ISLAMABAD ( WNAM REPORT ): General Secretary of the Islamabad Estate Agents Association, Chaudhry Zahid Rafiq, has said that vertical construction has become indispensable and should be included among the government’s top priorities. He emphasized that affordable housing, long-term housing finance by banks, and improved urban planning have become pressing needs of the time.
He noted that in developed countries, even low-income individuals are able to purchase homes through bank loans spanning 15 to 20 years, and Pakistan should adopt a similar model to make homeownership more accessible.
Welcoming the government’s decision to reduce withholding tax on property transactions and abolish Section 7E, Zahid Rafiq said these measures are positive steps for the real estate sector. However, he added that owning or building a home remains a major challenge for ordinary citizens due to the high cost of housing finance. He stressed that banks must offer long-term housing loans on affordable and flexible terms to facilitate homeownership for the general public.
