Tarek Hamdy, CEO of Eighteen Housing, recently convened with a select group of journalists to underscore the real estate sector’s indispensable contribution to national growth. Amidst ongoing discussions about the upcoming relief package by the Pakistani government, Hamdy passionately argued for prioritizing the real estate industry, citing its multifaceted impact on the broader economy. Tax relief initiatives and streamlined regulatory procedures to encourage more robust activity within the sector.
CEO Eighteen highlighted that the real estate sector serves as a cornerstone for economic revival, with implications that extend far beyond mere property transactions. “Real estate isn’t just about buying and selling homes; it’s a catalyst for economic prosperity.” He pointed out that over 250 ancillary industries are intricately linked to real estate, ranging from construction materials to interior design services, all of which stand to benefit from a revitalized housing market.
He stressed that a thriving real estate market would create a ripple effect, generating employment opportunities, boosting consumer confidence, and ultimately contributing significantly to GDP growth. “By stimulating the real estate sector, we are not only rejuvenating housing demand but also fostering growth across various allied industries,” he added.
In advocating for government support, Hamdy proposed a series of measures aimed at easing business conditions and supporting property buyers stating that if government wants to facilitate economic recovery, it’s crucial to create an environment conducive to investment. Furthermore, addressing concerns raised by critics advocating for prioritizing manufacturing and other sectors, Hamdy emphasized the interconnectedness of industries. “While every sector is important, the real estate industry’s ability to stimulate growth across a broad spectrum of economic activities cannot be understated,” he argued. “A vibrant real estate market doesn’t just benefit homeowners; it fuels demand for goods and services across the board.”
Replying to a question about Eighteen housing progress, Hamdy provided an update emphasizing the rapid pace of progress. “With more than 15,000 workers actively engaged on-site, Eighteen is advancing steadily towards completion, ensuring that we fulfill our commitments to buyers and the community,” he stated. He highlighted that major infrastructure work is in full swing designed to enhance the living experience. “Our focus remains on delivering a world-class residential and commercial environment, and we are continuously scaling up efforts to bring Eighteen to life with unparalleled quality and efficiency.
With Eighteen Housing poised to lead by example, Hamdy remains optimistic that concerted efforts to bolster the real estate sector will pave the way for a robust economic recovery, benefiting Pakistan’s economy at large.
