In the 2018 edition of the JLL Global Real Estate Transparency Index (GRETI), Sweden was ranked the 10th most transparent real estate market in the world, categorized as ‘Highly Transparent’. For the most part, Sweden has held a similar position since the measurements started in 1999. Transparency on a real estate market generally attracts foreign real estate investments and tenants as well as increasing global competitiveness. It also streamlines work processes in many real estate professions through comprehensive real estate market information and comprehensible legal frameworks, transaction processes and methods of monitoring different sustainability metrics. This study explores the prerequisites for Sweden to attain a better position in the index by increasing its degree of real estate market transparency, with the long-term goal in having Sweden reaping more of the benefits in having a highly transparent real estate market. This is done in two ways. First is through a critical analysis of the index’s methodology for assessing if ranks and scores within the different index categories are produced fairly. Secondly, different industry actors are interviewed to identify in what areas Sweden lags behind compared to more transparent markets, in which way they would like to see transparency improved in Sweden and the main barriers in implementing projects that would increase real estate market transparency and ways of overcoming them. An examination of the index methodology shows a changing methodology from year to year, which indicates a steady increase in real estate market transparency in Sweden. Interview findings support a generally positive view on transparency, facilitating decision making for real estate investments, but the level of preferred transparency differs between net sellers and buyers. It is therefore questionable if increasing real estate market transparency would provide significantly increased utility for some market actors with longer investment horizons and market knowledge through extensive business networks. Main suggestions for improving real estate transparency in Sweden include measures for data standards, increasing the level of data disclosure and information platforms for such standardized, disclosed data. The study suggests that the main barriers for implementing this could be conceptualized as a Prisoners’ dilemma and that institutional bodies could act as trustworthy partners in further opening up real estate market information. / I 2018 års upplaga av rapporten JLL Global Real Estate Transparency Index (GRETI) rankades Sverige som den tionde mest transparenta fastighetsmarknaden i världen, kategoriserat som ‘Mycket Transparent’. Sverige har mestadels hållit en liknande position i rankingen sedan mätningarna startade år 1999. Generellt så medför transparens på ett lands fastighetsmarknad en ökad attraktion för investeringar och hyresgäster såväl som en ökad global konkurrenskraft. Det effektiviserar även arbetsprocesser i många yrken i fastighetsbranschen genom omfattande fastighetsmarknadsinformation och överskådliga legala ramverk, transaktionsprocesser och metoder för att utvärdera olika nyckeltal kopplat till hållbarhet. Denna studie undersöker förutsättningarna för Sverige för att kunna uppnå en bättre position i indexet genom att öka transparensen på landets fastighetsmarknad, med det långsiktiga målet att få Sverige att kunna åtnjuta fördelarna av att ha en mycket transparent fastighetsmarknad. Detta är genomfört på två sätt. Det första är genom en kritisk analys av indexets metodik för att utvärdera om rankingar och poängsättningen inom de olika indexkategorierna har producerats på ett rättvist tillvägagångssätt. Det andra är genom intervjustudier med olika branschaktörer för att identifiera de områden där Sverige släpar efter i förhållande till andra mer transparenta marknader och på vilket sätt de skulle vilja se att transparensen förbättras i Sverige samt de huvudsakliga hindren mot att kunna implementera projekt som skulle kunna öka transparensen på Sveriges fastighetsmarknad och sätt att överkomma dessa hinder. En undersökning av indexmetodiken visar på en ändrad metodik från år till år, som indikerar en stabilt ökande grad av transparens på Sveriges fastighetsmarknad. Intervjuresultaten stödjer en generell positiv syn på transparens som ett sätt att underlätta beslutsfattande för fastighetsinvesteringar, men nivån av föredragen transparens skiljer sig åt mellan nettoköpare och nettosäljare. Det ifrågasätts därför om en ökad transparens på Sveriges fastighetsmarknad skulle bidra med en signifikant ökad nytta för vissa branschaktörer med längre investeringshorisonter samt marknadskännedom genom sina stora branschnätverk. Huvudsakliga förbättringspunkter i termer av att öka transparensen på Sveriges fastighets-marknad inkluderar åtgärder för datastandarder, en ökad nivå av datadelning samt informationsplattformar för sådan standardiserad, delade data. Studien visar på att de huvudsakliga barriärerna för att implementera dessa åtgärder kan konceptualiseras som ett Fångarnas dilemma och att offentliga organ kan agera som pålitliga partners i att vidare öppna upp fastighetsmarknadsinformation.

[pt] O modelo de monitoração, registro e valoração de investimentos, adotado por investidores institucionais em países desenvolvidos e em especial o americano, juntamente com todos os seus agregados financeiros - índices de bolsas, indicadores de performance, precificação de ativos, ratings, standards, etc...- é sem dúvida um forte elemento direcionador e influenciador dos modelos adotados no Brasil para administração de carteiras de investimento. Surgiu no próprio mercado americano, após o término da recessão do inicio dos anos 90, uma profunda remodelagem dos instrumentos, veículos, indicadores de performance e standards dos investimentos de base imobiliária, que até então seguiam seus próprios e diversificados padrões, desvinculados dos modelos propalados e adotados pelo mercado financeiro. O conhecimento dos modelos de gestão adotados por investidores institucionais brasileiros, em especial os fundos de pensão é básico para se desenhe uma nova estratégia futura de alocação e respectiva gestão de recursos em carteiras de base imobiliária de investidores institucionais. O foco do presente trabalho é dar início a este processo de conhecimento pela identificação e interpretação dos principais fatores que modelam a gestão imobiliária dos fundos de pensão brasileiros, propondo a partir daí algumas reflexões iniciais sobre estes fatores e por conseguinte sobre estes modelos, visando padronizações, aperfeiçoamentos e um maior alinhamento com práticas já consagradas em mercados mais desenvolvidos e eficientes. / [en] It is common knowledge that the models of monitoring, registering and valuating investments, accepted by institutional investors in many developed countries, especially the US - together with financial ratios adopted in the stock market, in assets price evaluation and performance, in risk ratings, in account standards - have great influence in the models implemented by investment portfolio managers in Brazil. After the recession in the beginning of 1990 s, took place in the US Real Estate market a major restructure of Real Estate instruments, vehicles, performance indices, and standards. The Real Estate community agreed that their market could no longer have dissimilar and diverse methods for measuring and evaluating Real Estate assets if compared with those used currently by the financial market. Knowing and understanding the relationship between models adopted by brazilian institutional investors and the positioning of pension funds when allocating resources to real state, is fundamental to trace any new future allocation and management strategy for real state investments by institutional investors. The main purpose of this paper is to begin this process of knowledge by identifying and interpreting the main factors that model the real estate portfolio management adopted by Brazilian pension funds, followed by some reflexion over those factors and conseqüently over those models, mainly focused on standardization and refinement of such current models, and also on aligning current practices to those already approved and implemented by more developed and efficient markets.