Real estate in Pakistan
Real Estate in Pakistan is a growing[when?] sector of the economy of Pakistan. Pakistan spends $5.2 billion on construction in a year. Moreover, many more billions are spent on buying residential and commercial plots. According to the Pakistan Bureau of Statistics, 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 growingP[when?] need for urban planning.
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.
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.
- Mcgraw, Sarrah (May 30, 2017). "FPCCI vows support to real estate agents". Tribune.
- Shehryar Qureshi, "Experts Predict A Prosperous Future For Pakistan Real Estate Sector", REIClub (blog) 12 March 2013, archived at the Wayback Machine, 15 August 2013.
- "Real estate: Abu Dhabi Group to invest $45 billion in Pakistan", The Express Tribune, 16 February 2013.