News and Events
9th Meeting of NAPHDA's Policy Board 06 Nov, 2024
The 9th meeting of the Policy Board of Naya Pakistan Housing and Development Authority (NAPHDA) took place on November 6, 2024, at NAPHDA’s Head Office in Islamabad. The meeting was chaired by Acting Chairman Major General Amer Aslam Khan HI (M), T. Bt (Retd). The meeting was attended by the Board Members viz., Mr. Anwar Hussain, Senior Chief, Ministry of Planning, Development, and Special Initiatives; Mr. Zafar Iqbal, Joint Secretary, Cabinet Division; Mr. Athar Sajid Khan, Joint Secretary, Finance Division; Mr. Waseem Bajwa, Deputy Director General, Policy and Planning Wing, Ministry of Housing and Works; Mr. Zaigham Mahmood Rizvi, Expert Consultant on Housing and Housing Finance,World Bank; Brigadier Sardar Javed Ashraf Khan (Retd); Mr. Asif Reza Sana, Director/Board Member,
Bank of Punjab and senior officers of NAPHDA Head Office and Regional Offices. The Board unanimously approved the minutes of its 8th meeting and audited reports of accounts of the Authority. Mr. Zaigham Mahmood Rizvi elaborated, through presentation, the topics including (a) The Housing Landscape in Asia-Pacific Countries, (b) Challenges in Affordable Housing, and (c) the Establishment of a Real Estate Regulatory Authority (RERA) in Pakistan. The Acting Chairman presented the souvenirs to retiring members of the Board in appreciation of their valuable input for the betterment of the organization during their entire tenure. The meeting concluded with a vote of thanks to the chair.
Homeownership is not just a dream
Homeownership is not just a dream; it is a fundamental right of every Pakistani. Across the globe, governments in the USA, UK, EU, and India champion affordable housing through fiscal incentives like tax breaks, subsidized mortgages, and credit guarantees.In stark contrast, Pakistan—facing a critical housing shortfall—has compounded the challenges of low- and middle-income families by imposing exorbitant withholding taxes on real estate transactions. These taxes, ranging from 14% to 50%, have placed homeownership out of reach for millions. Adding to this burden, tax incentives on mortgages have been revoked, leaving struggling families with few viable options.
Recognizing these pressing concerns, FBR Chairman Rashid Mahmood has agreed in principle to reduce withholding taxes on property transactions and reconsider the 5% FED, aiming to ease the financial strain on first-time homebuyers.
However, it is imperative that these commitments translate into actionable reforms, as previous assurances often lacked implementation, leaving the housing sector disappointed.
With thoughtful policy interventions and a focus on fiscal equity, Pakistan has the opportunity to bridge its housing gap and uplift millions.
https://epaper.brecorder.com/2025/01/11/1-page/1023673-news.html
Is The Housing Market is Becoming a Problem?
The U.S. economy has entered Rasputin territory it just refuses to die.Every time there is something for people to worry about war, inflation, commercial real estate, the Fed raising rates, softening labor markets, etc. the economy takes it on the chin and keeps moving forward.
Today we got another solid jobs report. The unemployment rate actually ticked down again
to 4.1% and has been remarkably consistent.
- It seems almost silly at this point to worry about the most dynamic economy in the world.The fact that the Fed has been cutting rates should help things even more.The problem is that while short-term rates on savings accounts, money markets, CDs, T-bills
and the like have gone down,borrowing costs have gone up since the Fed started the current cutting cycle.
This one concerns me the most:
Everyone keeps waiting for lower mortgage rates that never transpire.
Mortgage rates have been above 6% for two-and-a-half years now and it hasn’t really mattered all that much. - Housing prices continue to hit new all-time highs because so
many homeowners locked in 3% mortgages during the pandemic.There has been some housing activity in recent years but 55% of all homeowners still
have a mortgage rate under 4% while nearly three-quarters of borrowings are under 5%.
https://awealthofcommonsense.com/2025/01/is-the-housing-market-is-becoming-a- problem/
Where the Los Angeles housing market stands and where the wildfires could take it
The areas in the line of fire have considerably expensive housing The wildfires in Los Angeles have caused unspeakable damage, heartbreak and loss of life. As of Monday, the five major fires have burned about 60 square miles in the LA area
and 24 people have been killed. While the current focus is rightfully on containing the blazes and protecting residents,
it’s worth taking stock of where housing markets stand in the affected parts of the Los Angeles metro area. Data from Altos Research shows an area with expensive housing,
rising inventory and conditions that lean favorable to sellers.
LA’s housing market has largely stabilized after the turbulence of the post-pandemic years and the rapid rise of mortgage rates beginning in 2022. The current median home
price is $1.47 million, down negligibly from a year ago.
https://www.housingwire.com/articles/los-angeles-wildfires-housing-market-palisades- eato/
Bengaluru real estate market: Is renting a flat in the IT city for less than ₹20,000 per month possible?
