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.
Affordable housing projects: Govt to announce major incentives for finance access
ISLAMABAD:
The government is planning to announce major incentives for granting access to
finance for affordable housing projects including re-introduction of markup subsidy for low
cost schemes.
The decision was taken during the last meeting of the Working Group on “Access to Finance”
under the Chairmanship of Hafiz Mian M Nauman (Ex-MPA Punjab), Convener at Naya Pakistan Housing Development Authority (NAPHDA).Sources told Business Recorder that the head of the working group principally agreed to a reduction of Policy Rate and Fixed Term loans for 10 to 20 years to promote mortgage
financing, especially for affordable housing projects.
Home delistings soar 64% to the highest level in nearly a decade as buyers turn down sellers
Home delistings reached a nine-year high in December after the market was inundated with sellers but not enough buyers. An influx of housing inventory has left homeowners pulling their listings off the market at a high rate as there are not enough buyers to keep up with sellers.Home delistings in December spiked 64% from a year ago to 73,000, their highest levels since 2015, according to CoreLogic data cited by the Wall Street Journal. While delistings typically surge in the winter, the magnitude of the latest jump indicates
an unusually wide mismatch in supply & demand.On the supply side, December saw 1.15 million U.S. homes on the market, a 16% increase from a year ago, according to the National Association of Realtors. But demand has been weak. In 2024, home sales fell to the lowest level in nearly 30 years as mortgage rates stayed high.
High home prices have also weighed on demand. Even new homes, which are
increasingly being built smaller and priced lower, have seen less uptake. The number of completed homes that are ready to occupy rose 46% in December to 118,000, according to the National Association of Home Builders.As supply outweighs demand, delistings allow homeowners to avoid selling for less than
others in the neighborhood in the hopes that conditions will improve.In fact, spring is typically the season when prospective buyers go house hunting, & more sellers may put their homes back on the market then.
Why building affordable housing is so expensive
It’s a small, red brick apartment building on a side street in Hazelwood.
It looks like many other older Pittsburgh apartments but the 100-plus-year-old building is a case study in one of the region’s most pressing housing problems: why is it so expensive to create affordable housing?
The building, owned by nonprofit Rising Tide Partners, will soon undergo a $2.7 million rehab to upgrade nine apartments. At a total cost of roughly $300,000 a unit which includes the cost of construction as well as other related expenses such as financing fees,architects, engineering, among other things the building illustrates the challenges in creating more affordable housing in Pittsburgh and Allegheny County.
Pittsburgh’s most recent Housing Needs Assessment study found the city is short more than 8,000 affordable units for its lowest-income residents.
A lack of affordable housing forces people to pay a greater share of their income towards rent: the same report found two in five renters in Pittsburgh are spending more than 30% of income on housing, with more than one in four spending more than 50% of their income on housing. This means a sudden, unexpected life event or expense — the loss of a job or a car breakdown — can put people at risk of eviction and homelessness.
As housing costs have risen in recent years and political pressure has grown around the issue, elected officials have pledged to do more. In recent months, Pittsburgh Mayor Ed Gainey has touted his efforts to raise funds through an affordable housing bond, and County Executive Sara Innamorato has pledged to create 500 units of affordable housing in 500 days.
But, building affordable housing is expensive, time-consuming, and difficult. Why?
High construction costs, a complex system of financing that requires developers to assemble multiple funding sources for projects, a web of government rules, and the need to keep rents low for tenants are all factors, according to interviews with local advocates and developers.
Housing 'number one issue' for government, says Irish PM
Taoiseach (Irish prime minister) Micheál Martin has insisted that housing is the “number one issue” for the Irish government.
It comes as he faced criticism over the use of housing data ahead of the general election last year.
Sinn Féin President and Leader of the Opposition Mary Lou McDonald accused Martin and Tánaiste (deputy prime minister) Simon Harris of deceiving the electorate that 40,000 new homes would be delivered last year.
In reply, the taoiseach said the government was “extremely disappointed” that the actual number homes delivered in 2024 was lower than the official target of 33,000, adding there was “no attempt to deceive”.
