Pakistan’s
multi-billion-dollar real estate industry holds a bright future in 2016,
despite being affected by issues such as housing shortages, increasing taxes
and lack of transparency in property according to a new report on Pakistan’s
property market.
The findings are
contained in new research conducted by Pakistan’s best real estate website, Lamudi.pk. The second annual report released by Lamudi provides a comprehensive overview of
Pakistan’s property sector.
The report focuses on a
series of online surveys of both real estate agents and customers as well as
property experts’ interviews and Lamudi’s onsite data. The research examines
the change in real estate trends in 2014-15, the online property-hunting
trends, changes in real estate prices, the renting vs. buying patterns of
Pakistani house-hunters, the rising demand of sustainable homes, impact of
change in oil prices on Pakistan’s real estate sector and much more.
The first survey of real
estate agents examines the progress of Pakistan’s property market, the shift
from offline to online medium and their outlook for 2016. According to the
Lamudi Agents Survey, 78 percent believe that the outlook for Pakistan real
estate is positive.
The customer survey
predominantly focused on the house-hunting habits among property buyers and
renters, along with their preference for sustainable houses, buying vs. renting
demographics etc. According to the Lamudi customers’ survey, more than 50
percent of the respondents preferred to buy a house or an apartment over
renting one. Moreover, 36 percent of them think that sustainable features in a
home are extremely important.
Saad Arshed, Country
Director of Lamudi Pakistan, offered a statement about his own outlook for the
coming year. “I agree with the overall positive outlook of the agents with whom
we work. Looking at our own pricing data as well as reports from agents around
the country, the market is full of investment opportunities. Gwadar, Peshawar
and Bahawalpur are great examples of investment hot spots right now.”
Other indicators that
the Pakistan real estate market is growing in a positive direction are the
improved security situation in the country leading to increased foreign
interest and investment, which can be seen in projects such as the China and
Pakistan Economic Corridor (CPEC) and Turkeministan-Afghanistan-Pakistan-India
(TAPI) pipeline.
The report also covers
an in-depth interview with Raja Mazhar, President of Defence & Clifton
Association of Real Estate Agents (DEFCLAREA).
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