This is the third of BMI's reports on the real estate sector of Pakistan. The country's real estate sector continues to be dominated by the two major issues of a chronic shortage of housing against a backdrop of a rapidly rising population and the impact of security factors on the risk appetite of investors and developers. The first of these factors remains as intractable as ever, with the most recent estimates identifying a national shortfall of 7.9mn houses. By contrast, the current government is committed to building just 1mn houses. Other estimates paint a similar picture with the Punjab province, with a population of 82mn, said to be facing a shortage of 5mn houses. By some accounts, nationally there is an incremental demand for 700,000 units a year against the annual construction of 150,000 units. As to the second factor, in our last report we noted that insofar as major projects were progressing they were being carried out by risk-tolerant developers from regions such as the Gulf Cooperation Council (GCC) and government or government-linked landowners in Pakistan. This remains the case, and has significantly reduced the scope to provide housing at the level required to supply the backlog. In a recent development, however, it appears that to the GCC players can now perhaps be added Malaysian developers, several of which are, according to Malaysian news agency Bernama in August 2009, negotiating to build some 500,000 low-cost houses annually in various parts of Pakistan. The high commissioner to Malaysia, Tahir Mahmud Qazi, said he had already met the management of Reneux Bhd, which had agreed to participate and had submitted a formal proposal to the Pakistan government for the construction of 20,000 low-cost houses in each of the eight major towns. Other issues that remain on the table with respect to the Pakistani real estate sector are the absolute level of bank lending and, in theory, the scope for a sharp growth in mortgage lending, in addition to the continuing tangle of red tape the Pakistani bureaucracy throws in the way of property development.
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Report Table of Contents:
Executive Summary
- Key Features Of This Report
- SWOT Analysis
- Pakistan Real Estate/Construction SWOT
- Pakistan Economic SWOT
- Pakistan Business Environment SWOT
- Real Estate Market Overview
- Key Projects
- Construction Overview
- New And Ongoing Projects
- Residential Construction
- Commercial Construction
- Industrial Construction
- Major Projects
Table: Major Projects
- Real Estate Investment Trusts - End 2009
- A Partial Recovery in REITs’
Table: FTSE EPRA/NAREIT Global Real Estate Indices Total Returns (%, US dollar terms)
Table: US REITs - Total Returns (%, US dollar terms)
- Industry Finance Outlook
- Global Outlook
- Monetary Policy
Table: Pakistan - Monetary Policy
- Industry Forecast Scenario
- Asia Pacific Real Estate Forecasts
Table: Asia Pacific Housing Prices At A Glance (% change y-o-y)
Table: Asia Pacific Office Rents, CBRE
- Pakistan Real Estate Forecast
Table: Pakistan - Construction Industry Forecast, 2007-2013
- Pakistan Macroeconomic Outlook
Table: Pakistan - Economic Activity, 2006-2013
- Real Estate/Construction Business Environment Rating
Table: Asia Real Estate/Construction Business Environment Ratings
- Pakistan’
- Project Finance Ratings
Table: Design And Construction Rating
Table: Commissioning And Operating Rating
Table: Overall Project Finance Rating
- Pakistan’
- Latest Developments
Table: Business And Operational Risk Ratings
- Institutions
Table: Legal Framework Ratings
- Infrastructure
Table: Asia Power Consumption
- Market Orientation
Table: Asia, FDI Annual Inflows
Table: Trade Ratings
Table: Top Export Destinations
- Operational Risk
- Company Monitor
- Ev-K2-CNR
- Bestway Cement
- BMI Forecast Modelling
- How We Generate Our Industry Forecasts
- Construction Industry
- Bank Lending
- Real Estate/Construction Business Environment Rating
Table: Weighting Of Indicators
- Project Finance Ratings Indicators
Table: Design And Construction Phase
Table: Commissioning And Operating Phase - Commercial Construction
Table: Commissioning And Operating Phase - Energy And Utilities
Table: Commissioning And Operating Phase - Transport
- Sources
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