Despite rents having shot up by 30-40%, areas like Indiranagar & Koramangala have pockets where one can rent an apartment for less than ₹20,000 per month.
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1734457449143_1736823756268.avif Despite rents in Bengaluru having shot through the roof, particularly in prime residential areas like Indiranagar & Koramangala, there are a few pockets where one can rent smaller housing units such as 1BHKs and studio apartments for less than ₹20,000 per month (Picture for representational purposes only)(Unsplash)
Despite rents in Bengaluru having shot through the roof, particularly in prime residential areas like Indiranagar & Koramangala, there are a few pockets where one can rent smaller housing units such as 1BHKs and studio apartments for less than ₹20,000 per month.While inventories are scarce, renting an apartment under ₹20,000 in Bengaluru is possible. But most of them will be smaller apartments with sizes varying from 300 to
500 sq ft of built-up area," Sunil Singh, director of Realty Corps, said.
Real Estate Market Shifts: Are Buyers Finally Ready?
A New Chapter in Home Buying
COEUR D’ALENE, Idaho The local housing market is experiencing notable changes, as evidenced by Nicole and Ryan Huff’s recent experience with their 22-acre property in
Athol. Initially hopeful for a swift sale upon listing in August, the Huffs encountered unexpected challenges when interest from potential buyers dwindled.Despite attempts to attract buyers through price adjustments, they saw little success,leading to their decision to let the listing expire. Reflecting on their experience, Nicole
suspects that the uncertainty surrounding the upcoming election and fluctuating mortgage rates contributed to this pause in buyer activity.
However, following their recent relisting, the Huffs are observing a positive shift; they have already attracted three requests for showings in a short timeframe. Nicole
attributes this renewed interest to a changing buyer mindset. Many prospective homeowners are coming to terms with the reality of higher interest rates, realizing that
waiting for a drop may not be feasible.
Local real estate experts are echoing this sentiment, predicting that 2024 may resemble the current market but could become even more competitive as buyers prioritize
homeownership over interest rates. The consensus is clear: regardless of rate fluctuations, the demand for housing remains strong.Experts express optimism that if mortgage rates do decline, the number of active buyers
could significantly increase, invigorating the marketplace further.
https://be3.sk/uncategorized-en/real-estate-market-shifts-are-buyers-finally- ready/32448/
Brits buying second homes in Spain set to be hit with 100% property tax
Spain’s prime minister, Pedro Sánchez, has unveiled a controversial proposal that would saddle non-EU property buyers who lack legal residence with taxes equalling the full
purchase price of their new home.
The move represents a fresh effort by Spain’s Socialist government to discourage speculation and relieve pressure on a housing market beset by soaring prices but it stands to hit British buyers particularly hard.
Under the draft measure, any non-resident from outside the EU purchasing property worth over €1 will be subject to a tax rate of 100 per cent on the home’s value. This startling levy, included in a broader package of housing reforms, comes as official
statistics show more than 12,000 Spanish properties were bought by British buyers in 2023 alone. Although that figure is down on the previous year, it underlines the
significance of Spain’s second-home market to Britons seeking a foothold in the sunny Iberian Peninsula.
Mr Sánchez’s announcement, made in Madrid on Monday, outlined additional plans to raise taxes on holiday rentals ensuring they are taxed “like a business” amid concerns over growing gentrification in popular tourist hotspots and complaints that
locals are being priced out of the housing market. Meanwhile, his socialist
administration aims to channel hundreds of acres of state-owned land into social housing via a newly created public housing agency.Passing these changes will be far from straightforward.Mr Sánchez’s minority
government faces stiff opposition both from conservative politicians, who view the proposals as overly interventionist, and from the far left, who argue that the reforms do not go far enough in helping tenants. The Bank of Spain, however, recently warned that stretched household rents could have “adverse economic and social effects”, lending urgent impetus to the debate.
British homebuyers, landlords and holiday-rental operators alike are now watching closely to see how parliamentary negotiations unfold. If approved,the unprecedented
100 per cent tax rate for non-EU non-residents could profoundly reshape Spain’s property market, sending ripples through the country’s tourist economy and beyond.
Real Estate Market Shifts: Are Buyers Finally Ready?
A New Chapter in Home Buying
COEUR D’ALENE, Idaho — The local housing market is experiencing notable changes, as
evidenced by Nicole and Ryan Huff’s recent experience with their 22-acre property in
Athol. Initially hopeful for a swift sale upon listing in August, the Huffs encountered
unexpected challenges when interest from potential buyers dwindled.
Despite attempts to attract buyers through price adjustments, they saw little success,
leading to their decision to let the listing expire. Reflecting on their experience, Nicole
suspects that the uncertainty surrounding the upcoming election and fluctuating
mortgage rates contributed to this pause in buyer activity.
