Real estate in Pakistan

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Real estate in Pakistan is a growing sector of the economy of Pakistan.

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Real Estate Demand

Demand for residential properties in Pakistan grew in 2010, leading to increased interest among real estate developers and investors. Since prices have exceeded 10 million PKR, new housing developments are often aimed at the upper middle class. To assist the real-estate sector, the Government of Pakistan announced a reduction in interest rates on mortgage loans in 2012. [1] [2]

In 2017, the housing gap in Punjab, one of the largest provinces of Pakistan, was around 2.3 million units, this figure is expected to reach the figure of 11.3 million units by the end of 2047. [3]

The prominent factors causing the shortages includes rural-to-urban migration, population growth, lower interest rates, and tax incentives, the poor quality of available properties, and the subsidy schemes, like Roshan Apna Ghar, Mera Ghar Mera Pakistan, etc., in urban areas of the country. [4]

According to a report, the population in Pakistan has grown by a CAGR of 2.1% between FY16 and FY21. With the given trend, the figure would reach 231.58 million in FY23.

The overall real estate industry contributed significantly to Pakistan's GDP during the stated period with a growth rate of between 5.4 % and 5.9%.

Real estate sector worth

Moreover, many more billions are spent on buying residential and commercial plots. Pakistan's real estate sector is worth around $1.8 trillion. According to the Pakistan Bureau of Statistics, [5] construction output accounts for 2% of GDP, with housing representing less than half that total. With the rate of urbanization that Pakistan has been experiencing, there is a growing need for urban planning. [6] [5]

Real estate regulatory authority

Prime Minister Imran Khan has recommended the formation of the Real Estate Regulatory Authority, while the Association of Builders and Developers is against its formation. [7]

Real estate education

NED University of Engineering & Technology offers Master of Science in Real Estate Management.

Panjwani Institute of Business Studies & Technology offers Professional Diploma in Real Estate Management [8]

NIREM (National Institute of Real Estate Management) offers Real Estate Professionals Development Program. [9]

Real estate agents

According to FPCCI (The Federation of Pakistan Chambers of Commerce and Industry), real estate agents are playing an important role in the economic development of the country. "Construction sector has grown by 9% which indicates its strength but this robust sector needs help of the real-estate sector," it said in a 2017 statement. [10]

Real estate and Finance Bill 2023-24

Poor economic situation in 2023 is one of the reasons behind low investment in real estate. Besides, some parts of the Finance Bill 2023-24 are angering realtors. The real estate market is not getting enough investments because people are getting a high interest on their bank deposits. The growth prospects of the sector are shattered by the imposition of an 18.5% tax on non-filers. Real estate leaders are calling for immediate reforms to put the industry on right track. [11]

Illegal housing societies in Rawalpindi

The Rawalpindi Development Authority (RDA) has declared more than 300 housing societies illegal. The management of the RDA has announced that 69 housing societies are authoirized to operate in Rawalpindi. [12]

Illegal housing societies in Islamabad

Over 111 housing societies in Islamabad have been declared illegal by the Capital Development Authority (CDA) as per the statistics available with the National Assembly Standing Committee on Climate Change and Environmental Coordination. [13] The list of illegal housing societies in Islamabad is also available online. [14]

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<span class="mw-page-title-main">Islamabad Capital Territory</span> Federal territory of Pakistan

The Islamabad Capital Territory is the only federal territory of Pakistan containing Islamabad, the capital of Pakistan. Located on the northern edge of the Pothohar Plateau and at the foot of the Margalla Hills, The ICT shares borders with the province of Khyber Pakhtunkhwa in the west and with the province of Punjab in the remaining directions. It covers an area of 906.5 square kilometres and according to the 2023 national census, has a population of over 1 million in the city proper, while over 2 million in the whole territory. The territory is represented in the National Assembly by NA-52, NA-53, and NA-54 constituencies and by four seats in the Senate.

<span class="mw-page-title-main">Economy of Pakistan</span>

The economy of Pakistan is categorized as a developing economy. It ranks as the 24th-largest based on GDP using purchasing power parity (PPP) and the 46th largest in terms of nominal GDP. With a population of 232 million people as of 2023, Pakistan’s position at per capita income ranks 161st by GDP (nominal) and 138th by GDP (PPP) according to the International Monetary Fund (IMF).

<span class="mw-page-title-main">Islamabad</span> Capital city of Pakistan

Islamabad is the capital city of the Islamic Republic of Pakistan. It is the country's ninth-most populous city with a population of over 1.2 million people and is federally administered by the Pakistani government as part of the Islamabad Capital Territory. Built as a planned city in the 1960s and established in 1967, it replaced Karachi as Pakistan's official national capital.

