ZameenDevelopments, the sister site of Zameen, the No. 1 real estate marketplace in Pakistan, has accelerated efforts to launch residential apartment and commercial property projects in Pakistan.
ZameenDevelopments, established in 2018, has launched at least six of its own high-end property projects in prime locations in different cities. The business is also open for investors to develop off-plan real estate projects in a joint venture.
Owned by Emerging Markets Property Group (EMPG), ZameenDevelopments is is being backed by property vertical Zameen, with the two hoping to expand influence across the country’s burgeoning real estate market. There are few example globally of a marketplace doubling up as a housing development business, so Zameen is an interesting case study.
Low cost of borrowing and recent tax incentives announced by the Pakistani government have triggered a boom in the real estate market. There remains a significant shortfall of housing units in the country.
UAE-based EMPG also owns marketplaces in 16 countries, including well-known names like Bayut, Lamudi and Mubawab. EMPG took over OLX Group’s operations in the Middle East and Pakistan after selling a 39% stake to Prosus for $150 million.