Over the years, the Pakistani real estate market has seen tremendous change as a result of several variables including the economy, government policies, urbanization, and shifting demographics.
The Pakistani real estate market was comparatively underdeveloped before the early 2000s. With little engagement from institutions, private buyers and sellers dominated the market. The majority of transactions were made through conventional techniques, like direct negotiations or local real estate brokers.
Situation in the early 2000s
In Pakistan, housing complexes and gated communities began to appear in the early 2000s. These developments attracted a new group of customers seeking a higher level of living by providing contemporary amenities, infrastructure, and security features. Investors and homebuyers got fond of housing projects including Bahria Town, Defence Housing Authority (DHA), and Gulberg.
Real Estate Investment Trusts
Pakistan launched Real Estate Investment Trusts (REITs) in 2015 to increase investment in the real estate industry. Small investors have access to REITs as a means of investing in the real estate market without physically owning any real estate. This change sought to increase market liquidity and transparency.
Government Initiatives
The Pakistani government has implemented several programs and reforms to control the real estate industry over the years. These include steps to address problems including unauthorized development, money laundering, and unregulated housing schemes. The Real Estate Regulatory Authority (RERA) was established to bring responsibility and transparency to the industry.
Impact of Covid-19
The international economy, particularly the real estate market, was significantly impacted by the COVID-19 pandemic, which started in 2020. Due to the economy’s unpredictability, travel restrictions, and a decline in investor confidence, Pakistan’s real estate market also faced a slump. However, when things got better, the market started to show indications of recovery.
The situation of the Real Estate Market nowadays
Nowadays, the market is not fully stable according to clients and property dealers due to the unstable Pakistani economy. It’s expected to be better in the future.
9 thoughts on “Revolution of Real Estate in Pakistan”
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