In the Global Real Estate Transparency Index 2018, Pakistan has improved its ranking by 15th places as they have climbed from 88th to 75th position. However, they lie in the category of ‘Low Transparency’ which is the second last category. Pakistan’s overall score was 3.99.
These rankings were published by JLL,which is a leading professional services firm specializing in real estate transparency index and investment management. These rankings were based on a combination of quantitative market data and survey results across 100 countries. A total of 186 individual measures are used which are divided into 14 topic areas, and which are further divided into 6 broad sub-indices:
- Market Fundamentals
- Governance of Listed Vehicles
- Performance Measurement
- Regulatory & Legal
- Transaction Process
United Kingdom stood 1st in the global real estate transparency index with an overall score of 1.24. Pakistan’s rival and neighbor, India made significant upward strides sitting at 35th position with an overall score of 2.71.
The report stated, “Over the past two years, Pakistan and Saudi Arabia have also seen rising transparency with regulatory reforms, increased data collection, publication by government bodies and international market participants contributing to their progress”.
In 2017, the property transactions in the Asia-Pacific region reached a record high value of $149 billion, the report further added. On the list of transparency index, 85% of countries posted an improvement.
In 2018 rankings, average transparency score witnessed an overall increase of 2.4%.
The country that showed the highest progress was Myanmar as it jumped 15th places getting into the ‘Low Transparency’ segment.
“Asia-Pacific as a whole has made the strongest transparency improvements since 2016 compared to the other four regions covered by the study”, said Head of Research, Asia-Pacific at JLL Dr Megan Walters.
The Director Global Research of JLL, Jeremy Kelly said, “Transparency is increasingly important for the commercial real estate, where investors are allocating ever more capital.
He further stated “The availability and quality of information – from prices to ownership – is crucial when trying to make investment decisions, especially in new markets.”
And Jeremy Kelly, Director, Global Research, JLL said, “Transparency is increasingly important for the commercial real estate, where investors are allocating ever more capital.