Affordability a growing concern for anyone looking to buy a home in Maine
The cost of building rental units is stabilizing, but the homeownership market continues to pose challenges, with median home prices reaching historic highs.PORTLAND, Maine — MaineHousing’s latest 2025 Housing Outlook Report paints a mixed picture for the state’s housing market.The cost of building rental units is stabilizing, allowing for more affordable housing developments, but the homeownership market continues to pose challenges, with median home prices reaching historic highs.The Portland Housing Authority built 105 affordable housing units in 2024 and is on track to match or exceed that in 2025, provided funding remains steady.PHA Executive Director Brian Frost emphasized that construction costs carry a lot of weight.”Everyone is really focused on the cost of construction and how we can figure out ways to bring those costs down,” he said. A key factor that aided affordability for the PHA in 2024 is the growth in Maine’s construction labor force, which allows projects to be completed faster. The quicker the job gets done, the less construction loan interest the housing authority has to pay. The money saved can then go toward building additional housing units.
https://www.newscentermaine.com/article/news/local/housing/mainehousing-2025-housing-outlook-report-affordability-home-buying-cost/97-35e70e03-8cdd-47e8-aa3b-6287a5ec4f95
UK housing market ‘starts new year with a bang’, says Rightmove
Number of homes new to market 11% higher than a year ago, despite uncertainty over interest rates & stamp duty A record number of new sellers have come on to the UK housing market since Boxing Day,while the average price & the number of sales agreed also increased, pointing to a busier 2025, according to a report. The average price of a property coming to market rose by 1.7%, or £5,992, this month to £366,189, the biggest jump in prices at the start of the year since 2020, the property website Rightmove said in its monthly report. While prices usually bounce back in the new year after a seasonal fall in December, before Christmas, the rise was pronounced this month.Buyers are understood to be more comfortable bidding for homes in response to falling interest rates, which could fall more steeply this year after official figures showed inflation fell in November by more than expected to 2.5%.
Values were still almost £9,000 below May 2024’s all-time record, though, reflecting affordability constraints among some buyers. The number of new properties coming to market was 11% higher than a year earlier while the number of buyers contacting agents about
properties for sale since Boxing Day is 9% ahead of last year, and the number of sales being agreed over the same period is up by 11%.
https://www.theguardian.com/business/2025/jan/20/homes-uk-housing-market-new-year- rightmove
Nearly 1.5 million homes sold last year, up 21 percent
Some 1.48 million homes changed hands in Türkiye last year, marking a robust 20.6 percent increase compared to 2023, according to data the Turkish Statistical Institute
(TÜİK) released on Jan. 21. In December alone, the housing market expanded by 53.4 percent year-on-year with 212,637 homes sold. Home sales recorded double-digit annual growth rates between July & December 2024, hitting as high as 76 percent in October and 64 percent in November.
Mortgaged homes sales were down 10.8 percent in 2024 from 2023 to 158,486 units.However, mortgage homes sales skyrocketed 285 percent year-on-year in the final month of last year to 23,277, showed TÜİK data.
There are a couple of reasons why people have been buying homes in the last couple of months, according to experts.
The decline in home prices in real terms, the anticipation that home prices will start to pick up as lower interest rates will rekindle demand for properties, which will eventually lead to higher prices, say experts.The residential property index rose by 29.4 percent in December from a year ago. The index, however, declined by 10.4 percent year-on-year in the month in real terms, the Central Bank announced earlier this month.
The Central Bank launched the easing cycle in December by lowering its policy rate one-week repo auction rate — from 50 percent to 47.5 percent in a move that marked the
first cut in nearly two years as inflation continued to slow.
The bank is expected to deliver another 250bps cut this week when its Monetary Policy Committee meets on Jan. 23.
Istanbul remained the hottest property market last year when 239,213 residential properties were sold in the mega city. The capital Ankara came second at more than 136,000 homes sold, followed by the western province of İzmir at 80,398.
Despite the strong rebound in the housing market last year, homes sales to foreign nationals were poor.
In 2024, foreigners bought a total of 23,781 residential properties in Türkiye, a 32.1 percent decline from the previous year.
The share of homes sales to foreigners in total remained at 1.6 percent, said TÜİK.
Russians were the largest buyers at 4,867, followed by Iranians at 2,166 and Ukrainians at 1,631.
https://www.hurriyetdailynews.com/nearly-1-5-million-homes-sold-last-year-up-21- percent-204933
Home Sales Stalled as 7% Mortgages Weigh Down Market
Housing market dynamics are facing significant challenges as new contracts for home purchases are falling sharply. According to a recent report on January 20, 2025, the number of homes going under contract has dropped by 10% compared to the same period last year.The slowdown marks a stark change from the vibrant sales growth observed in late 2024. According to data from IndexBox, home sales in the fourth quarter of 2024 were up 5% to 10% from the previous year. However, the momentum has reversed, with pending contracts now declining.
