Pakistan-wide Investment Guides
REITs in Pakistan: How Real Estate Investment Trusts Work and What You Can Buy
REITs in Pakistan explained: rental, developmental and hybrid trusts, the seven on PSX, who can buy unlisted ones, and what SECP's draft reforms would change.
In short
Pakistan had 29 registered REIT schemes by March 2026, with an aggregate fund size of Rs173.1 billion in December 2025, according to figures shared at an SECP session reported by ProPakistani (27 October 2026). REITs come in four types under SECP's REIT Regulations, 2022: rental, developmental, hybrid and investment-based. Seven REITs have pages on the PSX data portal (checked 29 October 2026). Their units trade on the exchange like shares, bought through a securities broker. Newly registered schemes raise money from "accredited investors". For an individual, that means being registered with NCCPL and holding assets of at least Rs5 million. SECP's September 2026 reform proposals are a draft for consultation. We found no date for when, or whether, they will take effect.
A REIT, or real estate investment trust, lets you own units in a pool of property instead of a whole plot or flat. This is a plain guide to REIT Pakistan basics: the types, which ones trade on the Pakistan Stock Exchange (PSX), who can buy the rest, and what the Securities and Exchange Commission of Pakistan (SECP) proposes to change. It is not investment advice.
How a REIT works
A REIT management company (RMC) runs the trust and a trustee holds the assets for unit holders. In the Naya Nazimabad Apartment REIT, the RMC is Arif Habib Dolmen REIT Management Limited and the trustee is the Central Depository Company of Pakistan, according to its Offer for Sale Document (20 August 2026).
The REIT Regulations, 2022 define the types. Their wording, as reproduced in that document, is:
- Rental: set up "with the purpose of generating rental income" from one or more projects. Income comes from tenants.
- Developmental: set up for "development, construction, refurbishment and/or rehabilitation of the Real Estate to generate income from sale of the Real Estate or any part thereof". Income comes from selling the flats, shops or plots it builds or improves.
- Hybrid: "a combination of different types of REIT Schemes".
- Investment-based: set up for investment in real estate "for capital gain purpose, excluding agriculture land".
A rental REIT is closer to owning a let-out building. A developmental REIT carries construction and sales risk, and usually has a limited life.
Listed vs unlisted REITs
Listed REIT units trade on PSX at whatever price the market sets.
Unlisted schemes raise money before they list. ProPakistani reported in January 2026 that newly registered schemes "are eligible to raise funds from accredited investors". The REIT Regulations define an accredited investor as an institution (a bank, company, insurer, broker, fund and others) or an "Individual investor (foreign or local) registered with National Clearing Company of Pakistan Limited having assets of at least Pakistani Rupees Five Million".
Unlisted schemes have to list within a deadline:
- Rental and investment-based schemes: within one year of the property being transferred into the scheme, under the recently amended regulations (ProPakistani, 26 January 2026).
- Developmental schemes, and hybrids with a developmental part: within three years of the transfer, under Regulation 7(1), as quoted in the Naya Nazimabad Apartment REIT's offer document.
The REITs listed on PSX
These seven have company pages on the PSX data portal, in the "Real Estate Investment Trust" sector (checked 29 October 2026). Types are taken from each REIT's own documents or manager, where we found them.
| Symbol | REIT | Type | What it holds |
|---|---|---|---|
| DCR | Dolmen City REIT | Rental | Dolmen Mall Clifton and the Harbour Front office tower, Karachi |
| JSRR | JS Rental REIT | Not stated on its PSX page | Not stated on its PSX page; JS Investments is its management company |
| TPLRF1 | TPL REIT Fund I | Hybrid | Mangrove, One Hoshang and Tech Park, through special purpose vehicles |
| GRR | Globe Residency REIT | Developmental | Apartments in nine towers in Naya Nazimabad, Karachi |
| IREIT | Image REIT | Hybrid | Rental and developmental parts, run by Sinolink REIT Management |
| SRR | Signature Residency REIT | Developmental | Signature Residency Apartments: flats and retail units |
| NNAR | Naya Nazimabad Apartment REIT | Developmental | Commercial plots in Naya Nazimabad, Karachi, plus plots and shops in Lahore |
A few figures, each from the date shown:
- Dolmen City REIT had a market capitalisation of Rs86.88 billion as of 30 September 2026, and occupancy "above 97 percent" at both properties, according to its manager's chief executive at the SECP session (ProPakistani, 27 October 2026).
- Globe Residency REIT listed on 28 December 2022, according to the Naya Nazimabad offer document, as Pakistan's first listed developmental REIT (ProPakistani). Its manager's page (checked October 2026) describes 1,639 apartments across nine towers and lists a maturity of four years.
- Naya Nazimabad Apartment REIT reported a net asset value of Rs30.03 per unit in a valuation dated 28 April 2026, in its offer document. Its sponsor offered 15% of the units to the public in September 2026, and its PSX listing was marked at a ceremony reported on 1 October 2026.
How to buy REIT units
On the market. Units are held in a CDS account at the Central Depository Company; the Naya Nazimabad offer document describes this as an investor account with CDC or a sub-account with a CDS participant, meaning a licensed securities broker or a commercial bank. To trade, you place orders by symbol (DCR, GRR and so on) through a securities broker, as you would for shares. What you hold is units, not a title to the property.
