SANTIAGO – Chile has been placed at 52nd spot with a score of 3.2 in the biannual Global Real Estate Transparency Index (GRETI) 2018 report released earlier this week.
In the newly released report by property consultancy firm JLL, the South American country is placed in the “Semi-Transparent tier,” behind Mauritius. Meanwhile, United Kingdom has claimed the top spot in 2018, with a composite score of 1.24.
Chile made significant progress, as it jumped up 10 positions in 2018 compared to 62nd in 2016. On the other hand, Argentina dropped three spots, from 56th to 59th, in latest rankings.
JLL's latest Global #RealEstate #Transparency Index covers 100 countries and 158 cities, quantifying 186 elements of transparency. Find out more: https://t.co/K8SgiPJGcc #JLLGRETI pic.twitter.com/p95fw7kiv7
— JLL (@JLL) June 28, 2018
As per the report’s key findings from the 2018 survey, the average transparency scores posted 2.4 percent improvement.
“Globally, steady progress is being made – with 85% of markets showing an improvement in the two years since the last Index. However, there is a feeling that the rising expectations of investors, occupiers and the general public are outstripping the real rate of change,” revealed the report.
This 10th edition of the Global Real Estate Transparency Index (GRETI) contains the most comprehensive country comparisons of data availability, governance, transaction processes, property rights and the regulatory/legal environment around the world.
The 2018 Index covers 100 countries and 158 city markets, and the number of individual factors covered has increased by 36% to 186 factors.
The Chilean economy is among the most stable, open and competitive in Latin America, however, businesses still struggle to navigate the bureaucratic and regulatory environment.
Chile is the best evaluated economy in Latin America and one of the best evaluated among emerging economies worldwide thanks to sustained economic growth and social progress, coupled with governmental changes designed to attract foreign direct investment (FDI).
The country has remarkable fiscal discipline which has underlined GDP growth of 4.8% between 2004 and 2011. This discipline also helped it to weather the economic storm during the financial crisis better than most, with its subsequent recovery one of the fastest among emerging economies.