Why Kenya Leads Africa in Transparency of the Real Estate Market
Kenya is among Sub-Saharan African countries leading in the transparency of the real estate market according to JLL & LaSalle’s 10th edition of the Index Global Real Estate Transparency Index.
“The Sub-Saharan Africa region has seen limited progress over the last two years, with improvements led by the regional hubs – Nigeria and Kenya.”
Kenya was ranked under ‘semi-transparent’ at number 53 with a score of 3.29 points out of 100 nations and 158 cities.
Nigeria was ranked at position 67.
The report observes that “Government data initiatives have been important in raising transparency levels, with Kenya and Rwanda digitising their land registries, while Nigeria and Ghana have started to publish more information on regulatory requirements online.”
Rwanda is undergoing land tenure reform, and blockchain technology will be used to digitize its land registry with the help of Microsoft and a Swiss cybersecurity company.
“Transparency is increasingly important for the commercial real estate, where investors are allocating ever more capital,” says Jeremy Kelly, director, Global Research, JLL.
“The availability and quality of information – from prices to ownership – is crucial when trying to make investment decisions, especially in new markets.”
The Index is updated every two years and has been charting the evolution of real estate transparency across the globe for 20 years. The 2018 Index covers 100 countries and 158 city markets.