Private property right is a basic moral and economic precondition of attaining individual excellence. It is the bedrock institution of capitalism and is essential for the preservation of individual freedom. The right to own property (in any shape or form) is intrinsically linked to personal wellbeing, which in turn maximizes the overall wealth of society.
As far as private property rights in Pakistan are concerned, the Constitution of Pakistan, 1973, under its various Articles, provides the citizens the right to acquire, hold and dispose of property in any part of the country. Despite various laws pertaining to the ownership, transfer, acquisition, taxation, registration, tenancy etc. of private property, tedious process of acquiring landed property and their weak protection remains one of the major hurdles in poverty reduction and economic progress of Pakistan.
The dismal state of private property rights is evident from Pakistan’s standing in some of the Global Economic Indices. According to the World Bank’s Ease of Doing Business Report (2019), Pakistan ranks 136 out of 190 countries. On the other hand, in terms of Global Competitiveness Index it ranks 107 among 140 economies. Further in terms of Economic Freedom, it stands at 131 out of 180 countries. Lastly, the country’s performance in international property rights index is also depressing, currently standing at 121 out of 125 countries.
PRIME Institute has been involved in undertaking evidence-based research on various aspects pertaining to Real Estate Market. It has been publishing papers, from reputed economists and public policy practitioners, on structural issues plaguing the real estate sector. Since 2013, it has published three papers on real estate and organized a multi-stakeholder consultative forum on strengthening of private property rights in Islamabad, where representatives from government, academia, public policy practitioners and civil society were present.
In continuation of its engagement on areas pertaining to Real Estate, PRIME has held a Report Launch on the topic of “How Strong is the Moral and Economic Foundation of Pakistan: Case of Private Property Rights”. A brief presentation was also given on the same in the upcoming report launch.
To read more, download the file: