Real Estate Sector is the Second Largest Sector of the Country's GDP
President of the Islamabad Estate Agent Association and Federation of Realtors Pakistan, Sardar Tahir Mehmood, said that the real estate sector is the second largest sector of the country’s Gross Domestic Product (GDP), in which the investment volume is $88 billion. The President EAA also said that overseas Pakistanis invest $4 billion yearly in this sector, which can be increased to$ 8 billion.
In addition, he also atated that currently, 1 million people and 700,000 families are involved in the real estate business, which is the responsibility of the current government.
Meanwhile, addressing the conference, he urged that the government execute tax rationalization and abrogation of 7E, pave the way for overseas investment, and lower the tax rate. These measures can increase investment in the country, and the country’s economy will prosper.
Currently, this sector is facing significant challenges, in which the excess of Gain tax, property registration, and other taxes is a threat to this sector, he said.
He added that the government could boost the country’s economy from a slump by developing this sector.