REITs held back by tax, valuation gaps

At an SECP discussion, speakers said Pakistan’s REIT industry needs clearer property valuations, stronger oversight and less complicated tax treatment to expand. The Express Tribune reported that 29 registered schemes had funds totalling Rs173.1 billion in December 2025, while the global sector comprised 1,021 listed trusts worth $2.04 trillion at the end of 2024.

SECP Commissioner Imtiaz Haider described REITs as a possible channel for private funding of infrastructure and development, including through the use of existing public assets. Muhammad Ejaz of Arif Habib Dolmen REIT Management showcased Dolmen City REIT and Globe Residency REIT, reporting occupancy above 97% at both properties and a combined valuation of Rs86.88 billion on September 30, 2026. Speakers also called for changes to property transfer taxes and investment limits, while stressing that returns and liquidity depend on assets, scheme design and market conditions.