ISLAMABAD: The real estate sector in Pakistan is the second-biggest industry in the country, with an investment volume of $88 billion, according to Sardar Tahir Mehmood, President of the Islamabad Estate Agent Association and Federation of Realtors Pakistan.
He stated that Pakistanis living abroad invest $4 billion annually in this industry, and the potential for growth is up to $8 billion.
In a conference, Mr. Mehmood called on the government to implement tax reform, repeal 7E, attract foreign investment, and lower tax rates to encourage investment and economic growth.
He emphasized that the current challenges faced by the sector, such as the excess of gain tax, property registration, and other taxes, were a threat to the sector.
According to a senior business leader, the sector currently handles transactions worth PKR 3,000 billion.
The conference was attended by speakers from various provinces including Punjab, Sindh, KPK, Balochistan, and Azad Kashmir, who also urged the government to reform taxes for the real estate sector.