However, following their recent relisting, the Huffs are observing a positive shift; they
have already attracted three requests for showings in a short timeframe. Nicole
attributes this renewed interest to a changing buyer mindset. Many prospective
homeowners are coming to terms with the reality of higher interest rates, realizing that
waiting for a drop may not be feasible.
Local real estate experts are echoing this sentiment, predicting that 2024 may resemble
the current market but could become even more competitive as buyers prioritize
homeownership over interest rates. The consensus is clear: regardless of rate
fluctuations, the demand for housing remains strong.
Experts express optimism that if mortgage rates do decline, the number of active buyers
could significantly increase, invigorating the marketplace further.
https://be3.sk/uncategorized-en/real-estate-market-shifts-are-buyers-finally- ready/32448/
Punjab CM Maryam Nawaz launches new interest- free housing scheme
Owners of 1-5 marlas of land in urban areas and 1-10 marlas in rural areas to receive interest- free loans of Rs1.5m Punjab Chief Minister Maryam Nawaz Sharif launched on Wednesday the provincial government’s Apna Chhat Apna Ghar (our roof, our house) housing scheme.
“There’s no place like home,” CM Maryam said.
“Those who have their own home, their own roof, they don’t understand
what it is like to be homeless.”
The chief minister said that owners of 1-5 marlas of land in urban areas and 1-10 marlas in rural areas would receive interest-free loans of Rs1.5m from the Punjab government to build houses. For the first three months, landowners will not pay a single rupee, she added.Apni Chhat, Apna Ghar Project: CM reviews construction of 100,000 houses She outlined the structure of the loan, saying it would be paid back over a period of seven years.
“There is no need to pay for the first three months. Those who take the loans will have to pay a maximum monthly instalment of Rs14,000.”
“I have kept the instalments at Rs14,000 because people need to establish a monthly budget, pay children’s fees and utility bills and buy food and medicine,” the CM said.”She further said that interested parties can fill out an online application on the PITB online portal.”
FBR raises property valuation by up to 80pc in 56 cities
- Latest revision covers 12 new cities in addition to 44 previously included
- FBR chief says valuation rates moderately revised upward
- New rates expected to boost revenue, shift cash from real estate
- ISLAMABAD: In a move to bring property valuations closer to market rates, the Federal Board of Revenue (FBR) has raised property valuation rates to up to 80 per cent across 56 cities, aiming to boost
revenue collection and redirect investment into more productive sectors of the economy. The new rates will take effect from Nov 1.
This latest revision covers 12 new cities, including Bannu, Chiniot, Kotli Sattian and Ghora Gali. The
government has already implemented several tax measures for the real estate sector in the latest
budget. - “The valuation rates were moderately revised upward,” FBR Chairman Rashid Mahmood Langrial said, adding that the valuation prices have been changed based on the type of property, its location and other variables.
The tax authority has previously adjusted property valuations four times — in 2018, 2019, 2021 and
2022. - The FBR began publishing updated valuation tables on its website late on Tuesday, and the tables for around a couple dozen cities were available until the filing of this report.
- These revised valuations will be used to calculate federal taxes such as capital gains tax (CGT) and with holding tax. Unlike in many other countries, where taxes are based on the transaction value, in Pakistan, the declared collector value is often significantly lower than the actual transaction price.
- The FBR collects withholding taxes under Sections 236C, 236K and 7E of the Income Tax Ordinance, as
well as the 5pc federal excise duty imposed on property transactions in the last budget. - Provinces have
also raised district collector (DC) rates for property transactions.In the previous fiscal year, the FBR collected nearly Rs150 billion in advance income tax under Sections
236C and 236K for property transactions, though figures for revenue collected under Section 7E and
other measures are not yet available.
Since 2016, the FBR has been working to determine fair market property prices in major urban centres.In the provinces, valuation tables are typically issued by district collectors under Section 27-A of the
Stamp Act of 1899. - A senior tax official involved in the valuation revision process told Dawn that the increases were less dramatic than initially expected.“We have increased rates marginally, well below market expectations,” the official said, adding thatmid-range plot values were used as benchmarks for updating prices. The official acknowledged potential errors in the valuation tables, which he said would be corrected once identified.
- Determining true transaction values has been a challenge for the FBR, as property prices can vary significantly between different societies and cities. The official also mentioned that, despite the government’s intention to shift cash away from real estate into productive sectors, transactions in many housing societies have stalled, with no clear evidence of funds being redirected.
