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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 between 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).