The elevated mortgage rates, consistently above 7%, are seen as a primary factor hindering buyer activity, causing many potential buyers to adopt a wait-&-see approach. Rising Inventory & Stagnant Prices The sluggish sales are contributing to an increase in inventory.Currently, 632,000 single-family homes remain unsold in the U.S.,marking a 1.25% rise from last week & a substantial 25% increase from a year ago. Condo inventories are also
ballooning, with 177,000 units on the market, reflecting a 30% year-over-year increase. Despite
the growing inventory, price metrics have mostly remained flat. The median price for newly pending home sales this week is pegged at $375,000, virtually unchanged from last year, a scenario atypical for this part of the year when prices generally tend to rise. The median price of all homes in the contract pending stage stands at $394,000, showing a 3.6% increase from a year ago. Future Outlook and Concerns Market experts are closely observing leading indicators such as price reductions, which have become more prevalent. This week, 33.5% of homes in the market witnessed price cuts from their original listing, compared to 31% the previous year. This suggests that homeowners are feeling pressured by the high mortgage rates and are adjusting prices to stimulate buyer interest. The current state of the housing market signals potential challenges ahead. With fewer buyers willing to commit amidst high borrowing costs, inventory
levels are likely to rise unless there is a significant change in mortgage rates. As it stands, many industry analysts are speculating on whether the market will maintain stability or face further downward pressure in the coming months. Please mention the Source:
https://www.indexbox.io/blog/home-sales-stalled-as-7-mortgages-weigh-down-
market/
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 & 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 & 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/
One Homes Takes on Pakistan’s Student Housing Gap with First- Ever Purpose-Built Community
British investment group addresses Pakistan’s $30 billion student housing crisis with the launch of its first purpose-built co-living development.
LAHORE: One Homes, a British real estate developer with a $435 million portfolio in
Pakistan, has announced its latest venture to tackle the nation’s student housing crisis.With 22.6 million urban students in need of proper accommodation, Pakistan faces a
significant shortfall of Purpose-Built Student Accommodation (PBSA). Experts estimate the market value of this untapped sector exceeds $30 billion annually.To address this pressing need, One Homes has secured a prime location in Lahore’s higher education district, surrounded by over 100,000 students and a dozen universities within a three-mile radius. This landmark project will be Pakistan’s first purpose-builtstudent
community.
The development’s first phase will focus on creating safe, high-quality housing for female students, a demographic often underserved by existing housing options. Future
phases will aim to expand access to additional groups of urban youth.“This project is about more than just building homes—it’s about shaping the future,” said Aqib Hassan, Chief Commercial Officer of One Homes. “Our mission is to empower young people, particularly women, by providing secure and inspiring environments that enable them to thrive.”
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.
sanket-shah-F_3qC
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 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.
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 newhome.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 & complaints that locals are being priced out of the housing market.
Meanwhile, his socialistadministration 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 percent tax rate for non-EU non-residents could profoundly reshape Spain’s property market,sending ripples through the country’s tourist economy & beyond.
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 & 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 & utility bills and buy food & medicine,” the CM said.”She further said that interested parties can fill out an online application on the PITB online portal.”
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,& 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
SC overturns IHC's decision on plot allotment to judges and bureaucrats
IHC had ruled the plot allotment scheme for retired judges & 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
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.
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/
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.
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 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.
https://www.cnbc.com/2024/12/31/housing-market-supply-stale.html
Mayor overseeing catastrophic' housing progress
The Mayor of London Sir Sadiq Khan has overseen a catastrophic rate of progress on his affordable homes programme, according to the shadow housing secretary Kevin Hollinrake.According to the latest data, construction started on 902 new affordable homes under the programme between October & December last year, the Local Democracy Reporting Service said.
The mayor office blamed the programme sluggish progress on the disastrous legacy of the previous government adding Sir Sadiq is determined to turbocharge the delivery of housing.The increase brings total funding for the programme to £4.16bn, including £4bn of funding
handed down by the previous Conservative government.Under that government the mayor was originally set a goal of starting work on 35,000 affordable homes by the end of the programme, but the target was slashed last year to between 23,900 & 27,200 homes, following a re-profiling exercise as costs rose.So far, however, City Hall has started just 3,026 homes, meaning it is only 13% of the way towards hitting the lower end of the reduced target, despite being more than halfway through the time available since receiving funding in July 2023.