- A World Bank study estimates that real estate transactions in a comparable economy to Pakistan could generate between Rs600bn and Rs700bn in tax revenue. However, the tax official estimated Pakistan’s actual collection to be roughly Rs200bn.Published in Dawn, October 30th, 2024
Round-the-clock construction ordered for Islamabad’s key projects
Islamabad: Federal Interior Minister Mohsin Naqvi’s directives have accelerated progress on key infrastructure projects in the capital, with round-the-clock operations now underway. The Chairman of the Capital Development Authority (CDA), Muhammad Ali Randhawa, visited the Serena Chowk and Jinnah Avenue F-8 Interchange construction sites early Tuesday morning to oversee the pace and quality of work.
Randhawa inspected ongoing construction and instructed contractors to adhere strictly to deadlines during his visit. He emphasized simultaneous work on multiple sections, including the commencement of the Jinnah Avenue flyover, to expedite project completion.
Read: CDA seeks Chinese expertise to update Islamabad Master Plan
“The pace of progress must accelerate, and all work should meet the highest quality standards,” Randhawa stated. He also directed the immediate relocation of utility lines to avoid delays.
The chairman acknowledged the hard work of laborers on-site and praised their efforts, reaffirming the CDA’s commitment to timely project delivery. A detailed briefing during the visit confirmed that all activities are proceeding on schedule.
Read: CDA signs accord for afforestation projects covering 700 acres
Deputy Commissioner of Islamabad Irfan Memon, alongside CDA officials, contractors, and consultants, joined the site inspection to ensure coordination among all stakeholders.
Minister Mohsin Naqvi is overseeing these projects to ensure their efficient and timely completion. His proactive involvement underscores the government’s dedication to improving Islamabad’s infrastructure and easing traffic congestion for residents.
Read: CDA plans to lease key service roads for international food chains, rest areas
These projects, once completed, are expected to enhance the city’s connectivity and urban mobility.
https://www.zameen.com/news/naqvis-directives-boost-infrastructure-progress.html
Pakistan’s housing initiative shines at COP29
Baku, Azerbaijan – Chief Minister Sindh, Syed Murad Ali Shah,showcased the remarkable achievements
of the Sindh People’s Housing for Flood Affectees (SPHF) program in a keynote address, positioning it as a global model for climate-resilient reconstruction. A humanitarian housing program larger than the population of 154 countries captured global attention
at COP29 today,In a landmark address at a conferecnce A Blueprint for Global Resilience COP29 regarding the Sindh
People’s Housing for Flood Affectees in Pakistan Pavilion, Baku, Azerbaijan Murad Ali shah stated that
SPHF unveiled its revolutionary approach to climate-resilient reconstruction. At a landmark panel discussion in the Pakistan Pavilion titled, “Sindh People’s Housing for Flood Affectees: A Blueprint for
Global Resilience,” international development leaders explored how this Government of Sindh initiative has redefined the parameters of post-disaster recovery and community rebuilding. Chief Minister Murad Ali Shah emphasized that the project is inspired by the vision of Chairman Bilawal
Bhutto Zardari, with a mission to build resilience for flood-affected communities.Shah highlighted several key milestones: Currently, 2.1 million homes are being constructed. Over 1
million bank accounts have been opened, facilitating 810,000 disbursements to families affected by floods. In Sindh alone, 300,000 climate-resilient houses have already been completed. The next phase
will focus on enhancing Water, Sanitation, and Hygiene (WASH) facilities, with 60,000 resilient
settlements currently in progress.
In a gesture of gratitude, a flood-affected village has been named after UN Secretary-General António
Guterres, recognizing his support. CM Sindh expressed his sincere appreciation to the global community for their unwavering assistance.
The keynote address was followed by a high-level panel discussion featuring:
* Mr. Khalid Mehmood Shaikh, Chief Executive Officer of SPHF
* Ms. Xiaohong Yang, Deputy Director General, Central and West Asia Department, Asian Development Bank
* Dr. Issa Faye, Director-General, Global Practices and Partnerships, Islamic Development Bank
* Dr. Valerie Hickey, Global Director for the Environment Department, World Bank Beginning the session, Ms. Xiaohong Yang, when asked about the inclusion of technology and transparency in the project’s execution, said, “It truly deserves outstanding applause. The
transformational digitalization through the MIS mechanism means that anywhere, anytime, we can see how funds are being spent and how many facilities are being built. We know the exact number of women beneficiaries and are working to create a resilient system for future floods by including
community input in the project design. This strategy of transparency adopted by the Government of
Sindh leadership has accelerated the efficiency of the project tremendously.”
The initiative’s cutting-edge Management Information System (MIS) has revolutionized aid distribution through direct beneficiary transfers, eliminating intermediaries and setting new global benchmarks for transparency in humanitarian assistance.
