Ranking in the 73rd position with a composite score of 3.88 while India Ranks 36, and the UK ranks 1st in the Global Transparency Index for Real Estate.
The measurement index utilized many tools (that we will cover through this article). The government and many communities are struggling under the COVID-19 and the imposed rules. This has now put a clear focus on the transparency and the trust factor. During times like these, the need for accurate and timely data is more important than ever.
There are five categories for countries indexed based on their transparency:
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They were placed according to their relative growth and improvement in transparency over time. Pakistan has shown quite a remarkable performance in real estate.
The government reforms, data repositories, and how the government is bringing investors from foreign grounds are few ways Pakistan has improved its ranks in the real estate index.
The formation of RERA (Real Estate Regulatory Authority) and anti-money laundering efforts by the Pakistan FBI and NAB are slowly making improvements in the trust of foreign investors. Such steps would improve the Pakistan rankings in Global Index, claimed by the JLL report.
The new frameworks that would affect the standings of global real estate index leaders are increasing with the current pandemic and the rising rate of climate change. The anti-deforestation laws and decarbonization standards have put more pressure on how the new transparency system should be. The new “healthy building” trends go a long way as the ecological impact is also a bigger factor for transparency measurement.
Added to the mix, hastily enacted regulations intended to address a fast-unfolding COVID-19 pandemic are introducing a new layer of complexity. As we go to press, sorting out these challenges still lies ahead in the second half of 2020 and in 2021.
With all these factors in place, the robust global challenges. It becomes essential for Pakistan to uplift itself.
We trust that our 2020 edition meets this challenge, providing an objective assessment of real estate transparency across the world and continuing to make an important contribution to the global real estate sector.
Source: JJL, LaSalle
The Asia-specific region has two of the best Real estate transparent countries that follow guidelines and the standard framework i.e. Australia and New Zealand. Pakistan doesn’t abode well with the competitive countries, making it harder to penetrate the market and attract investors.
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The report was published by JLL, where over 99 countries were put under the lens, and improvement was noted throughout the globe. Although the need for transparent and high ethical standards are still needed, businesses are held accountable for investments, their ethical standards, and sustainable business practices and operate transparently.
The adoption of Technology is one of the key metrics that allow the data to be fully available and sensor technology, which is to accelerate industry advancement of mass data processing. The integration of Proptech will help boost real estate transparency. However, with all the data being available under the radar, businesses also have to make sure to keep their privacy and security protected by ethical behavior.
Source: JJL and LaSalle
The report also identifies additional pressures that will transform the transparency environment as the real estate market responds to this moment of disruption:
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