Real estate key to economic growth, says industry expert

LAHORE: Tarek Hamdy, CEO of Eighteen Housing, has underscored the real estate sector’s critical role in driving national economic growth. As discussions continue on the government’s upcoming relief package, Hamdy has urged policymakers to prioritise real estate, citing its far-reaching impact on multiple industries. He advocated for tax relief measures and streamlined regulations to stimulate greater activity in the sector.

In a statement issued on Tuesday, he highlighted that real estate is a cornerstone of economic recovery, influencing more than just property transactions. “Real estate isn’t just about buying and selling homes; it is a catalyst for economic prosperity,” he said. He pointed out that over 250 ancillary industries -- ranging from construction materials to interior design -- are directly linked to the sector and stand to benefit from a revitalised housing market.

Hamdy stressed that a thriving real estate sector creates a ripple effect, generating employment, boosting consumer confidence, and significantly contributing to GDP growth. “By stimulating the real estate market, we are not only driving housing demand but also fostering growth across various allied industries,” he added. Calling for government intervention, Hamdy proposed measures to ease business conditions and support property buyers.