The second day of the 18th Build Asia International Conference and Exhibition at Expo Centre Karachi brought together leading experts from Pakistan's real estate, construction, and financial sectors. The event served as a platform to discuss the pressing challenges and untapped opportunities within the country's real estate industry. Central themes included the need for sustainable policies, stronger governance, and stricter regulatory frameworks to drive sectoral growth.

The Shift Towards International Real Estate Investments

One of the primary topics of discussion was the increasing tendency of Pakistanis to invest in Dubai’s property market instead of local real estate. Abdul Kareem Adhia, Chief Operating Officer of the Olympic Group, highlighted concerns regarding fraudulent practices in the local market. While acknowledging these issues, he noted they represent only a small fraction of the industry.

Adhia urged government institutions like the Sindh Building Control Authority (SBCA), Karachi Development Authority (KDA), and Karachi Metropolitan Corporation (KMC) to enforce regulations effectively. He emphasized the importance of rooting out corruption from these bodies to restore investor confidence and protect the interests of ethical builders.

Restoring Confidence Amid Governance Challenges

Adhia also addressed the adverse effects of recent government actions, such as the demolition of a residential tower in Karachi. He stressed the need to hold accountable those who approved faulty no-objection certificates (NOCs) instead of penalizing the builders and investors alone. Such measures, he argued, have created uncertainty among investors, particularly at a time when inflation is surging and the country faces a housing deficit of 1.5 million units.

The Path to Revitalizing Pakistan's Real Estate Market

Despite these hurdles, Pakistan’s real estate sector has historically been a magnet for foreign investments. Adhia suggested leveraging the potential of expatriate Pakistanis and attracting builders who have relocated abroad to reinvigorate the local property market.

Preparing for the Future: Collaboration Between Academia and Industry

The conference highlighted the crucial role academic institutions play in equipping future professionals with the skills needed to address the sector's evolving challenges. Experts advocated for stronger collaboration between universities and industry stakeholders to ensure graduates are prepared to navigate the complexities of real estate development and management.

PropTech and Sustainable Development in Real Estate

At the PropTech Convention 2024, a complementary event, industry leaders discussed the integration of innovative technology, transparency, and eco-friendly construction practices. The focus was on creating a robust real estate ecosystem that aligns with modern demands while addressing governance and regulatory challenges.

This conference underscored the importance of reforming Pakistan’s real estate sector to enhance transparency, attract investment, and meet the growing housing needs. As the industry adapts to global trends, platforms like Build Asia provide critical opportunities for dialogue and actionable insights, paving the way for a brighter future.

For more updates on Pakistan’s real estate market, visit Dreams Marketing, your trusted source for property insights and opportunities.