Addressing what motivated the Islamic Development Bank (IsDB) to support the SPHF initiative, Dr. Issa
Faye stated, “It is in our charter to show solidarity and support the countries of our Ummah. We need to
deliver for the people of Pakistan. Our strategy is based on two pillars: one, green, sustainable infrastructure development-building resilience-which completely aligns with this project; and second,
human capital development. These two pillars provide the framework to support this project. Beyond this, we have witnessed the deep commitment from the Sindh government toward rehabilitating rural
Sindh, reaffirming our ongoing support.”
SPHF’s pioneering approach extends beyond housing to comprehensive community rebuilding. Through innovative settlement-level planning, the program integrates GIS technology, household surveys, and community engagement to create climate-resilient villages.
“In many ways, we view this initiative as more than a project. This is a miracle happening in Sindh
province-for decades, there have been smaller floods in many countries, and governments have never
figured out how to provide housing, Government of Sindh’s efforts are highly commendable in this
regard. It’s not just about the house or bricks and mortar; it’s about the family living in that house-about families now living in 300,000 houses that have been built, finding independence. Through monsoons this year and previous, to know they are safe; their livelihoods are safe. This miracle is equivalent to a million job opportunities, financial inclusion, and security within the community. It’s allowed tens of thousands of women to open bank accounts and acquire land certificates safeguarding their future-they
now have assets they can leverage,” Dr. Valerie Hickey expressed, sharing how the World Bank views
large-scale housing initiatives like SPHF in building climate resilience for historically marginalized communities.
Speaking on SPHF’s transformative impact as the world’s most significant post-disaster housing
reconstruction effort, Mr. Khalid Mehmood Shaikh highlighted two major achievements: “First, the
sheer scale of impact, reaching 15 million people, and second, the unprecedented advancement in
women’s empowerment and financial literacy. When people with meagre financial resources were
entrusted with $1,000 for rebuilding their houses, they demonstrated exceptional entrepreneurial skills.
They opened bank accounts, withdrew money, made informed decisions about materials and masons, and built remarkable houses that we now see across Sindh. This proves that when people are empowered to manage their resources, it opens doors not just for housing, but for their overall
prosperity, health, and education.”The discussion at COP29 highlighted how SPHF’s multi-hazard-resistant housing aligns with climate adaptation goals while also driving economic growth, women’s empowerment, and social
transformation. Panellists emphasized that the initiative not only rebuilds communities but transforms them, offering a replicable model of climate resilience. By integrating technology, community
engagement, and sustainable practices, SPHF has set a global benchmark for disaster recovery efforts.
SC overturns IHC's decision on plot allotment to judges and bureaucrats
IHC had ruled the plot allotment scheme for retired judges and senior bureaucrats unconstitutional. The Supreme Court has overturned the Islamabad High Court’s (IHC) decision regarding the allotment of plots to judges and bureaucrats in sectors F-14 and F-15 of Islamabad.
The apex court, while announcing the reserved judgment on the case, accepted the appeal of the Federal Government Employees Housing Authority. The court also directed the Islamabad High Court to review the matter again.
A three-member bench, led by Justice Muneeb Akhtar, had reserved the judgment on May 21. Justice Ayesha Malik, a member of the bench, delivered the brief reserved judgment.
The Islamabad High Court had previously declared the plot allotment scheme for retired judges and senior bureaucrats in sectors F-14 and F-15 unconstitutional.
The reserved judgment on the case was announced after six months.
Previously in may the Supreme Court reserved its judgment on petitions challenging the IHC verdict that annulled the new policy of allotting government plots to civil servants, generals, and journalists in sectors F-14 and F-15 of the federal capital.
The court also allowed parties to submit written submissions within the next three weeks, if desired.
Around 35 serving and retired government employees had appealed the IHC’s ruling. On February 3, 2022, former IHC Chief Justice Athar Minallah, while hearing a petition filed by Ednan Syed and others against the Federal Government Employees Housing Foundation (FGEHF), had struck down the new policy. This policy aimed to allot plots to civil servants, judges, generals, and journalists in the federal capital.
The IHC had ruled that the revised policy and the related scheme for sectors F-12, G-12, F-14, and F-15 violated public interest and infringed upon the constitutionally guaranteed rights of the general public.
Additional Attorney General Aamir Rehman also voiced opposition to the IHC judgment, stating that a Supreme Court bench had previously ruled in favour of using the housing society for public purposes.
He noted that the High Court had upheld the decision of its single-member bench, thereby scrapping the entire scheme. The revised policy, he explained, was initially approved by the Federal Cabinet on the High Court’s direction.
Rehman further argued that the housing scheme did not result in any financial loss to the public, adding that the High Court had made its decision without notifying the Attorney General.
People’s housing scheme is a testament to Sindh govt: Sharjeel
Press Release Published November 9, 2024
KARACHI: Sindh Senior Minister Sharjeel Inam Memon has stated that the Sindh government’s People’s Housing Scheme is more than just a project.
