investment trusts has turned positive. Lastly, Ho Chi Minh City’s real estate market has shown signs of recovery this year.

Saudi Arabia among top movers in real estate transparency globally: JLL

Saudi Arabia has been ranked as the second-best global improver in real estate transparency, according to a new index.

The Kingdom’s advancement to 38th position in JLL’s 2024 Global Real Estate Transparency Index underscores significant progress in transparency and regulatory frameworks, reflecting broader efforts to transform the sector under Vision 2030.

According to Arab News, Saudi Arabia’s rise is attributed to key government initiatives, including formalising the land registration system through the Real Estate Registry. The public now has access to digitised data on sales, leases, and planning developments from the Real Estate General Authority (REGA).

“Recognizing Saudi Arabia among the top 40 most transparent real estate markets globally in JLL’s latest Global Real Estate Transparency Index validates the effectiveness of our comprehensive reforms,” said Tayseer Al-Mufarrij, spokesman for REGA.

Australia’s real estate trusts set for comeback with yields ahead of the pack

James Hird, CEO at Euree Asset Management, and Winston Sammut, property director, report on the positive mood for Australia’s real estate investment trusts in realcommercial.com.au:

Listed property has produced strong returns after major Australian real estate investment trusts indicated that commercial property markets were turning around, and economic forces now favoured the sector.

We are now more bullish on the prospects for the listed sector over the next period due to the confluence of current and forecast economic drivers which are boosting the outlook for both direct markets and listed real estate groups.

Solid fundamentals in areas including retail and industrial property and the improving outlook for interest rates have lifted our confidence in the sector.

Part of this improvement has been derived from the improving macro­economic outlook, and at a stock level, we have seen that corporate activity is beginning to re-emerge in the sector.

HCM City’s real estate market shows signs of recovery

Real estate revenue in Ho Chi Minh City reached VND173 trillion (over USD7 billion) in the first eight months of the year, up 6.1 percent year-on-year, according to the HCM City Statistics Office.

The city’s real estate market has shown signs of recovery this year, with 3 percent growth in the second quarter and 2.5 percent in the first quarter, after a 6.4 percent decline last year from 2022.

The market hit its lowest point in the first quarter of 2023 with a negative growth rate of 16.2 percent.

The city’s strategic location and robust infrastructure make it an attractive investment destination for foreigners, particularly its real estate sector, said industry analysts.

Le Hoang Chau, Chairman of the HCM City Real Estate Association (HoREA), said in VietnamPlus that the most challenging phase of the market is likely over, thanks to supportive policies such as earlier access to financing options and reduced loan interest rates.

Industry analysts remain optimistic about the market’s outlook, expecting benefits from increased foreign direct investment in the real estate sector and revisions to the Land Law.

The Property Report editors wrote this article. For more information, email: [email protected].