It is not like that all the progressive news for Pakistan is due to the new upcoming government. Even after the end of the previous government, something happened that can only be called as incredible considering the performance and all the aftermaths of Shareef’s government from an international transparency monitoring organization.
In the recently published Global Real Estate Transparency Index, Pakistan has moved to the 75th spot with the score of 3.99. Previous Pakistan was on its worst ranking even behind the arch-rival India and another neighboring country Iran. Against the increase of Pakistan in the ranking which is 15 spots, both the above-mentioned countries only increased their ranking by one spot with the score of 2.71.
Now you can call it the policies of the previous government which would be highly unlikely. But most of the economic pundits are declaring this milestone due to the symbolic verdict of Supreme Court on Avenfield Apartments.
Interestingly, two countries which were more in the news majorly because of all the inquiries over corruption, Saudi Arabia and Pakistan increased their rankings. The economists are also claiming that this impressive progress can also be due to the regulatory reforms, aggressive data collection, government body’s publications and international market participation.
However, the word from the horse’s mouth is that the remarkable performance of the Pakistan real estate sector was the catalyst behind this staggering growth of Pakistan in the index. The real estate market showed great progress along with the reforms, and different economic initiatives became the major catalysts of this increase in ranking.
Moreover, the tax amnesty scheme also became the factor of increase in the rankings. But one of the most interesting reviews of this increase was made by the spokespersons of upcoming government. They claim that Pakistan didn’t do anything to cope with the corruption, but the other countries performed badly over the past few years.
To help you understand what happened, following are the factors on which the Global Real Estate Transparency create its index.
The organization measure the performance of the government and its effort to eradicate those laws which can help the corrupt elements. Market fundamentals and the governance of listed vehicles. Regulatory and legal, transaction process and sustainability are the factors which help any country to improve its ranking.