The right to access affordable and quality housing
The growing European housing crisis demands a people-centred response, that involves city leaders, to ensure housing policies that grant access to quality, affordable homes for all citizens.“Our cities are at the forefront of this challenge,” says André Sobczak, Eurocities Secretary General. “Housing affordability has become a critical issue as costs surge, outpacing income growth and pushing millions of Europeans to the brink.”As one of their ten priorities for a better Europe, mayors are calling for a greater role to shape policies that prioritise housing as a fundamental right & a cornerstone of social cohesion The impact of the housing crisis Local governments already implement innovative solutions to tackle challenges such as housing
shortages and soaring costs to energy inefficiency. For instance, Budapest has created a Housing Agency to provide affordable housing and renovate privately-owned apartments, while
also repurposing public buildings for social housing. Dublin is creating new social housing
apartments by adapting and refurbishing vacant office and commercial buildings.In Lyon, the metropole acquired 87 properties to renovate and has transformed them into
social rental products for families & students. Barcelona has taken significant steps to address
its housing affordability crisis, for example reinvesting rental income from public housing into
new developments. Additionally, the city leverages public land for long-term leases to housing
cooperatives and non-profit developers, reducing construction costs while maintaining public
ownership
https://eurocities.eu/latest/the-right-to-access-affordable-and-quality-housing/
Australia to ban foreign investors from buying existing homes for two years
Australia has announced a two-year ban on foreign investors purchasing existing homes,starting April 1, 2025, as part of efforts to address the ongoing housing crisis. This policy aims to free up approximately 1,800 properties annually for local buyers. The decision comes amid growing dissatisfaction with housing affordability, a key issue in the upcoming general elections.re banning foreign purchases of established dwellings
from April 1, 2025, until March 31 2027, treasurer Jim Chalmers said in a statement with housing minister Clare Neil. The ban, which will run until March 31, 2027, is seen
as a move to ease the pressure on housing supply. A review of the policy will be conducted to determine whether it should be extended further. Under the government’s plan, foreign investors – including temporary residents such as
international students and foreign-owned companies – will not be allowed to purchase an established dwelling in Australia from April 1, 2025 until March 31, 2027
PM directs prompt completion of low-cost housing projects
ISLAMABAD, Jan 13 (APP):
Prime Minister Muhammad Shehbaz Sharif on Monday directed
completion of ongoing federal government’s low-cost housing projects expeditiously, besides
asking for collaboration with the private sector to boost investment in the housing projects.The prime minister also instructed ensuring a third-party validation of construction in the federal government housing projects.The prime minister chaired a review meeting of the ongoing projects in the Ministry of Housing.Federal Ministers Riaz Hussain Pirzada, Ahsan Iqbal, Attaullah Tarar and other senior officials attended the meeting, PM Office Media Wing said in a press release.The ministry of housing informed the prime minister about the progress on the ongoing
reforms and policy measures in its various departments.It was informed that consultations with all the stakeholders for amendments in the National Housing Policy 2001 had been completed and the process for its final approval would be
completed by March 2025 as per the prime minister’s instruction.The meeting was further apprised that the system for allocating houses to the government
employees and grant of rents had been digitized, which would help eliminate corruption and bring transparency in the system.
The prime minister was also apprised of the ongoing and future projects under the Pakistan
Housing Authority.
The meeting was told that work was progressing rapidly on 630 low-cost residential units in
Kuchlak, Quetta and 4,112 residential units in Islamabad.The prime minister directed for prompt completion of these projects and third-party validation.
https://www.app.com.pk/national/pm-directs-prompt-completion-of-low-cost-housing-projects/
Intriguing year' ahead for housing market — QV
While the flat housing market which dominated last year has rolled into 2025, QV operations manager James Wilson said there was the potential for more “substantial growth” later in the year.
In the latest numbers from the QV House Price Index, residential property values have increased slightly, up 1.3% on average nationally in the January quarter.
The average house is now worth $913,567 – 1.3% less than at the same time last year and 14.1% below the market peak in 2021.
Wilson said the slow start has been expected, due to the economic factors at play such as high interest rates, credit constraints, a weakness in the labour market, and an oversupply of properties for sale.
