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| Construction & Real Estate Overview |
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Whereas construction and housing holds enormous growth potentials, the lack of adequate housing is one of the most pressing problems Pakistan is facing at present. This phenomenon is not something peculiar to Pakistan. The United Nations Centre for Human Settlements estimated in 1995 that over a billion people worldwide live in inadequate housing and that the world's homeless population totals over 100 million. |
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In Pakistan, however, the problem is generated mainly due to rapid population increase which grew from 84 million in 1981 to over 125 million in 1996. According to the 8th Five Year Plan, there is a shortage of 6.25 million housing units in the country and this shortage is increasing at the rate of 150,000 housing units every year which will increase to over 10 million units during the next 20 years. According to the Plan, in order to overcome this problem at least 500,000 housing units would have to be built every year. |
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Coupled with this demand, the gulf between rural and urban divide is narrowing at a rapid rate. Rural migrations towards major cities like Karachi, Lahore and Islamabad are triggering, besides other civic developments, and increased demand for apartments, scheme offering plots and shopping centers of all types and sizes. The overall increase in GDP growths rate is also reflected in micro and macro local and foreign investment in all sectors. This has a direct bearing on the construction industry and real estate as more and commercial building and business centers are being planned and launched. |
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