<span class="mw-page-title-main">Rawalpindi</span> Metropolis in Punjab, Pakistan

Rawalpindi is a city in the Punjab province of Pakistan. It is the fourth most populous city in Pakistan and third most populous in Punjab according to 2017 Census. It is located near the Soan River. Rawalpindi is situated close to Pakistan's capital Islamabad, and the two are jointly known as the "twin cities" because of the social and economic links between them.

<span class="mw-page-title-main">Rawalpindi railway station</span> Railway station in Rawalpindi, Pakistan

Rawalpindi Railway Station is located in Saddar area of Rawalpindi, Punjab, Pakistan. It is one of several major stops on the Karachi–Peshawar Railway Line. The nearest Saddar Metrobus Station, part of the Rawalpindi-Islamabad Metrobus is 20 minutes (1.5 km) walk away.

<span class="mw-page-title-main">Crime in Pakistan</span> Overview of crime in Pakistan

Crime in Pakistan is present in various forms and occurs everywhere, especially in the many major cities such as Karachi, Lahore, Faisalabad, Rawalpindi, Gujranwala, Peshawar, Multan, Hyderabad, Islamabad and Quetta. Among other general crimes, it includes major crimes such as murder, rape, gang rape, sexual abuse of a minor, kidnapping, armed robbery, burglary and carjacking. For example, in the city of Lahore 379 murders, 500 attempted murders, 2,650 abductions and 55 rapes have occurred in 2019. A direct relationship has been identified between the crime rate and unemployment rate in Pakistan. Elevated unemployment diminishes the attractiveness of legal endeavors, consequently raising the potential gains from illicit pursuits. As a result, the likelihood of an upsurge in illegal activities rises. Crime Statistics of Pakistan shows that there is a rapid increase in the number of crime reported over time like other countries of the world. It may be because of high unemployment, rising poverty, increasing inflation and urbanization. Some other non-economic factors are also responsible for it.

<span class="mw-page-title-main">Developments in Islamabad</span>

Islamabad is located in the Pothohar Plateau in the northern part of Pakistan, within the Islamabad Capital Territory. It is a well-organized city divided into different sectors and zones. It was ranked as a Gamma + world city in 2020. The city is home to Pakistan Monument, which is built on top of a hill in Shakarparian, and the Faisal Mosque, one of the largest mosques in South Asia and the sixth -largest mosque as per area in the world. The Capital Development Authority is tasked with developing the city and its facilities.

<span class="mw-page-title-main">Transport in Islamabad</span>

The transport system in Islamabad, the capital of Pakistan, connects it with all major cities and towns via regular trains and bus services running mostly from the neighbouring city of Rawalpindi.

<span class="mw-page-title-main">B-17, Islamabad</span> Sector in Capital Territory, Pakistan

B-17 is a sector of Islamabad, Pakistan., developed by Multi-Professional Cooperative Housing Society (MPCHS). The sector is bounded on the east by N-5 National Highway and with the M-1 motorway to the west. B-17 is a newly developing sector located in Zone II of Islamabad Capital Territory. CDA approved and issued no objection certification (NOC) to MPCHS for sector B-17 on 30 January 2008, besides NOC was issued by Federal Directorate of Education (FDE) for construction of schools in the society.

Real estate in Bangladesh refers to the industry and market related to the buying, selling, and development of properties in the country. It is a fastest growing sector in Bangladesh.

Maira Begwal [Urdu: میرا بیگوال] is a village located on Simly Dam Road in Zone-IV, Islamabad Capital Territory, Pakistan and is administered by the Pind Begwal Union Council. Its geographical coordinates are 33.74 N,73.25 E and its original name is Maira Begwal.

<span class="mw-page-title-main">I-11, Islamabad</span> Sector in Islamabad Capital Territory, Pakistan

I-11 is a sector of Islamabad, Pakistan. It is a lightly built area, located on the southwestern edge of the city. I-11 borders Rawalpindi to the south and neighbors I-10 and I-12, while sectors H-10, H-11 and H-12 are located adjacent. CDA has taken the possession of land from illegal encroachers and land grabbers and development work has started to hand over the possession to original owners of the plots.

Rawalpindi Development Authority (RDA) is a government sector corporation and authority responsible for providing Municipal and Town Services in Rawalpindi City, a city in the Punjab, Pakistan. RDA was established in May 1989 to improve, enhance and implement the growth plan for Rawalpindi city.

<span class="mw-page-title-main">Army Welfare Trust</span> Social welfare company in Pakistan

Army Welfare Trust (AWT), (Urdu: تولیتِ عسکری برائے بہبود) also known as Askari Group of Companies, is a Pakistani conglomerate company. It is based in Rawalpindi, Pakistan. The Army Welfare Trust, along with Fauji Foundation, are run by ex-military personnel of the Pakistan Army. The companies provide employment opportunities to ex-military personnel and generate funds for the welfare and rehabilitation of orphans, widows of the deceased soldiers, and the disabled personnel of the army.

