Real estate in Pakistan

Real Estate in Pakistan is an important and growing sector of the economy of Pakistan. Pakistan spends $5.2 billion on construction in a year. Moreover, many more billions are spent on buying residential and commercial plots. Real estate is the most favored investment tool for locals. People highly prefer to invest majority of savings in real estate. According to the Pakistan Bureau of Statistics, construction output accounts for 2% of GDP, with housing representing less than half that total. With the rate of urbanization that Pakistan has been experiencing, there is a growing need for urban planning.

According to FPCCI (The Federation of Pakistan Chambers of Commerce and Industry), real estate agents are playing an important role in the economic development of the country.

“Construction sector has grown by 9% which indicates its strength but this robust sector needs help of the real-estate sector,” it said in a statement.[1]

Demand for residential properties in Pakistan grew in 2010, leading to increased interest among real estate developers and investors. Since prices have exceeded 10 million PKR, new housing developments are often aimed at the upper middle class. To assist the real-estate sector, the Government of Pakistan announced a reduction in interest rates on mortgage loans in 2012.[2][3] Pakistan is home to Asia's largest real estate investors, Bahria Town, Graana Group of Companies, Property Kingdom, Aarz.pk, ilaan.com & ilaqa.com.[4][5] [6][7]

Real Estate industry in Pakistan generates revenue from within and from overseas Pakistanis. This sector has been deprived from marketing and technology - there is not a single brand so far which has offices across Pakistan. Also, the issues people face in this sector are related to the secure and smooth transactions. Graana.com and other portals are now in the market to provide better facilities in this sector, also, they are introducing awareness campaigns on the real estate issues through characters like PAT The Patwari. PAT will be explaining the real estate terminologies and help people solving the issues they face in the real estate industry.

Another development in this sector is happening with the introduction of expos and festivals. These festivals are not only the platform for people to buy and sell, but an opportunity for them to learn about the market, get awareness on the real estate industry, and also provide entertainment for the kids and families who attend. Property Festival Islamabad is happening on October 20-21, 2018 at Pak-China Friendship center, which aims to provide awareness on the real estate issues in Pakistan through different keynote sessions and talks of industry experts, policy experts, and people representing the Government.

References

  1. ↑ Mcgraw, Sarrah (May 30, 2017). "FPCCI vows support to real estate agents". Tribune.
  2. ↑ Shehryar Qureshi, "Experts Predict A Prosperous Future For Pakistan Real Estate Sector", REIClub (blog) 12 March 2013, archived at the Wayback Machine, 15 August 2013.
  3. ↑ "Real estate: Abu Dhabi Group to invest $45 billion in Pakistan", The Express Tribune, 16 February 2013.
  4. ↑ "Our Pakistan", Bahria Town, retrieved 29 May 2017.
  5. ↑ Mcgraw, Sarrah (9 June 2017). "Real Estate Website in Pakistan". Aarz.pk.
  6. ↑ Sajjad, Muhammad (29 November 2017). "Real Estate Website in Pakistan". ilaan.com.
  7. ↑ "ILAQA - Buy & Sell Properties Across Pakistan with Unlimited Properties". ILAQA. Retrieved 2018-07-04.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.