How to Invest in a REIT on the Pakistan Stock Exchange: 7 Listed REITs and Their Risks
Seven REITs trade on PSX, from Rs 7.78 to Rs 39.65 a unit on 9 October 2026. How to buy them, the 15% dividend tax, and why two lost over a third in a year.
You can buy units of a real estate investment trust (REIT) on the Pakistan Stock Exchange through any broker account, the same way you buy a share. Seven REITs trade on PSX today. Prices on 9 October 2026 ran from Rs 7.78 to Rs 39.65 a unit, and over the past year one REIT gained 24 per cent while two lost more than a third of their value.
A REIT pools investors' money and puts it into property: a mall, an office block or apartments being built. You own units in the trust, not a piece of the building. We checked every listed REIT on the PSX data portal after the close on 9 October 2026. TPL REIT Fund I rose 7.65 per cent that day, which is one reason people are searching for REITs now. The newest, the Naya Nazimabad Apartment REIT, was marked with a listing ceremony at PSX on 1 October 2026, which the Finance Minister attended.
Seven REITs trade on the Pakistan Stock Exchange
The offer document of the Naya Nazimabad Apartment REIT, published on the PSX website, names six REITs already listed before it. With Naya Nazimabad, that makes seven. All seven appear under the "Real Estate Investment Trust" sector on the PSX data portal.
| REIT (symbol) | Type | Price, 9 Oct 2026 | Change over one year |
|---|---|---|---|
| Dolmen City REIT (DCR) | Rental | Rs 39.65 | Up 24.33% |
| Naya Nazimabad Apartment REIT (NNAR) | Developmental | Rs 21.75 | Listed in 2026 |
| Signature Residency REIT (SRR) | Developmental | Rs 16.99 | Down 2.36%, same as its 2026 figure |
| Globe Residency REIT (GRR) | Developmental | Rs 16.84 | Down 13.86% |
| JS Rental REIT (JSRR) | Rental | Rs 10.95 | No change shown |
| TPL REIT Fund I (TPLRF1) | Hybrid | Rs 9.01 | Down 36.33% |
| Image REIT (IREIT) | Hybrid | Rs 7.78 | Down 34.62% |
The one-year figures are the portal's own, and the portal says they are not adjusted for payouts. So a REIT that paid a dividend did a little better than its figure shows. Dolmen City REIT is by far the biggest, with a market value of about Rs 88 billion. TPL REIT Fund I is next at about Rs 16.5 billion, then Naya Nazimabad at about Rs 6.4 billion. The other four are worth between about Rs 0.6 billion and Rs 2.4 billion each.
Rental, developmental and hybrid REITs earn money differently
The type of REIT decides where your return comes from and how risky it is.
- Rental REIT: owns a finished building and collects rent. The Naya Nazimabad offer document describes Dolmen City REIT and JS Rental REIT as purely rental REITs, each with a single commercial property.
- Developmental REIT: builds apartments or shops and sells them. Profit arrives only when units are built, sold and paid for. Globe Residency, Signature Residency and Naya Nazimabad are this type.
- Hybrid REIT: does both. TPL REIT Fund I calls itself a Shariah compliant hybrid REIT invested in three projects in Karachi. Image REIT holds built premises and land for development.
The Naya Nazimabad offer document is plain about the risk of its own type. It warns that a developmental REIT carries risks related to construction, sale of the developed units and collection of the money. It also says dividends, if any, depend on the scheme's net profit.
How to buy REIT units on PSX, step by step
Buying a REIT unit works exactly like buying a share. If you already trade shares, you need nothing new.
- Open an account with a PSX broker licensed by the SECP. You get a trading account and a CDC sub-account in your name. Our guide to start investing on PSX covers the documents.
- Become a tax filer if you are not one. Non-filers pay double tax on dividends.
- Look up the REIT's symbol on the PSX data portal, for example DCR or NNAR. Check the price, the day's volume and the 52-week range.
- Read the REIT's latest accounts and announcements on its PSX page before you buy. Look for the net asset value per unit and the last dividend.
