Housing/property rights refer to lawful ownership of a resource protected by a legitimate system and law provided by the government. Housing right is one of the key cornerstones of a stable and prosperous economy. Housing gives individuals an incentive to earn, invest, and accumulate wealth. It sets the foundation for a successful economy and enhances investment, leading to greater levels of productivity.
In Pakistan, an unprecedented housing crisis due to population growth, migration from rural areas, and the degradation of existing houses has plagued the country for many years. A major reason driving the shortage of urban living is the quality of existing housing. Almost half of all urban households are overcrowded with inadequate access to basic urban infrastructure and services. Formal housing is out of reach for the majority of the population.
The World Bank Group has approved a project to support Pakistan in its land and housing sector. The project focuses on helping the land and housing value chain, from acquiring land to purchasing a house through beneficiaries. This initiative will provide access to affordable housing in the region and expand housing finance for low-income households. Pakistan needs to get housing right as it will lead the country towards its trajectory path. Secured property rights and improved housing rights are linked with human capital indicators, including less disease, better education outcomes, and low fertility rates. Such initiatives will have a substantial economic, environmental, and social impact on the country.
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