Pakistan had 29 registered Real Estate Investment Trust (REIT) schemes by March 2026, with an aggregate fund size of Rs173.1 billion recorded in December 2025, according to figures presented during a Securities and Exchange Commission of Pakistan (SECP) Talk Series session. Speakers at the event highlighted the potential of regulated REITs to bring property investments into the formal economy, connect real estate with capital markets and attract private-sector funding for development projects. They also stressed that the sector’s expansion would depend on transparent property valuations, effective governance, investor protection and simpler tax rules. The discussion examined opportunities to use REIT structures for commercial property, rental income, development projects and infrastructure financing, while recognising that investor returns and the liquidity of these schemes are not guaranteed.
Commissioner Imtiaz Haider welcomed participants and discussed the role REITs could play in mobilising private investment for major infrastructure projects. Potential applications include motorways, bridges, energy parks and logistics hubs, where structured investment vehicles could provide another channel for financing assets and development initiatives. Haider also suggested exploring the use of REITs to unlock value from existing public assets and support the financing of development projects. Such arrangements could help connect property-related assets with investors through regulated market structures, subject to the suitability of individual projects and the applicable legal and financial requirements. The discussion positioned REITs as a potential link between real estate assets, private capital and long-term development needs.
The figures presented at the session also placed Pakistan’s market within the context of the global REIT industry. At the end of 2024, the global market had 1,021 listed REITs with a combined market capitalisation of US$2.04 trillion. These figures illustrate the scale of the international market, where investors can gain exposure to income-generating property through listed investment vehicles rather than directly purchasing and managing real estate. Pakistan’s reported 29 registered schemes represent a much smaller market, but speakers identified opportunities to expand the sector through a wider range of investment structures and stronger participation from investors. Growth, however, would require confidence in the underlying assets, reliable disclosures and regulatory arrangements that allow investors to understand the risks involved.
Zahid Latif Khan, Chairman of ISE REIT Management Company Limited, discussed the international REIT market and presented the Rs5.67 billion ISE Towers Rental REIT as a local example. He also outlined possible opportunities for rental, developmental, hybrid and parking REITs in Islamabad and Rawalpindi. These structures can serve different investment purposes depending on the assets involved and how a scheme is organised. Rental REITs generally focus on income-producing properties, while developmental schemes are linked to property development. Hybrid structures may combine different approaches, and parking-related assets could provide another potential category for investment. The opportunities discussed indicate possible areas for market expansion, although the commercial viability of individual schemes would depend on demand, asset quality, financing arrangements and prevailing market conditions.
Muhammad Ejaz, Chief Executive of Arif Habib Dolmen REIT Management Limited, presented Dolmen City REIT and Globe Residency REIT as examples of Pakistan’s existing REIT market. He said Dolmen City REIT had a market capitalisation of Rs86.88 billion as of September 30, 2026, while occupancy at both properties discussed was above 97%. Occupancy levels can provide an indication of demand for rental space and the extent to which properties are being used to generate income. Market capitalisation, meanwhile, reflects the market value of a listed investment vehicle’s equity. These indicators offer information about the scale and operating performance of individual schemes, but they do not eliminate the risks associated with property investments or guarantee future returns. The examples were presented as part of a broader discussion on how established schemes could help inform the development of Pakistan’s REIT industry.
Ejaz also called for rationalising property transfer duties and taxes and reviewing investment limits to support the sector’s expansion. Property-related taxes and transfer charges can affect the cost of transactions and the feasibility of moving assets into investment structures. A review of these arrangements could influence the attractiveness of REITs for property owners, developers and potential investors. However, changes to tax rules or investment limits would require consideration of the wider regulatory framework and the implications for market participants. The session highlighted the importance of making the investment environment more accessible while retaining the protections needed for investors and the financial system.
Speakers stressed that transparent valuations, effective governance and clear disclosures are essential to building confidence in REIT schemes. Independent property valuations can help investors assess the basis on which assets are priced, while trustee oversight provides an additional layer of supervision within the scheme structure. Clear reporting can help investors understand the assets held, the financial position of a scheme and the risks associated with its investment strategy. Investor awareness was also identified as an important priority because REITs do not guarantee returns or immediate access to invested funds. Their performance and liquidity depend on the underlying properties, the structure of the scheme and market conditions. Property values, rental demand, occupancy, financing costs and the broader economic environment can all affect investment outcomes.
The session was attended by SECP Chairman Dr. Kabir Ahmed Sidhu, Commissioners Imtiaz Haider, Muzaffar Ahmad Mirza and Ali Farid Khawaja, along with business leaders, students and lawyers. The event concluded with a question-and-answer session, giving participants an opportunity to discuss the issues raised during the presentations, followed by the presentation of commemorative shields to the speakers. The discussion highlighted both the existing scale of Pakistan’s REIT market and the structural considerations that could influence its future development. Expanding the number and variety of schemes could create additional channels for property investment and infrastructure financing, but sustained growth will depend on credible asset valuations, strong oversight, clear disclosure practices and a tax framework that supports participation without weakening investor safeguards.
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