How can the Real Estate Sector Revive Pakistan’s Economy

Posted by: IIPS Category: Daily Insights Tags: Comments: 0

The real estate sector has great potential to revive the country’s economy. Today, the value of the real estate sector stands at $1.4 trillion. About 34% of all remittances in Pakistan are directed to this sector every year, and almost $12 billion was invested last year through formal and informal channels. Pakistan’s per capita housing demand is among the highest globally, and nearly 20 million housing units are required by 2030 to fulfil this demand.

Despite such high importance, the real estate sector is going through challenges that hinder the sector’s growth. Lack of planning, absence of regulatory frameworks, lack of access to information, and malpractices are some of the main challenges that the sector faces. We can overcome these challenges by providing verified, authentic information about properties within the planned areas of Pakistan.

Pakistan’s real estate sector can make it a 2 trillion USD economy within just 5-6 years, just like China which is being valued as the world’s richest country based on its real estate assets. For this purpose, the government needs to focus on three approaches, regulate real estate activities, focus on planned development, and provide avenues for foreign investments.  Regulation and planned development are the utmost factors for the growth of the real estate sector. Development in the real estate sector will solve the housing crisis in Pakistan and create massive employment opportunities for the youth of Pakistan.

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IMARAT Institute of Policy Studies

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