In a public offer. When a REIT sells units to the public, the offer document sets the rules. The Naya Nazimabad offer document set 75% of the offered units for book building, with a minimum bid of Rs2,000,000, and the other 25% for retail investors at the strike price. Retail investors applied through the e-IPO platforms of CDC and PSX, and those without a CDS account could use an "IPO Facilitation Account" and open one afterwards.
Read the offer document's risk factors before you buy. At the SECP session, speakers said REIT returns and liquidity are not guaranteed and depend on the property, the scheme's structure and market conditions (Express Tribune, 28 October 2026).
REITs vs MyZameen Property Blocks
Both let you put a small amount into property, but they are different things. A REIT is a trust under SECP's REIT Regulations (the Naya Nazimabad document gives its "Date of Registration of REIT Scheme with SECP" as 3 August 2022), with a trustee holding the assets, and listed units trade on PSX. In February 2025, Profit reported SECP saying it "does not regulate most real estate investment schemes, with the exception of Real Estate Investment Trusts (REITs)". MyZameen sells co-ownership shares in one named flat under a contract with the developer; see our MyZameen Property Blocks explainer.
Weighing a REIT against buying a plot or flat yourself? The transfer tax calculator shows the taxes on the direct route.
What SECP wants to change
On 10 September 2026, Arab News reported that SECP had put draft amendments to the REIT Regulations, 2022 out for public consultation, and that they "have not yet been finalized". The drafts would:
- lower the share of income and assets that must come from or be real estate to 65%, from 75%;
- let investment-based REITs hold vacant land and plots, subject to requirements;
- let group-level trusts and employee funds invest in unlisted schemes;
- extend borrowing from sponsors, directors and associated entities to 36 months, from 24;
- allow up to one more year to list a rental or investment-based scheme when delays result from circumstances beyond the control of their managers.
At the October session, the chief executive of Arif Habib Dolmen REIT Management called for rationalising property transfer duties and taxes (ProPakistani, 27 October 2026). ProPakistani reported on 1 October 2026 that SECP is revamping the REIT framework with the aim of "bringing Pakistan's Rs. 7 trillion real estate sector under regulated REIT units". None of this is in force, and we found no date for final rules (29 October 2026).
Frequently asked questions
What is a REIT in Pakistan?
A real estate investment trust set up under SECP's REIT Regulations, 2022. A management company runs it, a trustee holds the property, and investors own units.
Can I invest in a REIT in Pakistan with a small amount?
For the seven REITs with PSX pages, you buy units through a broker at the market price. Newly registered, unlisted schemes raise money from accredited investors, which for an individual means being registered with NCCPL and holding assets of at least Rs5 million.
REIT investment Pakistan: are returns guaranteed?
No. Speakers at SECP's October 2026 session said returns and liquidity depend on the property, the scheme and market conditions.
Can overseas Pakistanis buy REIT units?
The REIT Regulations' accredited investor definition includes individual investors "foreign or local", and the Naya Nazimabad offer was open to Pakistani residents, non-residents and foreign investors. If you live abroad, ask a securities broker which account you need before buying listed units.
Are SECP's REIT reforms final?
No. They were released for public consultation in September 2026, and we found no final notification as of 29 October 2026.
Sources
- PSX: Naya Nazimabad Apartment REIT, Offer for Sale Document (20 August 2026) psx.com.pk
- PSX: Signature Residency REIT, Offer for Sale Document (9 January 2026) psx.com.pk
- PSX: Image REIT, Prospectus (2 September 2025) psx.com.pk
- PSX Data Portal: Dolmen City REIT (DCR) dps.psx.com.pk
- PSX Data Portal: JS Rental REIT (JSRR) dps.psx.com.pk
- PSX Data Portal: TPL REIT Fund I (TPLRF1) dps.psx.com.pk
- PSX Data Portal: Globe Residency REIT (GRR) dps.psx.com.pk
- PSX Data Portal: Image REIT (IREIT) dps.psx.com.pk
- PSX Data Portal: Signature Residency REIT (SRR) dps.psx.com.pk
- PSX Data Portal: Naya Nazimabad Apartment REIT (NNAR) dps.psx.com.pk
- Arif Habib Dolmen REIT Management: Dolmen City REIT arifhabibdolmenreit.com
- Arif Habib Dolmen REIT Management: Globe Residency REIT arifhabibdolmenreit.com
- ProPakistani: Pakistan has 29 registered REIT schemes worth Rs. 173 billion (27 October 2026) propakistani.pk
- Express Tribune: REITs held back by tax, valuation gaps (28 October 2026) tribune.com.pk
- ProPakistani: SECP wants ordinary investors to enter real estate (1 October 2026) propakistani.pk
- Arab News: Pakistan proposes easing rules for real estate investment funds (10 September 2026) arabnews.pk
- The News: SECP proposes reforms to boost REIT sector (11 September 2026) thenews.pk
- ProPakistani: SECP registers 3 new REIT schemes in January 2026 (26 January 2026) propakistani.pk
- ProPakistani: Globe Residency becomes 1st listed developmental REIT (28 December 2022) propakistani.pk
- Profit: SECP warns of increasing fraudulent real estate schemes targeting senior citizens (7 February 2025) profit.pakistantoday.com.pk
