Make housing affordable

2026-03-20 - 00:01

THE aspiration to own a home remains one of the most deeply cherished dreams for families. Yet, in today’s harsh economic climate, that dream has steadily drifted out of reach for a vast majority. Rise in property prices and construction material have created a landscape where even modest housing seems unattainable. It is against this backdrop that the directive by Prime Minister Shehbaz Sharif to ensure an effective delivery of housing finance assumes significance. Chairing a meeting, the prime minister underscored the urgency of providing affordable housing, promoting private sector participation, and improving public facilities. However, intent alone is not enough. The contours of the proposed housing finance framework remain unclear. Key questions persist: How much financing will be made available? At what interest rates? And, most importantly, how accessible will these facilities be for low- and middle-income households? Past experiences suggest that schemes often falter not due to lack of vision but because of complicated procedures and limited outreach. For any initiative to succeed, it must be simple, transparent and tailored to the financial realities of ordinary citizens. Equally critical is the need to address the root causes driving housing unaffordability. High taxation within the construction sector has significantly contributed to rising costs. Rationalizing and reducing these taxes could directly lower the price of building materials, making home construction more feasible. Without such measures, housing finance alone risks becoming a partial solution- offering loans for homes that remain prohibitively expensive to build. Then the importance of the construction sector extends far beyond housing. It is a key driver of economic activity, with strong linkages to multiple industries including cement, steel, transport, and labour. Revitalizing this sector can generate widespread employment opportunities, from skilled engineers to daily wage workers. In a time when job creation is urgently needed, encouraging construction can provide both immediate relief and long-term economic benefits. Therefore, a holistic and carefully planned approach is essential. Housing finance must be complemented by tax reforms and incentives that stimulate both supply and demand. Ultimately, making homeownership attainable again requires more than policy announcements; it demands sustained commitment and coordinated action. Supporting families in securing homes while revitalizing the construction sector is not just an economic necessity; it is a social imperative.