The leadership of the People’s Party and the Sindh government understand the pain of those who lost their homes and everything in the floods. Chairman Bilawal Bhutto’s vision goes beyond building houses; it is about public service and restoring hope and dignity to the flood victims.
In a statement, Sharjeel Inam Memon, said that the Sindh government is not only building new houses
for 2.1 million families but is also rebuilding their lives. Under the guidance of Chairman Bilawal Bhutto Zardari, the Sindh government is actively working to restore the dignity of the flood victims.
He stated that the housing project is a testament to the Sindh government’s unwavering support for the
people, and that the People’s Party consistently prioritizes public service and overall welfare. The People’s Party and the Sindh government have shown what true public service means.
Sharjeel said that from BISP to housing projects, all the initiatives launched by the People's Party are models for other provinces.Copyright Business Recorder, 2024.
https://www.brecorder.com/news/40331541/peoples-housing-scheme-is-a-testament-to-sindh-govt-
sharjeel
SIFC considers high-rises to replace old govt housing in Islamabad: report
Proposal aims to unlock billions in revenue by utilising underused state land.The Special Investment Facilitation Council (SIFC) has initiated a plan to replace
outdated government owned single-story houses in Islamabad with high-rise buildings, potentially generating billions of rupees in revenue.
Currently, government housing occupies large areas in various sectors, including F-6, G-6, and G-7, with many single-story residences allocated to federal secretaries & other senior officials. According to a report published by Dawn, a recent study found that government houses in G-6/1 alone cover 86 acres, with vertical construction estimated to reduce the space requirement to just 9 acres, freeing up 77 acres of valuable land worth over Rs52 billion.The proposal aligns with recommendations from a research article on “dead
capital” by the Pakistan Institute of Development Economics (PIDE), which caught the attention of SIFC. Following the report, SIFC sent a letter to the Capital Development Authority (CDA) seeking input on the feasibility of vertical development, specifically in G-6/1.The letter to CDA highlighted that underutilized government land in urban centers is a financial burden & an untapped economic asset.“Efficient land management is essential to meet urban demands and boost city development,”the letter stated, noting that high-rise projects could free up land and generate substantial revenue. According to the PIDE study, replacing the single-story homes with six high-rise structures could manage the current housing demand while freeing up valuable
land. “Countries like the UK & India have successfully adopted vertical housing strategies, and Pakistan could benefit similarly by creating a centralized database
of state-held land & involving asset management experts,” the report added.Sources within SIFC noted that the current plan is in its preliminary stages,
pending CDA’s feedback. The SIFC is expected to explore further steps after
receiving the CDA’s views, with a focus on unlocking the economic potential of
underutilized government land in Islamabad.
https://profit.pakistantoday.com.pk/2024/11/11/sifc-considers-high-rises-to-
replace-old-govt-housing-in-islamabad-report/
The third consecutive virtual meeting between the Naya Pakistan Housing and Development Authority (NAPHDA) and Turkiye's Government Housing Agency, TOKI.
The third consecutive virtual meeting was held between the Naya Pakistan Housing and Development Authority (NAPHDA) and Turkiye & Government Housing Agency, TOKI on
02.10.2024. The session was chaired by Acting Chairman NAPHDA, Major General Amer Aslam
Khan HI (M), T. Bt (Retd), and senior officials from both organizations. Discussions focused on
TOKI & role in urban renewal projects, their international initiatives, reconstruction processing,
corporate strategies, and the development of permanent housing following the earthquake in
Turkiye. Senior officials from various NAPHDA branches and regional offices also participated in
the meeting.
Real estate 2025 outlook: Here’s what you should know about property prices if you are planning to buy a house this year
The housing market is likely to record a moderate single-digit price rise in 2025.
Few peripheral locations may see increase in prices, say real estate experts
If you are planning to invest gains made in the stock market into real estate or intend to
buy property for end-use in 2025, your expectations in terms of property appreciation
should be realistic. According to real estate experts, the housing market is likely to
record a moderate single-digit price increase in 2025 compared to the double-digit
growth of 21% witnessed last year. They said that key areas near commercial hubs in
major cities and a few peripheral locations are expected to see sharper price increases.
Compared to 2023, 2024 saw a 21% rise in the average price in the top seven cities, but
2025 is unlikely to match this steep growth. Average residential price hikes will stabilise
in the coming year, though there will be steady growth amid increased input costs and
high demand. 2025 may witness generous new supply infusions by listed developers
with significant inventory lined up.
Anarock chairman Anuj Puri expects the housing market to ‘stabilise’ in 2025, with
muted price growth against an average 21% year-on-year rise during 2024. "Much also
depends on what the upcoming Union Budget holds in store," he said.
https://www.hindustantimes.com/real-estate/real-estate-2025-outlook-here-s-what-
you-should-know-about-property-prices-if-you-are-planning-to-buy-a-house-this-year-
Peshawar may scrap ‘structure tax’ on buildings
Peshawar: A significant relief for property owners in Peshawar is on the horizon as a government committee has recommended abolishing the controversial structure tax on buildings. The finalized proposal now awaits approval from Khyber Pakhtunkhwa Chief Minister Ali Amin Gandapur.
