Pakistan Experiencing Shortage of 9m Housing Units

[Salman]

As per State Bank’s Quarterly Housing Finance Review, Pakistan is facing shortage of more than 9 million housing units.

Moreover, the bank’s Quarterly Housing Finance Review states that formal financial sector caters up to 2 percent of all housing transactions, the lowest ratio in region. In 2009, there was shortage of 8 million housing units, which has been accumulating by 0.34 million units every year.

Furthermore, it is seen that property development industry is suffering from low public confidence, contributing to the reluctance of financial institutions in providing development finance. There is a dire need of land administrative procedures including standardization of processes and computerization of all relevant records to improve the outlook of industry.