Despite that, the upcoming year could be an “intriguing” one for the market.Wilson said there have been less home value reductions, and what little growth there is does appear to be trending “slightly upward”.“At the same time, mortgage rates are falling and property sales volumes are building, which could pave the way for more substantial growth later this year.“That won’t happen overnight, of course, but we will be actively monitoring this space with interest – as I’m sure many sellers, purchasers and investors will be throughout 2025.”Across the main urban areas QV monitors across the country, only three had recorded modest reductions this quarter.These areas were Whangarei (-0.3%), Hastings (-0.3%), & Queenstown(-1.5%).Otherwise, Auckland (1.4%), Hamilton (2.3%), Tauranga (1.4%), Napier (2.9%), Dunedin (2.3%) and especially Invercargill (3.8%) all recorded above-average increases in home value throughout the three months to the end of January 2025, QV said.Wilson noted there has been an “uptick” so far in 2025 in the number of properties on the market across most centres nationwide.“Summer is traditionally the peak season for buying and selling, so it’s unsurprising to see more buyers and sellers in the market, especially as economic circumstances improve,” added Wilson.“What will be interesting to see is how long it takes for this excess stock to be absorbed, because that’s when we will see demand start to push prices up in a more substantial way.
https://www.1news.co.nz/2025/02/11/intriguing-year-ahead-for-housing-market-qv/
Making people homeless costs more than housing them - MP
Green MP Tamatha Paul has criticised the Government’s new Kāinga Ora policy – aimed at getting tough on tenants who don’t pay rent or engage with support services – and warned this could lead to increased anxiety and homelessness among vulnerable populations, particularly Māori and Pacific families.
Despite a decrease in the total rent debt owed to Kāinga Ora, Paul warns that “making” tenants homeless is more harmful and costly than supporting their housing needs.
She called for a flexible housing system that accommodates financial difficulties, highlighting the negative impact on children living in public housing.
She said she was concerned about removing the Sustaining Tenancies Framework, which previously helped tenants maintain housing stability despite rent arrears.
To promote accountability and protect taxpayers, the Government is introducing stricter consequences for Kāinga Ora tenants who refuse to pay rent or engage with support services.
Tama Potaka, the Associate Housing Minister, says the new policy aims to reduce rent arrears among state house tenants while supporting those willing to pay off their debts
https://pmn.co.nz/read/politics-/making-people-homeless-costs-more-than-housing-them-mp
Is the Vietnamese Housing Market Facing a Downward Spiral? Experts Weigh In
Ethnic minorities spend a greater share of their household income on housing than White British counterparts but get less in return, a think tank claims.Ethnic minorities are more likely to live in damp or overcrowded conditions, according to a new Resolution Foundation survey. It reveals how what it calls “stark housing affordability gaps” cannot be fully explained by ethnic minorities being, on average, younger, more likely to privately rent, & live in high-cost areas than White British adults.The survey explores other explanations, including stronger neighbourhood preferences as well as discrimination.On average, ethnic minority adults live in households that spend more of their income on housing than their White British counterparts. This is especially true for Bangladeshi & Arab adults, who spend over twice as much of their household income on housing than White British adults (23% and 26% respectively, compared to 11%).The analysis shows this is not simply reflective of lower incomes among ethnic minorities.Despite having higher household incomes than White British adults, on average, Chinese & Indian adults still spend more proportionally on housing (16% and 15% of their incomes).At least half of the housing affordability gap between ethnic minorities and White British adults is due to differences in age, tenure and region (except for Pakistani adults, where these factors explain 42% of the gap) with low home ownership being the biggest cause.However,a significant portion of the affordability gap facing ethnic minority adults remains unexplained, according to the study.
City of Hamilton opens 55 new affordable housing units for vulnerable women and children
The City of Hamilton added 55 affordable housing units this week with the opening of a new building on Bay Street North.Mayor Andrea Horwath said the brand new CityHousing Hamilton (CHH) building includes a mix of both single and family units that will be a blend of deeply affordable, rent geared to income and moderately affordable — meaning half market rent.
“We are doing everything we can and leveraging every available resource to increase the affordable housing supply in Hamilton,” Horwath said in a news release on Monday. She also attended the ribbon cutting to mark the opening.Horwath said the housing strategy includes “utilizing city-owned surplus lands, and repurposed parking lots like this site — to build affordable housing across the entire City of Hamilton as identified by the housing secretariat.”
The 55 new homes are primarily dedicated to women and their children fleeing violence, or are currently homeless or at risk of becoming homeless, the mayor said.
