ISLAMABAD: Tarek Hamdy, the CEO of the renowned Eighteen housing project has emphasized the need for Pakistan’s investment climate to adapt to attract greater foreign investment in the country’s real estate industry.
In an exclusive conversation, Hamdy shared insights into the current economic landscape of Pakistan and its implications for the real estate sector.
He also provided updates on the development progress of the EIGHTEEN housing society, spanning over 600 acres located on the Srinagar Highway.
According to him, only 29% of the land will be utilized for construction, with a significant 70% reserved for green spaces.
When questioned about EIGHTEEN’s progress, Hamdy stated that the project’s development timeline spans around 10 years.
He stated that, overall, approximately 25% of the project has been completed and sold.
Hamdy also addressed the challenges the real estate sector faces, particularly in light of political instability, currency devaluation, and high-interest rates.
He noted that these factors directly impact development costs and overheads, as customers are not charged in US dollars.
Moreover, Hamdy also envisaged the role of technology in introducing sustainable materials, optimizing energy consumption, and enhancing construction practices for a greener footprint.
When asked about tax evasion in the real estate sector, he expressed concerns about local projects engaging in cash transactions and grey money, emphasizing the need for stricter regulations and transparency.
Besides, he underlined that the real estate sector contributes significantly to the nation’s economic growth, accounting for approximately 60-70% of its total wealth.
Source: DailyTimes
