REITs held back by tax, valuation gaps
“Growth in Pakistan's regulated Real Estate Investment Trusts (REITs) depends on transparent valuations, sound governance and simpler tax rules, speakers said at a Securities and Exchange Commission of…”
Commissioner Imtiaz Haider, who welcomed participants, said REITs could mobilise private investment for infrastructure including motorways, bridges, energy parks and logistics hubs, and suggested exploring their use to unlock value from existing public assets and finance development projects.
Zahid Latif Khan, chairman of ISE REIT Management Company Limited, presented the Rs5.67 billion ISE Towers Rental REIT as a local example and outlined potential rental, developmental, hybrid and parking REIT opportunities in Islamabad and Rawalpindi.
Muhammad Ejaz, chief executive of Arif Habib Dolmen REIT Management Limited, presented Dolmen City REIT and Globe Residency REIT, citing market capitalisation of Rs86.88 billion as of September 30, 2026, with occupancy above 97% at both properties. He called for rationalising property transfer duties and taxes and reviewing investment limits to support sector growth.
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Speakers stressed that REIT returns and liquidity are not guaranteed and depend on the underlying assets, scheme structure and market conditions. Independent valuation, trustee oversight, clear disclosures and investor awareness were identified as essential to building confidence.
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