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Pakistan Real Estate Report Q3 2011 Published on June 2011

Report Summary Pakistan's commercial real estate sector is going through its third consecutive tough year as demand for space continues to fall. Weak economic growth coupled with high inflation and measures to stem the increasing inflation weigh heavily on the industry. A major influence in the marketplace currently is the intervention of the government in low-cost residential property. The government is determined to provide housing access to the entire population ' a tall order when 40% are below the poverty line. The Capital Development Authority (CDA) has launched numerous projects to build residential and multi-use properties. The Pakistan Housing Authority, a subsidiary of Ministry of Housing and Works, constructs affordable apartments and says it is the first time that the government has itself got involved the actual construction of affordable housing. Both agencies have attracted some negative press for focusing on projects targeted at government employees and politicians, rather than those in poverty. It is outside the government sector and its residential projects influence that demand has really dried up. Many small businesses, unable to afford the rent and the other costs that come with commercial premises, have been forced to use residential premises, despite the risk of penalties and fines. These once-tenants have essentially removed themselves from the commercial real estate market and we have seen big falls in rents at the minimum end because of this. Some of the key opportunities currently in the real estate market are: -Despite the downturn, new construction projects are underway and there is scope for developments which offer the population more safety and security in volatile country. -The development of multi-use projects has just started and looks likely to be the way of both helping the government meets its target of housing-for-all and developing better-quality commercial space. The country has its first mega-development project, The Centaurus in Islamabad, which as of May 2011 had the basement, retail shopping mall space and 20 floors of residential apartments completed. Some key risks to the current real estate market are: -Rents have and are falling but yields have not moved much at all, indicating that property prices have fallen by nearly as much as rents. -The country's economic imbalance between growth and inflation pose an ongoing threat to the sector. -While Pakistan's real estate fortunes are somewhat linked to the success or failure of companies in Dubai, the country is at the mercy of the Middle East. -The highest risk to the country at the moment comes from large-scale military or terrorist action and/or a similar extent of devastation caused by nature.

Table of Content Executive Summary . 5 SWOT Analysis 7 Pakistan Real Estate/Construction SWOT 7 Pakistan Economic SWOT 8 Pakistan Business Environment SWOT .. 8 Real Estate Market Overview .. 9 Table: Pakistan's Real Estate Market ' Rents, 2009 And 2010 (m²/month, US$) 10 Table: Pakistan's Real Estate Market ' Net Yield, 2010 And 2011 (%) 10

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>> Get this Report Now by email! Table: Pakistan's Real Estate Market ' Terms Of Contract/Lease . 11 Table: Pakistan's Real Estate Market ' Available And Vacant Space, Mid-2010 11 Real Estate Market Analysis . 12 Industry Forecast Scenario 13 Real Estate Outlook .. 13 Table: Pakistan's Real Estate Markets ' Rents, 2010-2012 (m²/month, US$) .. 14 Table: Pakistan's Real Estate Market ' Forecast Net Yield, 2008-2015 (%) . 15 Construction And Infrastructure Outlook .. 16 Table: Pakistan Construction And Infrastructure Industry Data, 2007-2015 16 Table: Pakistan Construction And Infrastructure Industry Data, 2012-2020 17 Macroeconomic Outlook . 19 Table: Pakistan - Economic Activity, 2008-2015 21 Business Environment 22 Real Estate/Construction Business Environment Ratings .. 22 Table: Asia Real Estate/Construction Business Environment Ratings .. 22 Pakistan's RECBER .. 23 Project Finance Ratings: Outlook For Asia Pacific .. 24 Table: Design And Construction Rating . 27 Table: Commissioning And Operating Rating . 29 Table: Overall Project Finance Rating 30 Pakistan's Business Environment .. 31 Table: BMI Business And Operation Risk Ratings . 31 Table: BMI Legal Framework Rating .. 33 Table: Labour Force Quality 37 TABLE: ASIA, ANNUAL FDI INFLOWS 38 Table: Trade And Investment Ratings .. 40 Table: Top Export Destinations, 2002-2009 . 42 Competitive Landscape .. 45 Company Profiles 46 Bestway Cement .. 46 Ev-K2-CNR 47 BMI Methodology 48 How We Generate Our Industry Forecasts 48 Construction Industry .. 49 Bank Lending 50 Real Estate/Construction Business Environment Rating . 50 Table: Weighting Of Indicators .. 51 Project Finance Ratings Indicators .. 54 Table: Design And Construction Phase .. 54 Table: Commissioning And Operating Phase ' Commercial Construction 55 Table: Commissioning And Operating Phase ' Energy And Utilities 56 Table: Commissioning And Operating Phase ' Transport . 57 Sources 58

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Pakistan Real Estate Report Q3 2011  

Pakistan's commercial real estate sector is going through its third consecutive tough year as demand for space continues to fall. Weak econo...

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