Tokenisation of Real Estate: Evaluating Pakistan's Potential

Commercial real estate in Pakistan has been effectively inaccessible to retail investors. Minimum tickets run well beyond household savings, and the listed REIT market is shallow.

Fractionalisation changes the arithmetic. A tokenised claim on a rental REIT can be denominated at a level that admits ordinary savers, and smart contract distribution removes much of the administrative cost.

SECP's regulatory sandbox provides the mechanism to test this without a full rewrite of the REIT regulations, though participants have noted that the sandbox's duration is short relative to a property cycle.