Dubai: The Pakistan government’s move to allow more high-rise developments is expected to provide a major boost for the country’s real estate sector.
“There has been significant legislation, easing the bylaws to support vertical construction,” said Zeeshan Ali Khan, CEO of zameen.com, ahead of the opening of the two-day Pakistan Property Show in Dubai on Friday. “Off-plan projects have increased over the last two years — there are anywhere between 500-1,000 such projects in the country.
“This is definitely not a high number … and likely that this grow going forward.”
A better grip
It does seem that developers are much better placed than at any other time this decade. Though the economy is still some way off from a recovery, the currency has been seeing better days. And on the political side, there is a fair degree of stability.
“We expect this trend to continue into 2020 given the government’s reform measures,” said Khan. “These reforms have increased foreign direct investment — we can expect more international players come to Pakistan such as Eighteen (Real Estate).” (The company is a joint venture between Egypt’s Ora Developers and Pakistan’s Saif Group in conjunction with Kohistan Builders and Developers.)
Helping matters is also the stability in property values. “I don’t think the current tally of off-plan projects — at 500 plus — is pretty high for Pakistan given the trends from the past,” Khan added. “Increasing investment opportunities in the property sector is vital for setting the sector on track to progress.”