On the Determinants of Real Estate Returns

Data on GDP growth, inflation, and remittances are collected from the Pakistan Economic Survey.[1] The growth rate of the consumer price index (CPI) has been used to measure inflation. The database of the State Bank of Pakistan has been used to collect data on interest rates. We used commercial banks’ lending rates to proxy the interest rate in the economy. While population density at the Pakistan level was extracted from the Pakistan Economic Survey. However, data on the city-wise population density was not available, therefore, we computed it by extrapolating the city-wise density figure for 2017 on the basis of city-wise population growth rates.