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Pakistan Real Estate Report Q1 2012
Business Monitor International, Nov 2011, Pages: 49
Pakistan Real Estate Report provides industry professionals and strategists, corporate analysts, real estate associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Pakistan's Real Estate industry.
Despite having a vast and rapidly expanding population and noticeably improving infrastructure, demand for commercial real estate in Pakistan continues to decline, largely as a result of the country’s widespread political instability and history of corruption. However, a drop in interest rates in August 2011 may help in the long term. High interest rates and slowing economic growth have weighed heavily on the industry, and this change may precede the beginning of an increase in demand in the future.
Despite these setbacks inherent in the country, a number of prestigious new developments (such as the World Trade Center under construction in Islamabad) are hoped to contribute to a resurgence in real estate investment.
Key Opportunities In The Real Estate Market:
- Plenty of residential, mixed-use development projects are under way, including the eco-friendly Park Enclave complex in Islamabad, construction of which will be overseen by the Capital Development Authority (CDA). The trend for environmentally conscious development seems to stem not from consumer demand but from the fact that it opens access to land in zones that would not normally be available for development.
- Lahore Development Authority and Islamabad’s CDA are targeting and shutting down developments that are built or run illegally, in the hope of attracting legitimate projects in their place and improving transparency in both cities.
- The UAE and China are examining investments in Pakistan, which could increase its international profile in the long term.
Key Risks To The Real Estate Market:
- Rents and yields remain difficult to forecast, given the precarious security situation in the country.
- Turf war-related violence in Karachi is ongoing and could cause continued delays to new developments in the area, as highlighted by the Human Rights Commission of Pakistan’s factfinding mission to the city in July 2011.
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