UK Recognizes The Real Estate Sector Of Pakistan
UK Recognizes The Real Estate Sector Of Pakistan:Pakistan has a backlog of over 12 million housing units, a situation witnessed in Egypt 15 to 20 years. An interesting aspect of this market is that even with smaller plot sizes, such as half kanal or five marla, the demand is for three to four bedrooms with en-suite bathrooms – which compared to the rest of the world, is considered a luxurious proposition. Clearly, Pakistan is an emerging market in real estate with people turning into savvy buyers and demanding good design.
The Eighteen, one of the country’s leading realty firms, has landed in the northwestern Europe with a grand launch in London, at The Dorchester, an announcement said on Thursday.
The statement said the event attracted several notable overseas Pakistanis along with a number of British dignitaries.
Commenting on the development, Tarek Hamdy, CEO, Eighteen, said the company had completely revolutionised the real estate projects in Pakistan by adding the modern state of the art feel to all our projects, thus redefining the way people want to live.
“Next in line is our network expansion, which aims to provide accessibility and convenience to our consumers across the globe, and today I am extremely honored to announce our arrival in the United Kingdom,” Hamdy said.
Speaking on the occasion, Baroness Warsi (Sayeeda Warsi) said the Eighteen shows a side of Pakistan that many were unaware of.
“It projects all the glory behind our country and sets a benchmark for current and upcoming real estate projects,” Warsi said.
The Eighteen major shareholders, Ora Developers, have been in the luxury real estate business since decades and have successfully completed projects in Cyprus, London, Grenada and Egypt and they wanted to do the same in Pakistan. Other partners in Eighteen are Saif Group and Kohistan Builders and Developers.
The partners had, about a decade ago, bought land near Islamabad airport. It was after this that the conceptual design of the project started and we were required to submit the master plan as well as environment and infrastructure reports for approval from the relevant building authorities. The project plans received formal approval in November last year and this is when we officially started the project.
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