Hong Kong has advanced to 14th place in a global ranking of real estate market transparency, edging up one position but remaining behind regional competitors Japan and Singapore, according to the latest edition of the Global Real Estate Transparency Index. The report, published biennially by property consultancy JLL and its subsidiary LaSalle Investment Management, assessed 146 cities across 88 countries and territories.
Hong Kong’s position marks it as the highest-ranked Asian market after Japan and Singapore, which placed 12th and 13th respectively. Despite this improvement, Hong Kong fell just short of achieving the designation of a “highly transparent” market—a category secured by both Japan and Singapore. The index evaluates markets across 260 factors grouped into five transparency tiers, combining quantitative data and insights drawn from a global survey of industry participants.
Alex Barnes, JLL’s co-CEO for Greater China, noted that Hong Kong’s sustained ranking demonstrates the robustness and maturity of its real estate market framework. He highlighted the increasing importance of access to reliable information, regulatory stability, and data-driven tools in maintaining investor confidence and supporting capital flow. Barnes added that growth in emerging segments such as alternative assets, credit markets, and building performance metrics would bolster Hong Kong’s appeal as a leading hub for international real estate investment.
The index serves as a benchmark for cross-border investors, lenders, developers, government agencies, and other stakeholders, providing a comparative view of market conditions worldwide. The United Kingdom topped the transparency list, followed by France and Australia, with the United States ranking fourth.
The Asia-Pacific region showed the most significant regional improvement in transparency, contributing half of the world’s top 10 most improved markets. India led the gains, driven by enhanced digital infrastructure, improved availability of market data, and expansion of its real estate investment trust (REIT) sector. Vietnam, South Korea, and Thailand also made notable progress by strengthening corporate governance, improving legal enforcement, and increasing sector-specific disclosure. Australia, already among the most transparent markets globally, further improved its standing.
These regional advancements have coincided with a sharp rebound in cross-border real estate investment within Asia-Pacific. Direct transaction volumes in key markets such as India and Vietnam reached record levels, the report stated. Across markets classified as “highly transparent,” transaction volumes increased by 64% over the past two years, outperforming other regions by 20 percentage points.
Currently, the 13 markets identified as highly transparent account for 56% of global income-producing real estate and more than 80% of worldwide direct investment, reflecting investors’ growing preference for markets offering scale, timely price discovery, and reliable data for risk management.