ABAD International Expo 2014 attracts housing projects worth Rs. 600 million
Lamudi.pk predicts these projects will create 8 million jobs in real estate sector
LAHORE, 18 AUGUST, 2014: Pakistan is expected to see Rs. 600 million worth of investment in housing projects over the next six months after a recent construction industry expo attracted a string of local and overseas investors to the country.
The Association of Builders and Developers (ABAD) expo, held for the first time in Karachi from August 12-14, attracted local and foreign companies looking to invest in Pakistan’s booming real estate sector.
According to ABAD chairman Mohsin Sheikhani, projects worth Rs. 150 billion were unveiled at the expo. Moreover, construction projects of Rs.350 billion are also in the pipeline, and others worth about Rs.100 billion are in the initial design phase.
Six private firms from the UAE have also signed memorandums of understanding with ABAD for local investment of about $200 million USD. A further $800 million USD is expected to come from other overseas companies operating in; Germany, China, Singapore and Turkey.
Saad Arshed, Country Director of Lamudi.pk, said the significant boost in investment would help the government collect taxes up to Rs.40 billion from the real estate sector and create employment opportunities for about eight million people. Lamudi.pk, Pakistan’s best real estate website, was a bronze sponsor of the ABAD expo.
“The ABAD International Expo played a phenomenal role in securing investments for the construction industry. Given the increasing remittances sent from overseas Pakistanis, high investment risk in other sectors such as trading and manufacturing and the willingness of people to invest in property, this will surely lead to the channeling of capital in the real estate sector. It will also help in mitigating the surging housing demand,” he commented.
Currently the government is collecting Rs. 20 billion in taxes as developers are only constructing 200,000 units a year, while actual demand stands at 500,000 units a year.
“If these developments get underway, this would lead to an increase not only in tax collection but also in job opportunities within the construction sector,” Mr Arshed said.
Launched in 2013, Lamudi is a global property portal focusing exclusively on emerging markets. The fast-growing platform is currently available in 28 countries in Asia, the Middle East, Africa and Latin America, with more than 500,000 real estate listings across its global network. The leading real estate marketplace offers sellers, buyers, landlords and renters a secure and easy-to-use platform to find or list properties online. For more information, visit: www.lamudi.pk
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