- Place a limit order through your broker's app at the price you are willing to pay.
- Check that the units appear in your CDC account after settlement.
New REITs are also sold through public offers before listing. For Naya Nazimabad, the offer document set the minimum retail application at 500 units at the issue price. Our guide on how to apply for an IPO on PSX explains that route.
REIT dividends are taxed at 15 per cent for filers
Most of a REIT's return to you comes as dividends. Under Pakistan's tax law, a REIT scheme's own income is exempt from income tax only if it pays out at least 90 per cent of its accounting income to unit holders. Bonus units do not count towards that 90 per cent. The Naya Nazimabad offer document repeats this rule and says the scheme will distribute not less than 90 per cent as dividend, unless its board decides otherwise.
| Tax on REIT income | Filer | Non-filer |
|---|---|---|
| Dividend from a REIT | 15% | 30% |
| Profit when you sell units | Capital gains tax, worked out through your broker and NCCPL | |
The dividend tax is taken before the money reaches your bank account. Our dividend tax guide for PSX lists the full rates from the Income Tax Ordinance. A developmental REIT may pay nothing for years while it builds, so do not count on a regular income from that type.
Check these risks before you buy a REIT
A REIT is not a fixed-return product. Its price moves every day like a share, and it can fall a long way.
- Price falls: TPL REIT Fund I lost 36.33 per cent over the year to 9 October 2026, even after its 7.65 per cent jump that day. Image REIT lost 34.62 per cent.
- Thin trading: only 96 units of JS Rental REIT changed hands on 9 October. In a thin market you may not be able to sell quickly at a fair price.
- Construction risk: in developmental REITs, delays or weak sales cut profit.
- Limited life: some REITs are set up for a fixed period. Naya Nazimabad's offer document gives it an indicative life of 120 months, ending around June 2032.
If you are not sure, a property or equity mutual fund spreads your money wider. Our guide to investing in mutual funds in Pakistan compares that route. If a broker misleads you about a REIT, you can complain against your stockbroker at PSX.
Common questions
How many REITs are listed on PSX?
Seven: Dolmen City REIT, JS Rental REIT, Globe Residency REIT, TPL REIT Fund I, Image REIT, Signature Residency REIT and Naya Nazimabad Apartment REIT.
Can I buy REIT units with a normal share trading account?
Yes. REIT units trade on PSX like shares, so any broker account with a CDC sub-account works.
What is the cheapest REIT unit on PSX?
On 9 October 2026, Image REIT closed at Rs 7.78 a unit and TPL REIT Fund I at Rs 9.01. A low price does not mean a good deal; both lost about a third of their value over the year.
How much tax is charged on REIT dividends in Pakistan?
15 per cent for active tax filers and 30 per cent for non-filers, deducted before payment.
Do REITs have to pay dividends?
A REIT keeps its tax exemption only if it distributes at least 90 per cent of its accounting income. If it makes no profit, as can happen during construction, there may be nothing to pay.
How we verified this
What we checked, where we read it, and what we could not confirm.
Last checked 9 October 2026 at about 5:30 pm PKT. Prices are the closing prices of Friday 9 October 2026.
- Pakistan Stock Exchange data portal, company pages for DCR, GRR, TPLRF1, NNAR, SRR, JSRR and IREIT: dps.psx.com.pk
- Offer for Sale Document of Naya Nazimabad Apartment REIT, published on the PSX website: psx.com.pk
- Finance Division press release No. 649 of 1 October 2026 on the Naya Nazimabad Apartments REIT listing ceremony: finance.gov.pk
- Securities and Exchange Commission of Pakistan, Real Estate Investment Trust Regulations, 2022: secp.gov.pk
The REIT types come from the PSX company profiles and the Naya Nazimabad offer document. Market values are rounded from the portal's figures.
About the author
Global Affairs & Political Economy Writer
Muhammad Hatim is a book lover who started writing because he enjoys it. At Pakistan Era he writes about international relations, geopolitics and the global economy, with a particular interest in South Asia and the forces behind current events.
