The real estate bubble, which started in the beginning of the previous decade,has gradually acquired a concrete shape and now it is one of the promising businesses in Pakistan. The leading billionaires in the country are engaged in real estate business which indicates that the land business has huge potential to attract local and foreign investment. Every city of the country is expanding at a fast speed and land prices are skyrocketing,but the government is apparently not in a hurry to streamline this sector. Ironically, no industrial city has been planned for international investors. Instead, what the government has done so far is to allow Arab Sheikhs to come to Pakistan every year and hunt endangered species.
There are vast areas in every province of the country where industrial, health and education cities can be developed and international investors can be invited to set up their businesses of choice with tax relief and security of life and property. Vietnam, which had been pulverized in the years of war with the United States and civil disorder, it is appearing as the emerging economy in Far East countries. Our government has still not awoken from deep slumber.
According to Pakistan Economy Watch (PEW), the government has failed to streamline the real estate sector which otherwise could have attracted massive local and foreign investment. The organisation also says that the government could not ensure transparency in the country’s laws to boost the confidence of the potential investors. The PEW says that at least $82 billion agreements have been signed in various Asian countries with China, Japan, Singapore and Hong Kong as attractive destinations for investment. China bagged a lion share by attracting 73 percent investment in real estate market. Pakistan is nowhere in sight. According to PEW chief, real estate market has zero chances of crash as it is not like stock exchange.
Reports suggest that China has invested over $700 billion in real estate business in the United States and Japan has acquired a handsome piece of land in Madagascar for corporate farming. The world is inching toward economy and we are leaping toward chaos. The government has to introduce economic reforms if it is sincere in the development of the country.