The structure tax, introduced in 2016 by Peshawar’s then-deputy commissioner, led to a sharp decline in property transactions due to its high rates. Before its imposition, property transfers generated PKR 620 million annually, but revenues plummeted to just PKR 60 million.
Read: KP launches interest-free loans for small businesses, house construction
The committee, led by the Senior Member Board of Revenue (SMBR) and comprising key stakeholders, reviewed the tax and deemed it illegal under the Stamp Act of 1899. The tax, limited to municipal areas and later extended to Mardan and Nowshera, excluded Peshawar Development Authority (PDA) zones.
According to reports, the tax was implemented based on recommendations from the Federal Board of Revenue (FBR). Public backlash prompted actions against it, leading to the formation of a review committee. The committee has proposed abolishing the tax and recommended a six-month exemption from the deputy commissioner’s rate to boost property transactions and revitalize the real estate market.
The proposal now lies with the Chief Minister, whose approval could mark the end of the unpopular tax and bring much-needed relief to property owners and buyers. If enacted, the move is expected to revive property transactions and boost revenue generation across the region.
Read: Land ownership goes digital in KP: CM launches Jaidad Card for citizens
This recommendation signals a proactive step toward reforming property tax policies and revitalizing Peshawar’s real estate sector.
https://www.zameen.com/news/peshawar-may-scrap-structure-tax-on-buildings.html
House prices rose by 4.7% in 2024, says Nationwide
UK house prices ended 2024 some 4.7% higher than at the start of the year, according to the
Nationwide.
Property prices and housing market activity remained "remarkably resilient" despite
affordability challenges facing buyers, the lender said.
The average home in the UK cost £269,426 at the end of December, its figures show.
Despite the latest rise, the average cost remains below the peak seen in the summer of 2022.
The Nationwide, the UK's biggest building society, said prices of terraced homes rose fastest
during the year.
Northern Ireland saw the fastest price growth, its mortgage data shows, with values also rising
faster in northern England than in the south, although all regions saw an increase.
Bad news for homebuyers in the Northeast and Midwest
Potential home shoppers in the Northeast and Midwest may be in for
disappointment: Despite signs of cooling in the last year’s intensively competitive
housing market, a new report from Zillow says some areas will stay especially
competitive this year.
The Zillow report predicts the hottest housing markets for 2025; Buffalo, a city that
sits on New York’s western border with Canada, tops the list.
Buffalo has two new jobs per home permitted, according to the report. That means
Buffalo could see an influx of new workers moving to the city – pushing
homebuilding to fall further behind housing demand, said Skylar Olsen, Zillow’s chief
economist. As a result, Buffalo’s home prices are forecast to grow an additional 3%
in 2025 after jumping nearly 6% last year, according to the report.
Buying a home has grown more difficult for many Americans amid elevated
mortgage rates and a lack of affordable options, fostering frustrations so deep they
even helped shape anger at incumbents in last year’s US elections. Now, Zillow’s
report shows that the deck could still be stacked against home shoppers in many
major American cities this year.
Indianapolis; Providence, Rhode Island; Hartford, Connecticut; and Philadelphia are
also expected to remain hot markets this year, according to Zillow. Home prices in
those cities are expected to grow between 3% and 4% on average.
Zillow, an online real estate marketplace, ranked the nation’s 50 most populous
metros by “hotness” by combining its internal home value growth projections with
how quickly homes are selling and publicly available job growth and home permitting
data.
“In many of these areas, construction has really struggled to keep pace,” Olsen told
CNN. “The reason new construction is so important right now is that existing owners
are locked in. That’s a lot of the determinant of pressure on prices.”
Many economists expected mortgage rates to fall by the end of last year, especially
after the Federal Reserve cut interest rates three times in 2024. But mortgage rates,
which determine the interest paid on home loans, have stayed higher than expected.
The average 30-year fixed mortgage rate was 6.91% last week, according to Freddie
Mac.
Elevated mortgage rates have kept existing homeowners with lower mortgage rates
reluctant to sell, effectively “locking” them into their current homes.
“Areas like Buffalo and a lot of the Northeast are so locked in, and existing owners
are just holding on,” Olsen said.
But buyers who are open-minded might find more favorable conditions elsewhere.
Zillow predicts home prices to fall in several cities in 2025, including New Orleans,
San Francisco, San Jose and Austin.
“In less competitive markets, you have much longer to make your decision, homes
spend longer on the market and there are more available,” Olsen said.
