Real Estate supports the economy of Pakistan. In our country, almost 70% of the wealth belongs to this sector. The real estate business in Pakistan is growing rapidly. It is the only sector that recovered from the pandemic in no time and has shown unprecedented growth. The employment and business opportunities that it offers are incomparable to any other sector. Given its current growth and GDP share in the country, its future is quite predictable and it is nothing other than progressive and highly lucrative for investors who are looking to invest in real estate
Pakistan has become the 5th most populous country with a population of 230,216,956 individuals. The population is increasing rapidly. So, it is incumbent to incorporate this growing population besides taking measures for population control. The demands for housing, employment, and business places will rise and that will be fulfilled by the real estate sector. Whether it is the development and construction of housing societies or providing people a place to run their businesses, the real estate sector facilitates them. As the population is increasing and the demand for residential and commercial areas will increase, so, real estate investment in Pakistan will grow.
How Technology Can Grow the Real Estate Sector?
Let’s get to know about how technology changed the real estate industry. Technology is replacing manual power with more accuracy without any chances of error such as Artificial intelligence and it can increase your sales and leads. Further, you can expand your business through online presence or expansion.
The Incorporation Of Technology:
With the technological advancement and growing need to integrate technology, this sector is also diversifying and adopting modern technology. Days are gone when years had to spend to plan or build a house or invest somewhere. By using technology, you have all information at one click and it has become easy to decide. Modern technologies are being used in this sector too. So, getting the right information about investment and prospects has made decision-making quite easy. In addition, the induction of technology in this sector has escalated the cost of land which has increased the profit margin of investors. High ROI will attract more investors and that will ultimately expand this sector in the country. So, the future of real estate is bright in Pakistan.
More often than that governments incentivized the real estate sector. Especially, the previous government pushed this industry through its policies such as the exemption of capital gain tax and tax on building materials were also exempted. Besides these, several schemes were launched to finance housing in the country. These developments uplifted investment in the real estate sector and with the growth of the real estate sector, several other industries and sectors started flourishing. Besides, numerous new projects have been launched after that. Local and international investors are taking keen interest and this trend is not going to slow.
Generally, this sector is deemed as investment-friendly as the chances of loss are rare and people earn high ROI by investing in the real estate sector. Further, it offers you multiple investment options and you can choose any of them according to your interest and ease. In addition to it, real estate investment is a sustainable investment unlike stocks or assets, and in this, you produce physical assets. These factors motivate people to invest in real estate. In recent years, expatriates have shown tremendous interest in this sector because it is a feasible option to secure savings.
Why Should We Focus on Managing the Population?
Without proper management, cities expand irregularly and it becomes nearly impossible to provide basic facilities like health, education, transportation, electricity, etc to residents.
Scarcity of Housing:
Pakistan is facing a shortage of about 10 million houses. Governments have started considering this issue and recently initiated a project that is dubbed Naya Pakistan Housing Society. It has been aimed to provide sustainable housing to around 20 million people. This project and several other private projects like this are going to shrink the existing gap in housing. The implementation of these projects on the one hand will provide decent housing o people and secondly, will enlarge the horizon of this sector. Al Safa Group recently launched a new housing society project called Town One Islamabad which is situated close to Bahria Enclave Islamabad.
The future of the real estate sector seems shining. Untapped potential is being explored. The private sector is playing a major role in this sector and it must be accredited for its collective role to develop the real estate business in Pakistan.