Dynamics of Pakistan’s Housing Market Post-2007-2008 Financial Crisis: Challenges, Reforms, and Prospects

Abstract

This paper examines the Pakistan’s housing market environment post the 2007-2008 financial crisis in light of challenges, reforms and prospects. Aims Employing an interpretivist research approach that integrates critical realism as well, the research explores the context and relationship between economic variables, policy measures, market variables, consumer behavior, and social factors. By adopting a coding framework and content analysis using the NVivo software, the study reveals substantial effects of inflation, GDP growth, housing finance policies, and urbanization on market dynamics. The findings show that factors such as urbanization and increasing demand for the products by consumers have led to problems of affordability, while imperatively inefficient policies and fluctuating economic conditions have constrained the efficiency of the market. It thus provides evidence of where the reforms should be most special to improve affordability, implementation and sustainable future urban growth. The paper offers policy implications to relevant policymakers and other market players for the sustainable development of the housing sector.

Keywords: Housing Market, Pakistan, Post-Financial Crisis, Urbanization, Policy Reforms