“These are vulnerable women and children that will now have a safe and stable home,” Horwath said. “Not only are buildings like these moving us forward on our council priority to increase the supply of affordable housing, but they also help us accelerate our response to climate change, another important priority for city council. This new build is as high performing a building as you can get.”CHH has a portfolio of 7,142 units of affordable housing in the city, providing homes for more than 13,000 Hamiltonians, the city says. CHH also manages close to 50 per cent of the purpose-built affordable rental stock in Hamilton.
CDA Goes After Famous Housing Society in Islamabad
The Capital Development Authority (CDA) has raised concerns about the Jinnah Garden Housing Scheme’s failure to transfer land designated for public amenities, a key requirement outlined in its approved layout plan.
Located in Zone IV of Islamabad, the cooperative housing society is currently entangled in legal proceedings at the Islamabad High Court. The CDA recently submitted a comprehensive report to the court, highlighting multiple breaches of the layout plan, which will be reviewed in the next hearing.
Violations in Phase I Extension
According to the report, the Phase I extension of Jinnah Garden, covering 1,826 kanals, received CDA approval in 2021 under specific terms and conditions. However, the society’s operators have yet to transfer land allocated for parks, playgrounds, open spaces, graveyards, and roadways to the civic body
https://propakistani.pk/2025/02/04/cda-goes-after-famous-housing-society-in-islamabad/
Welsh government allocates extra £10m for affordable housing
Affordable housing providers in Wales will receive £10m in additional funding to boost development, the government has announced.The in-year funding has been earmarked for 16 sites, which will deliver 238 new homes. The money will be used to acquire properties & land where homes will be developed.The homes will contribute to the Welsh government’s target of delivering 20,000 new low-carbon homes for social rent. Although it noted the funds will also support homes started in 2025-26 and completed in the next Senedd term.A further £30m from the Social Housing Grant in the 2025-26 Budget will support the developments as well, the Welsh government said.Jayne Bryant, cabinet secretary for housing and local government, said the extra funding marked a culmination of work begun last year, when she first took on the role from predecessor Julie James.Ms Bryant wrote to providers asking them to identify schemes that may not be in their main development programmes but could be completed within the Senedd term if funding is secured.She told Inside Housing that the extra funding was “very exciting, but we do know that there’s still more to do”.“We’ve got our target, but we also know we need to build more affordable homes more generally in Wales, that will be after that date [the end of this Senedd term] as well.”
Bajaj Housing Finance Share Price Live blog for 06 Feb 2025
Bajaj Housing Finance Share Price Today Live Updates : On the last trading day, Bajaj Housing Finance opened at ₹116.20 and closed slightly lower at ₹115.75. The stock reached a high of ₹118.60 and a low of ₹114.50 during the session. With a market capitalization of ₹95,723.76 crore, the company has experienced a 52-week high of ₹188.45 and a low of ₹103. The BSE volume for the day was 562,398 shares
New Year, New Housing Market? Are The Winds Of Change Beginning To Blow?
The housing market looks set to remain relatively static throughout the opening months of 2025, following yet another flat quarter.Our latest QV House Price Index shows residential property values edged upwards by an average of just 0.1% nationally in the December quarter, which was not enough to finish the year in the black. The average home is now worth $902,414, which is 0.3% less than at the start of 2024 and 15.2% below the market’s peak just over three years ago.
Now that flattening trend looks set to continue throughout the early part of 2025, with little evidence to suggest that property values are set to grow substantially this summer, according to QV operations manager James Wilson.
“It’s been ‘steady as she goes’ throughout much of last year, and it looks like it’s going to stay that way for a while yet. It’s a new year, but the same restraining factors are still very much at play – including sustained weakness in the labour market, a high cost of living, credit constraints, and a surplus of properties for sale on the market today,” he said.“The marked uplift in demand for housing that has come as a direct a result of falling interest rates hasn’t yet converted into any significant price pressure, so we’re only seeing very small pockets of growth. However, we also haven’t seen quite so many reductions this quarter in particular, which indicates that we’re now at or very close to equilibrium in the market.
New Year, New Housing Market? Are The Winds Of Change Beginning To Blow?
The housing market looks set to remain relatively static throughout the opening months of 2025, following yet another flat quarter.Our latest QV House Price Index shows residential property values edged upwards by an average of just 0.1% nationally in the December quarter, which was not enough to finish the year in the black. The average home is now worth $902,414, which is 0.3% less than at the start of 2024 and 15.2% below the market’s peak just over three years ago.
