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Developing Housing Finance in Pakistan – Challenges and Opportunities

Expanding home-ownership poses a fundament financial challenge arising 
out of the long-term nature of the asset, which calls for the development of 
institutions and markets to facilitate the flow of long-term funds. Development of 
the secondary mortgage market would alleviate classical maturity mismatch and 
liquidity issues. The public sector can provide an enabling environment with 
sound macroeconomic policies, corporate governance, rule of law, and 
enforceability of contracts. This study draws policy implications using the 
empirical evidence on the determinants of mortgage depth and penetration across 
countries. A large part of the variation in these two dimensions across countries is 
explained by the level of their financial development. Development of long-term 
sources of funds intermediated through specialized institutions seems particularly 
important, as we find that the development of pension funds, which are a source of 
long-term funding, is strongly associated with mortgage market development. 
Monetary and macro-economic stability, as indicated by a low and stable rate of 
inflation, appears to be a strong predictor of mortgage market development. We 
also detect a positive relationship between the degree of competition in the financial 
sector and mortgage market development.