However, homeownership in a city like New Orleans or Austin may be a double-
edged sword. Falling home prices may mask other costs.
Louisiana, Texas and California have seen homeowners’ insurance costs skyrocket
in the past few years, as insurance companies seek to recuperate losses from
natural disasters like hurricanes and wildfires, according to a report last year from
online insurance marketplace Insurify .
“Homeowners insurance rates have risen since 2022, and it’s getting unaffordable,”
Leslie Heindel, a Realtor in New Orleans, told CNN last year. “You can get
something cheaper here now, but there’s a reason for it.”
Gurugram surpasses Mumbai and Dubai in ultra- luxury housing market – Check average property price
Gurugram has emerged as a fierce competitor to Mumbai and Dubai in the luxury real estate
category, setting new benchmarks and redefining urban opulence
apartment2-Freepik
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2024 has proven to be a groundbreaking year for India’s luxury real estate market. From stellar
deals in Gurugram to blockbuster sales in Mumbai, the super-luxury living trend is reshaping
the real estate landscape. Gurugram, in particular, has emerged as a fierce competitor to
Mumbai and Dubai in the luxury real estate category, setting new benchmarks and redefining
urban opulence.
As of December 2024, Gurugram’s DLF Camellias project is at the forefront of India’s real estate
headlines, with record-breaking property deals positioning the city ahead of both Mumbai and
Dubai in the ultra-luxury segment. “The most notable transaction was the purchase of a 16,290-
square-foot penthouse at DLF Camellias by a top executive in the tech industry for a staggering
₹190 crore. This equates to an astonishing ₹1,80,000 per square foot, firmly establishing
Camellias as India’s most expensive high-rise condominium,” informs Pradeep Mishra, CMD,
ORAM Developments.
The housing market is heading into 2025 with a worrying supply trend
There’s good news in the housing market to close out 2024: there’s a lot more
supply. The bad news: a lot of that supply is stale, sitting unsold for much longer
than usual.
Active listings in November were 12.1% higher than they were in November 2023
and hit the highest level since 2020, according to a new report from Redfin.
More than half of those homes (54.5%), however, had sat on the market for at least
60 days without going under a contract of sale. That is the highest share for any
November since 2019 and is up nearly 50% from the year before, according to the
report.
The typical home that did go under contract did so in 43 days, according to Redfin,
the slowest November pace since 2019.
“A lot of listings on the market are either stale or uninhabitable. There’s a lot of
inventory, but it doesn’t feel like enough,” said Redfin agent Meme Loggins, who was
quoted in the report. “I explain to sellers that their house will sit on the market if it’s
not fairly priced. Homes that are priced well and in good condition are flying off the
market in three to five days, but homes that are overpriced can sit for over three
months.”
Mortgage rates shot over 7% in October and have mostly stayed there through the
end of the year, according to Mortgage News Daily. Home prices also continue to
rise. The latest monthly price report from S&P CoreLogic Case-Shiller, released
Tuesday, showed prices nationally up 3.6% in October compared with the same
month a year earlier.
“With the latest data covering the period prior to the election, our national index has
shown continued improvement,” said Brian Luke, head of commodities, real and
digital assets at S&P Dow Jones Indices. “Removing the political uncertainly risk has
led to an equity market rally; it will be telling should the similar sentiment occur
among homeowners.”
Pending home sales, which is a measure of signed contracts to purchase existing
homes, rose in November both monthly and annually to the highest level in nearly
two years, according to the National Association of Realtors. They were, however,
coming off a very slow base. The Realtors claim interest rates are now at a new
normal.
“Consumers appeared to have recalibrated expectations regarding mortgage rates
and are taking advantage of more available inventory,” said Lawrence Yun, NAR’s
chief economist. “Mortgage rates have averaged above 6% for the past 24 months.
Buyers are no longer waiting for or expecting mortgage rates to fall substantially.
Furthermore, buyers are in a better position to negotiate as the market shifts away
from a seller’s market.”
The slower selling pace, however, doesn’t bode well for the new year, especially with
interest rates remaining elevated. There is still demand, but renters are remaining
renters longer, according to another Redfin report, due not only to higher home
prices but higher prices for brokers and movers.
The seller lock-in effect, where some sellers don’t want to trade their low mortgage
rates in order to move, did start to ease in 2024, according to a year-end report from
CoreLogic, but that was mostly due to life events or the need to tap accumulated
equity. The added inventory didn’t move the needle much on sales, as costs stood in
the way.
“Buyers are struggling to keep pace with housing prices. The cost of owning a home
now, when adjusted for inflation, is at its highest point in decades. This persistent
increase in prices and interest rates has created a challenging environment for both
first-time buyers and those looking to move up the property ladder,” wrote Selma
Hepp, CoreLogic’s chief economist, in the report.