Now that flattening trend looks set to continue throughout the early part of 2025, with little evidence to suggest that property values are set to grow substantially this summer, according to QV operations manager James Wilson.
“It’s been ‘steady as she goes’ throughout much of last year, and it looks like it’s going to stay that way for a while yet. It’s a new year, but the same restraining factors are still very much at play – including sustained weakness in the labour market, a high cost of living, credit constraints, and a surplus of properties for sale on the market today,” he said.“The marked uplift in demand for housing that has come as a direct a result of falling interest rates hasn’t yet converted into any significant price pressure, so we’re only seeing very small pockets of growth. However, we also haven’t seen quite so many reductions this quarter in particular, which indicates that we’re now at or very close to equilibrium in the market.
Is the Vietnamese Housing Market Facing a Downward Spiral? Experts Weigh In
The Vietnamese real estate landscape is undergoing significant shifts as mid- & high-end properties are predicted to face considerable declines. Industry experts attribute this to last year’s inflated prices and shifting buyer behavior.While the residential segment cools down, industrial real estate is projected to thrive,
attracting increased investment. Resort properties are expected to divide drastically;
individually owned assets will flourish, whereas shared ownership will struggle due to an insufficient legal framework.Future Outlook for Key Cities In the major metropolitan hubs of Hanoi & Ho Chi Minh City, the property markets are set for vibrant yet cautious growth. While Ho Chi Minh City may experience slight price increases, parts of Hanoi could see stagnation or minor declines. Neighboring areas will largely remain insulated
from the escalating prices seen in these cities.
Investment Dynamics and Risks Foreign direct investment is expected to rise, alongside steady public sector funding. However, private enterprise investment appears stable without significant breakthroughs. Market observers anticipate a competitive landscape in 2025, particularly as other investment avenues become appealing.
Factors such as geopolitical tensions and global economic fluctuations pose threats; nonetheless,
local market stability seems likely for the upcoming years. Experts advocate for bolstering regulatory frameworks to enhance market resilience, particularly concerning new financial instruments like real estate trusts and tax regulations. On a holistic level, improved planning and infrastructure development are critical to fostering a healthy real estate sector moving forward.Implications of Vietnam’s Evolving Real Estate Market The current transformations in Vietnam’s real estate landscape extend beyond mere market fluctuations; they are reflective of broader societal & cultural dynamics. The decline in mid-and high-end properties signals a shift in consumer priorities, with buyers increasingly favoring affordability & practicality over luxury. This transition can redefine Vietnam’s cultural narrative around homeownership, as economic accessibility becomes paramount.
Furthermore, the potential uplift in industrial real estate highlights an evolving economic
focus. As Vietnam positions itself as a key player in global supply chains, the attraction of industrial investments reflects the nation’s integration into the global economy. This shift not only brings job creation & skill development but also nurtures local economies, particularly in
regions adjacent to major urban centers.
This New York city will be the hottest U.S. housing market in 2025, Zillow says homes there go for under $230,000
For the second year in a row, Buffalo, New York, has been dubbed the “hottest” real estate market out of the 50 most populous U.S. cities, according to online brokerage Zillow.Zillow’s “hottest” housing markets for 2025 are those with the strongest growth in home values & buyer demand. Rankings consider forecasted price increases, how quickly homes sell, inventory shortages, rising rents and local job and population growth, using data from the U.S. Bureau of Labor Statistics, the U.S. Census Bureau & the company’s own listing data.
The places that ranked the hottest tend to be medium-sized cities with lower-than-average home prices, suggesting that buyers are seeking out cheaper homes amid rising prices.While prices are increasing in Buffalo, they remain relatively affordable, with an average home value of $223,812 — well below the U.S. average of $356,585, according to Zillow’s latest data.Aside from Buffalo, Indianapolis, Indiana; Providence, Rhode Island; Hartford, Connecticut;& Philadelphia round out the top five hottest markets.
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
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 & 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/
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
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, & second,the unprecedented advancement in women’s empowerment & 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,& sustainable practices, SPHF has set a global benchmark for disaster recovery efforts.
https://dailytimes.com.pk/1240469/pakistans-housing-initiative-shines-at-cop29/
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
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-
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;& Philadelphia arealso 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.”
https://edition.cnn.com/2025/01/07/business/hottest-housing-market competition zillow/index.html