ISLAMABAD – Pakistan has been placed at 75th spot with a score of 3.99 inthe biannual Global Real Estate Transparency Index (GRETI) 2018 reportreleased on Thursday.
In the newly released report link> byproperty consultancy firm JLL, the South Asian country is placed in the“low transparency tier,” behind Iran that sits at 74th spot. Meanwhile,United Kingdom has claimed the top spot in 2018, with a composite score of1.24.
Pakistan made significant progress, as it jumped up 15 positions to 75th in2018 compared to 88th in 2016 when South Asia’s first REIT had pushed thecountry into the “low transparency” category.
“Saudi Arabia and Pakistan have also seen rising transparency over the pasttwo years, with regulatory reforms and increased data collection andpublication by government bodies and international market participantscontributing to their progress,” stated the report.
Furthermore, neighboring India too made impressive leap this year and wasplaced at 35th spot, with composite score of 2.7.
“India is the most notable member of this group, ranking among the mostimproved markets in the Index. The country continues to make incrementalprogress up the rankings thanks to proactive government efforts totransform the real estate industry. Ambitious new initiatives – mostnotably, the Real Estate Regulation (and Development) Act (2016) – havegone hand in hand with soaring investor demand,” stated the report.
As per the report’s key findings from the 2018 survey, the averagetransparency scores posted 2.4 percent improvement.
“Globally, steady progress is being made – with 85% of markets showing animprovement in the two years since the last Index. However, there is afeeling that the rising expectations of investors, occupiers and thegeneral public are outstripping the real rate of change,” revealed thereport.
This 10th edition of the Global Real Estate Transparency Index (GRETI)contains the most comprehensive country comparisons of data availability,governance, transaction processes, property rights and the regulatory/legalenvironment around the world.
The 2018 Index covers 100 countries and 158 city markets, and the number ofindividual factors covered has increased by 36% to 186 factors.