ISLAMABAD: Real estate leaders in Pakistan have called on the government to improve business conditions to boost growth and contribute to the country’s economic growth.
Speaking at the Pakistan Real Estate Conference in Islamabad, the President of Islamabad Real Estate Association (EAA) noted that the real estate industry is the second largest in the country, with an investment volume of $88 billion.
He added that overseas Pakistanis are investing $4 billion in the sector annually, which could be increased to $8 billion with the right measures.
The EAA President called for the implementation of tax rationalization, the repeal of the 7E law, the facilitation of foreign investment and the reduction of the tax rate in order to increase investment in the sector and stimulate the country’s economy.
The real estate sector in Pakistan is currently facing challenges such as excess profit tax, property registration taxes and other taxes, which pose a threat to its growth.
In addition, Realtors Pakistan President Ejaz Khan, Rawalpindi Chamber of Commerce President Saqib Rafiq, real estate leaders from across the country and leaders from related industries from the four provinces also spoke on occasion.