The 2014 Global Real Estate Transparency Index has revealed a significant improvement in the Sub-Saharan region of Africa.
According to the report, South Africa remains above the rest of Sub-Saharan Africa in global transparency rankings, but has made little progress since 2012. In Ghana, the establishment of Credit Reference Bureaus has enabled the creation of a database on borrowers, the report says. Consequently, this makes Ghana one of the easiest places in the region to register property, enforce contracts and access credit.
Highlights in the report include:
- 3 out of 5 of the top global transparency improvers were in Sub-Saharan Africa, whilst 5 out of 8 Sub-Saharan African markets secured a position in the Global Top 10 improvers.
- Kenya, Ghana, Nigeria, Zambia and Mauritius have made the world's strongest advances in real estate transparency in 2014.
"The fast-growing economies of Kenya, Nigeria and Ghana are amongst the top five improvers globally, and these countries are now clearly on the radars of international corporate occupiers seeking regional hubs for operations in East and West Africa," noted the 2014 Index.
The report praised respective governments for the improvements: "The improvement in transparency in these markets is an outcome of concrete efforts taken by their governments to improve governance and the regulatory framework in order to create a more business-friendly environment."
The East African powerhouse, Kenya emerged as the top global improver: "Kenya demonstrated an impressive improvement in its transparency score, registering the largest improvement globally," read the report. "As Kenya has continued to establish itself as the economic hub for East Africa, growing interest from international investors has created a need for greater regulation of the real estate market."