ISLAMABAD - The Pakistan Economy Watch (PEW) on Friday asked the government to streamline the property sector so that it can attract massive local and foreign investment. Pakistan urgently needs to draw advantage from the Asian property boom led by China through urgent reforms and transparency, it said. Real estate deals in China and other Asian nations reached a record $34 billion in the last quarter but Pakistan could not attract any such deal due to lack of proper rules and regulations, security and other issues, said Dr. Murtaza Mughal, President PEW. Not a single Pakistan city is listed among the top destinations for commercial property investments in Asia that attracted over 82 billion dollars in one year which is disappointing, he said.

Talking to Managing Director of Mr. Saad Arshed and others, he said that many investors who pulled themselves out of the real estate market to invest in the US dollar are returning to the property market.

Similarly, expatriates are also taking more interest in the market which can result in escalated land prices; especially in Karachi, Lahore and Islamabad.

Dr. Murtaza Mughal said that Pakistani real estate market has remained immune immune from a crash as genuine buyers have demonstrated courage during downslides. He lauded the companies trying to bridge the widening demand-supply gap that guarantees promising future for the real estate market.

Speaking at the occasion, representatives of the country’s biggest property portal said that overseas Pakistani’s should focus on one of the most promising investment sector. Eid holidays always give a boost to the real estate sector as many overseas Pakistani’s prefer to find investment properties during this time, they said.