Pakistan expects its listed real estate investment trusts to roughly quadruple over the next two years, Finance Minister Muhammad Aurangzeb said. The expansion would significantly increase property investment options on the Pakistan Stock Exchange (PSX), which currently hosts seven listed REITs.
“There are 22 REITs that are supposed to list in the next couple of years,” Aurangzeb said during a virtual address on October 6.
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Adding all 22 planned listings would take the total to 29, slightly more than four times the existing number.
Aurangzeb linked companies’ fundraising plans to investment in the wider economy. Businesses raising equity on the exchange were “obviously looking to invest, expand local commercial operations or set up new units,” he said.
Record IPO fundraising supports expansion
The expected REIT listings come during a record year for Pakistan’s initial public offerings. Bloomberg’s compiled data showed 13 deals had raised Rs24.9 billion, equivalent to $89.8 million.
A stock market rally during 2024 and 2025 has helped bring companies back to the equity market. Growing retail participation over recent years has also supported that return.
Arif Habib Dolmen REIT Management alone plans to add 12 listed REITs to its existing four. Chairperson Arif Habib outlined that plan last week, according to the report. Those additions would account for more than half the anticipated 22 listings.
Investor participation reaches new highs
Official figures provide further evidence of the expanding investor base. At an October 1 PSX ceremony, Aurangzeb said September brought a record 25,281 new investors.
That took the exchange’s investor count to 656,218, compared with 321,144 in March 2024, according to the Press Information Department.
The ceremony marked the listing of Naya Nazimabad Apartments REIT. Aurangzeb said its book-building portion attracted subscriptions of around eight times the available offering. The general public portion drew subscriptions of 4.3 times.
He also reported 11 companies coming to market during fiscal year 2026, the highest number in over two decades. Another five IPOs followed during the first quarter of fiscal year 2027.
These fiscal-year figures cover different reporting periods from Bloomberg’s 2026 tally. Aurangzeb stressed that market confidence should finance businesses, infrastructure, housing, innovation and employment.
A broader route into property investment
REITs pool investors’ money into real estate, allowing participation without buying an entire property. Listed units also provide a stock exchange route into the sector.
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Pakistan’s market already includes property development schemes. In December 2022, PSX marked Globe Residency REIT’s listing as the country’s first listed developmental REIT. Arif Habib Dolmen REIT Management brought that scheme to the exchange.
The proposed additions would broaden that market substantially. However, the 22 listings remain an expected pipeline over two years, rather than completed offerings.
