Pakistan has been ranked 73rd with a composite score of 3.88 in the biannual Global Real Estate Transparency Index 2020 report that was released recently.
Although Pakistan has been placed in the low-ranking tier that includes markets like Ghana and Rwanda, it’s still ahead of Iran, Kuwait, Qatar, and Kazakhstan.
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Pakistan has continued to have an increase in realty transparency over the last three years, with improved regulatory reforms and the establishment of data repositories under the government’s rule of law coupled with international market participants, both of which have contributed to the progress.
Although the improvement looks promising, it could also be a by-product of other markets deteriorating in the overall transparency because of the pandemic.
The report said:
With growing pressure from investors, businesses and consumers, real estate transparency will need to improve further and faster to compete with other asset classes and to meet heightened expectations about the industry’s role in providing a sustainable and resilient built environment. With innovation in the use of new technologies now becoming more widespread and a rapidly evolving regulatory landscape, working more closely and collaboratively with governments and civil society will be crucial to achieve greater transparency.
In Asia-Pacific countries like Pakistan, political and social headwinds continue to overshadow progress toward the improvement of real estate transparency. Overall, factors like the outbreak of the coronavirus and recurring economic crises had hindered Pakistan’s progression towards real estate transparency in 2020.
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Although real estate has always been the world’s biggest asset class by value, it is now becoming an increasingly prominent part of global investment strategies.
Better transparency is crucial to creating healthy real estate markets that work for all the participants and not just a few. Similarly, technology is expected to enable all countries, including Pakistan, to leapfrog the rankings in the coming years.
