lSLAMABAD: Tarek Hamdy, CEO of Eighteen Housing, has called on the Federal Board of Revenue (FBR) to grant immediate tax relief incentives to stimulate the real estate sector, emphasizing the pivotal role the industry plays in the national economy.
Speaking to a select group of journalists, Hamdy highlighted the sector’s critical contribution to economic recovery and urged the government to reduce transaction taxes and streamline taxation and regulatory procedures.
Hamdy argued that real estate is far more than just a property market, pointing out its extensive link to over 250 ancillary industries, including construction materials, interior design services, and many others. These sectors stand to benefit greatly from a revitalized housing market, he explained, which would in turn stimulate economic activity and drive national growth.
“Real estate isn’t just about buying and selling homes; it’s a catalyst for economic prosperity,” Hamdy stated, stressing that a flourishing housing market has a ripple effect that boosts employment, fosters consumer confidence, and contributes significantly to GDP growth. The CEO of Eighteen Housing further highlighted that supporting real estate would create a multiplier effect, benefitting not only those directly involved in property transactions but also a range of allied industries.
In his appeal to the government, Hamdy proposed several key measures to enhance the real estate business environment. He advocated for tax relief, reduced transaction taxes, and more transparent, streamlined regulatory procedures to ease the burden on property buyers and investors. He made it clear that the government must take proactive steps to incentivize investment if it is serious about driving the country’s economic recovery.
Hamdy also addressed concerns from critics who argue for prioritizing manufacturing and other sectors over real estate. While acknowledging the importance of all industries, Hamdy made a strong case for the unique role real estate plays in stimulating growth across a broad range of economic activities. He emphasized that a vibrant real estate market fuels demand for goods and services, benefiting a wide variety of sectors beyond just construction and property development.
“A thriving real estate market doesn’t just benefit homeowners; it fuels demand for goods and services across the board,” he noted.
The call for tax relief and regulatory reform comes at a time when the government is reportedly planning an upcoming relief package. Hamdy’s comments underline the importance of prioritizing the real estate sector in this package, arguing that its revitalization would have far-reaching benefits for the broader economy.
As discussions continue around the economic recovery plan, the real estate sector is hoping that the government will recognize its potential as a driver of growth and take steps to support it through favorable tax and regulatory measures.
