The real estate sector has called for tax relief initiatives and streamlined regulatory procedures to promote stronger activity.

Eighteen Housing CEO Tarek Hamdy met a group of journalists to underscore the real estate sector’s indispensable contribution to national growth. Amidst ongoing discussions about the upcoming relief package by the Pakistani government, Hamdy called for prioritising the real estate industry, citing its multifaceted impact on the broader economy.

He highlighted that the real estate sector’s implications extend far beyond mere property transactions. “Real estate isn’t just about buying and selling homes; it’s a catalyst for economic prosperity.”

He pointed out that over 250 ancillary industries are intricately linked with real estate, ranging from construction materials to interior design services, all of which stand to benefit from a revitalised housing market.

He stressed that a thriving real estate market would create a ripple effect, generating employment opportunities, boosting consumer confidence and ultimately contributing significantly to GDP growth. “By stimulating the real estate sector, we are not only rejuvenating housing demand but also fostering growth across various allied industries,” he added.

The CEO said if the government wants to facilitate economic recovery, it is crucial to create an environment conducive to investment. Furthermore, addressing concerns raised by critics who gave priority to manufacturing and other sectors, Hamdy emphasised the interconnectedness of industries.

“While every sector is important, the real estate industry’s ability to stimulate growth across a broad spectrum of economic activities cannot be understated,” he argued. “A vibrant real estate market doesn’t just benefit homeowners; it fuels demand for goods and services across the board.”

Replying to a question about Eighteen Housing progress, Hamdy provided an update, emphasising the rapid pace of progress. “With more than 15,000 workers actively engaged onsite, Eighteen is advancing steadily towards completion, ensuring that we fulfill our commitments to buyers and the community,” he stated.