<span class="mw-page-title-main">Islamabad–Rawalpindi metropolitan area</span> Metropolitan area in Pakistan

The Islamabad–Rawalpindi metropolitan area is the fourth-largest metropolitan area of Pakistan, after Karachi, Lahore, and Faisalabad. It consists of the twin cities of Islamabad and Rawalpindi.

The Defence Housing Authority, Islamabad-Rawalpindi (DHAI-R) is an affluent residential neighbourhood or a gated community located within Islamabad–Rawalpindi metropolitan area of Pakistan. The neighbourhood is divided into five parts and straddles the Punjab provincial border. This neighbourhood was primarily established for military personnel in 1992 by the Armed Forces of Pakistan Welfare Department, however, currently both civilian and military families reside there. Today, DHA, Islamabad serves as one of the twin cities' most posh residential neighbourhoods.

Abdul Aleem Khan is a Pakistani politician and businessman from Lahore. Abdul Aleem Khan owns Samaa TV and Vision Group. He was also the Senior Minister of Punjab and Minister of Food from 2020 to 2021. He also served as a member of the Provincial Assembly of the Punjab from August 2018 to 2021. He announced his separation from politics on Twitter in a tweet. Later in a statement to the media, he said that he had no intentions of joining politics again and that he would focus on the welfare work done through the Abdul Aleem Khan Foundation but soon after the economic crisis and instability in Pakistan, he decided to join politics again and launched the political party along with renowned politician Jahangir Khan Tareen named the Istehkam-e-Pakistan Party in June 2023 to help the nation. He is a founding member and president of the party.

Ammar Rashid is a Pakistani researcher, academic, political worker and organizer of the left-wing party Awami Workers Party. He has written many columns for Daily Times (Pakistan) and Dawn News. He has taught as faculty of Centre of excellence for Gender Studies in Quaid-i-Azam University, Islamabad, Pakistan and Pakistan Institute of Development Economics. He ran for the National Assembly seat NA-53 in the Islamabad capital territory for 2018 Pakistani general election. He is senior researcher at Heartfile.

<span class="mw-page-title-main">Margalla Avenue</span> Planned highway in Islamabad, Pakistan

The Margalla Avenue or Margalla Expressway is a 33-kilometer six-lane highway in the Margalla Hills area in the suburbs of Islamabad, Pakistan. It was planned in 1966, but work on it was stalled till 2021. The road is an alternative to the Srinagar Highway, and provides easy access of the tenth and eleventh sectors of Islamabad to the N-5 National Highway. This road is a crucial section of the larger Rawalpindi Ring Road project as it connects the town of Sangjani to the town of Barakahu.

Rawalpindi Islamabad Circular Railway is a mega project aimed at improving the socio-economic conditions of the local people. The project is expected to solve various problems, especially traffic jams.

References

  1. ↑ Qureshi, Shehryar (12 March 2013). "Experts Predict A Prosperous Future For Pakistan Real Estate Sector". REIClub. Archived from the original on 15 August 2013.
  2. ↑ "Real estate: Abu Dhabi Group to invest $45 billion in Pakistan", The Express Tribune, 16 February 2013.
  3. ↑ "Managing supply and demand: The key to getting "housing" right in Pakistan". blogs.worldbank.org. Retrieved 2022-10-28.
  4. ↑ "Managing supply and demand: The key to getting "housing" right in Pakistan". blogs.worldbank.org. Retrieved 2022-10-28.
  5. 1 2 "Pakistan Bureau of Statistics". www.pbs.gov.pk. Retrieved 2020-09-11.
  6. ↑ Atiq, Syed Khurram (2020-03-12). "Pakistan's 2020 real estate prospects and challenges". Profit by Pakistan Today. Retrieved 2020-09-11.
  7. ↑ Raza, Syed Irfan (2020-07-24). "PM orders establishment of real estate regulatory body". DAWN.COM. Retrieved 2020-07-24.
  8. ↑ "Professional Diploma in Real Estate Management – PIBSAT" . Retrieved 2020-04-30.
  9. ↑ Limited, Set Private. "NIREM - National Institute of Real Estate Management". NIREM - National Institute of Real Estate Management. Retrieved 2020-07-16.
  10. ↑ Mcgraw, Sarrah (May 30, 2017). "FPCCI vows support to real estate agents". Tribune.
  11. ↑ "Realtors express concerns as real-estate sector reels". The Express Tribune. 2023-07-23. Retrieved 2023-09-27.
  12. ↑ Web Desk, Samaa (September 25, 2023). "Over 300 housing societies declared illegal". Samaa News. Retrieved September 30, 2023.
  13. ↑ Staff, ProPK (September 25, 2023). "More Than 100 Housing Societies Are Illegal in Islamabad". Pro Pakistani. Retrieved September 30, 2023.
  14. ↑ Staff, ProPK (July 31, 2023). "List of All Illegal Housing Societies in Islamabad". Pro Pakistani. Retrieved September 30, 2023.
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