Enterpreneur highlights Pakistan’s $40b real estate potential

RIYADH: With 70 per cent of overseas Pakistanis channeling their remittances into the property and contributing $12 billion to the economy annually, there’s no denying the sector’s centrality to Pakistan’s economy according to IMARAT Group Chief Executive Officer, Shafiq Akbar who spoke at a Public Private Partnership Forum set up at Cityscape Global in Saudi Arabia on Thursday.

After the group’s successful expansion into the GCC with an office in the UAE, IMARAT Group, a renowned real estate conglomerate based in Islamabad, Akbar has become a strong advocate of presenting a high investment potential case for Pakistan at the forum.

His presentation not only identified critical problems surrounding Pakistan’s economy, but offered a potential roadmap for economic revival, growth, and stability.

Dubbed ‘Vision 2047’, Akbar’s blueprint is driven by his experience of successful ventures in the past seven years, include artificial intelligence, blockchain and satellite technologies, consequently resulting in the rise of his group. The vision was backed by a comprehensive ecosystem put in place by IMARAT which comprises Pakistan’s largest estate industry network – Agency21, Graana.com, and PropSure Digital Solutions among other ventures.

With a fully digitized record of all 4.5 million land parcels in Pakistan and in-depth research on the nation’s 41 economic drivers, IMARAT’s ‘Vision 2047’ provides a tailored strategy to harness the potential.

“An astounding 70 million of Pakistan’s population is between the age of 15 and 29, a figure surpassing the entire population of the UK”, Shafiq remarked during his address at Cityscape while adding, “This demography would opt for a family life, and will be on a lookout for new homes. Translated into financials, this represents a potential investment of $40b annually in housing, summing up to an incredible $3-4 trillion in the next 20 years.”

While praising Saudi Arabia, Shafiq Akbar said, “The real estate model that the Kingdom has adopted lays the foundation for the transformation of its economy.”

About IMARAT Group:

IMARAT is a leading real estate company of Pakistan with a diverse portfolio including more that a dozen mega projects across Pakistan. It focusses on vertical construction which reflects its belief in the upward future. With 10 million square feet currently under construction, including four Marriott hotels, the largest estate agency network, a trusted online real estate portal, and with the digital map of the entire country, the group is aiming to reshape Pakistan’s real estate landscape.