After growing 7.1% in 2020, Pakistan’s real estate industry is projected to expand by 5.3% in 2022, marking a positive trend compared to an earlier forecast of 3% growth, reported Researchandmarket.com.
The published report accredited the growth of the industry to investment real estate projects, and increased industrial production. Development projects worth Rs1 trillion (US$6.1 billion) were approved till July 2021 by the federal and provincial governments – as reported by the Ministry of Information and Broadcasting, and revealed by the report.
Promotion of investment by the Lahore Development Authority (LDA) and Capital Authority (CDA) resulted in the public Gross Fixed Capital Formation (GFCF) marking a growth rate of 18 percent in financial year (FY) 2021 (July 2020-June 2021). The overall GFCF recorded an increase of 13.8% in FY2021 due to the increased activity by Pakistan Civil Aviation Authority, National Highway Authority, Port Qasim Authority, and the National Logistics Cell (NLC).
The report also highlighted the positive impact of the government’s amnesty scheme subsidies to promote the industry, resulting in a growth rate of 84% in housing and construction finance in FY2021.
Moreover, the industry is expected to mark an upward trend due to the government’s allocation of Rs34.6 billion (US$212.7 million) for housing and construction sector, out of the Rs8.48 trillion (US$52.1 billion) in the Federal Budget for FY2021-2022.
Projects under the China-Pakistan Economic Corridor (CPEC) infrastructure projects are further expected to boost the industry’s growth rate by 5.1% per year between 2022 and 2025. As well as construction activities in transportation, electricity, housing, telecommunications, and manufacturing will also stimulate economic growth.
From 2023 to 2028-2029, the government plans to build ten megaprojects in the water and hydropower sectors to increase the share of water and hydropower in the National Grid. The government is also establishing Special Economic Zones in order to encourage industrialisation. Furthermore, the government intends to construct five million housing units between 2019-2023 to alleviate the housing crisis.
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