Economist Claims Value of DHA Karachi Properties Rivals Entire Pakistan Stock Exchange

KARACHI: Pakistani economist and Next Capital Director Najam Ali has claimed that the estimated value of real estate and land in DHA Karachi is roughly equal to the combined market capitalization of all companies listed on the Pakistan Stock Exchange.

In a post on social media platform X, Najam Ali argued that Pakistan’s property market has experienced an artificial boom that has placed home ownership beyond the reach of many ordinary citizens.

According to the economist, a significant portion of investment in recent years has flowed into land and real estate rather than productive sectors of the economy. He contended that the rapid rise in property prices was not driven by genuine economic growth or value creation but largely by untaxed or undocumented wealth seeking a safe investment avenue.

Ali said this trend has had serious consequences for the country’s middle-income and salaried classes, who now find it increasingly difficult to afford even a modest house or residential plot because property prices have risen far beyond their purchasing power.

The economist described the situation as a structural challenge for Pakistan’s economy, arguing that excessive investment in non-productive assets has diverted capital away from sectors that generate employment and economic growth.

Najam Ali, a graduate of Harvard Business School and the University of Michigan, is a prominent figure in Pakistan’s financial sector and has previously served as Chief Executive Officer of JS Investments. His remarks have sparked discussion in economic circles about the country’s real estate market and investment priorities.