Pakistan has many benefits to offer to the international world. The construction sector of Pakistan has a lot of potential. Pakistan has a staggering 2.4 growth rate and as like the rest of the world urbanization is taking place at a very rapid pace. In Karachi a city with a population of 15 million around 300,000 people are moving into Karachi per anum due to the rapid rate of urbanization. This is creating more pressures on the already scarce resources of the city.
As according to an estimate given in the article (January 14th, 2009 admin Posted in Pakistan Real Estate News) there are currently 19 million houses in the country for the population of 149 million people according to 2009 estimates. Whereas the required units of housing is 25.83.
The most recent estimates show a shortfall of 7.9mn houses. Whereas the government under the prime minister housing scheme is committed to create 1 million houses per annum. Similarly the total population of Province of Punjab is 82 million is also facing a shortfall of 5 million houses. Nationally there is an incremental demand for 700,000 units a year against the annual construction of just 150,000 units.
With the recent crisis in Dubai many of the Gulf Developers are looking at Pakistan where gains for real estate developers have always been promising. A proof being Dubai’s construction giant Emaar is going to construct housing projects worth US$2.4 billion in Islamabad and Karachi. Similarly Malaysia is also showing great interests in Pakistan and is currently trying to strike a deal with Pakistan for construction of 0.5 million low cost houses annually.
So it's in the best interest of our company to exploit the hidden potentials of the housing sector of Pakistan