Multinational real estate firm Jones Lang LaSalle’s latest report ranked South Africa as having the most transparent real estate market of all the Brics (Brazil, Russia, India, China and South Africa) countries.

Overall, South Africa ranked 23rd out of 81 countries in the ‘World’s Most Transparent Real Estate Markets’ report.

Factors that contributed to the country’s high transparency ranking included its robust listed vehicle governance, strong auditing and reporting standards, a highly-developed legal system and the fairness and efficiency of its regulatory framework in the real estate sector.

“In the few weeks since entering the South African market, Jones Lang LaSalle is enthusiastic about the potential this country has to offer in the real estate sector,” said Andrew Bradford, from Jones Lang LaSalle South Africa.

Jones Lang LaSalle acquired South African corporate property services provider Bradford McCormack & Associates at the end of March.

Bradford said that the outlook for local commercial real estate placed the country in a position to offer international investors a compelling real estate investment case.

South Africa’s office stock of 14,5-million square metres in its four main cities − Johannesburg, Pretoria, Cape Town and Durban − is comparable to cities such as Madrid, Brussels and Moscow.

Further, Bradford said that green buildings were gaining momentum, with recent certifications setting a new standard in sustainable development on the continent.

“As a country, we are becoming increasingly confident in our ability to offer international investors the stability and sophisticated skills-set they look for.”

Jones Lang LaSalle believed that the country’s structural framework provided the foundations for strong future growth of South Africa’s real estate investment market over the next decade.

“As a relative haven for capital and people in Africa, South Africa has significant potential as a global business location, where main cities will gain in international profile and emerge as rising urban stars in the next ten years,” said Bradford.