Friday, February 12, 2010

Foreign investment expected in real estate

KARACHI (Nida Siddiqui): At least three foreign business groups are planning to enter Pakistan’s real estate market with an approximate investment of $200 million, ARY News reported Friday.

Sources in the real estate sector told the channel that three Gulf-based business groups have decided to invest in the real estate sector in Pakistan.

“I can not name them (the parties), nevertheless confirm you that their assigned teams are studying our markets these days,” Farooq Zaman Khan, Central Chairman Association of Builders and Developers (ABAD) said when approached.

He said the foreign parties are currently working on the feasibility of their businesses in Pakistan.

“There is shortfall of some 8.8 million houses in the country,” he elaborated, adding, “the shortage of homes and apartments has made Pakistan’s real estate market lucrative for the potential investors.”

He was optimistic for the pace of interested parties’ business progress, saying that the investors may launch their projects by next year.

However, he added, it is being observed that a number of foreign investors who came earlier in the market quitted due to rising cost of doing business and squeezing customers’ buying power.

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