Karachi: During the second day of the 18th Build Asia International Conference and Exhibition at the Expo Centre Karachi, real estate professionals, construction industry leaders, and financial experts gathered to discuss the challenges and opportunities within Pakistan’s real estate sector. The focus was on the need for sustainable policies, improved governance, and enhanced regulations to support the sector’s growth.
A key topic of discussion was the trend of Pakistanis investing in Dubai’s real estate market instead of locally. Leading property tycoon and Olympic Group Chief Operating Officer Abdul Kareem Adhia addressed this issue, acknowledging concerns over scams in the industry, though noting that they are a small fraction. He stressed the importance of government bodies like the Sindh Building Control Authority (SBCA), Karachi Development Authority (KDA), and Karachi Metropolitan Corporation (KMC) ensuring that builders comply with regulations.
Adhia also called for greater accountability in government institutions, emphasizing that the credibility of public agencies could be at risk if corruption persists. He pointed out that honest builders are being affected by the actions of a few bad actors and suggested that removing corrupt officials from key institutions could help the industry thrive.
Additionally, Adhia addressed the impact of government actions, such as the demolition of a residential tower in Karachi, highlighting the importance of holding accountable those who granted no-objection certificates (NOCs) to the builder, rather than focusing solely on demolishing the building. This decision has affected investor confidence, particularly amid rising inflation and a growing housing shortage of 1.5 million units in the country.
Despite facing challenges, the real estate sector has traditionally attracted significant foreign investment, and Adhia noted that attracting capital from expatriate Pakistanis and builders relocating abroad could help revitalize the market.
The event also emphasized the role of academic institutions in preparing future professionals to address the evolving needs of the sector. Experts highlighted the importance of collaboration between academia and industry to equip the next generation with the necessary skills to navigate the challenges ahead.
The PropTech Convention 2024 brought together key stakeholders to discuss the integration of innovative technologies, transparency, and sustainable construction practices. The focus was on creating a conducive environment for growth while addressing governance issues to unlock the full potential of the real estate sector.
Samra Zulfiqar, a real estate analyst at Zameen.com, is passionate about finding projects that offer buyers the best returns. Her keen insights spotlight the market’s most promising opportunities.
