Pakistan Real Estate Forecast 2021
Real Estate of Pakistan
The economic development of Pakistan is a foundation and the pillars of it are the various industries, the most important of which is the real estate. The size of Pakistan’s real estate assets is between 70 to 75 percent of the total countries’ wealth. Currently, the Pakistan Real Estate forecast has knocked on the door of brighter expectations.
But first, what charm does the real estate have for us? There is a concept amongst most Pakistani individuals that if you invest in real estate, you will never lose your money, it will always give you profit, whether it is after two years or three years. In terms of investments, property truly is the safest investment option.
- It is a passive income source. If you are unemployed but have property of any kind, you will not need to worry about the expenses the next month would bring.
- There is a flexibility of selling all of those you own in times of crises.
- You can always choose to move into the house built on your property.
- There is an opportunity to build equity.
So in short, the safety is having a roof to rely on at any time.
Most families in Pakistan often invest in property keeping in mind the next 10 years to come, if they have large sums of property in remote areas, they are inclined towards selling all of that property and buying a property that is less in land mass but in a more suitable location. For example people who have had properties in regions like Bannu or Dera Ghazi Khan or anywhere that is considered a remote area, they are now inclined towards selling those properties and buying something in more commercial, currently functional societies in major cities such as Islamabad, Lahore or Karachi.
The Condition of the Real Estate in the past
In 2019, the property sector suffered a little because of several financial, economic and political challenges. Nonetheless, 2020 began with a global economic meltdown due to Covid-19, but it has ended on an entirely different note.
The Real Estate of Pakistan in 2020
2020 brought with it big surprises, both good and bad. The property sector is a fragile entity, one that pays for the harsh winds that blow. And so, in the beginning of 2020 the image was not as appealing one, but it ended by leaving numerous advantages to the people involved in this sector.
The government introduced several packages which proved to be the best for the real estate industry of Pakistan. The amnesty scheme, construction relief package of PM Imran Khan and the new policies for the sale and purchase of property have had a positive effect on the country’s properties. The government also announced that people are allowed to construct projects and houses without declaring their income source, which led to an increase of 20% to 30% in the property prices.
The Current State of the Property Sector
The prices of property are in a stable position since the last two months of 2020. On 31st December 2020, the government of Pakistan has declared that the construction relief package shall be continued throughout 2021. This announcement has ensured that the road to success will not have any ditches or thorns and the prices of the property have started increasing again. The cloud of uncertainty is still upon us as the property prices are showing a highly risky behavior, so investments must be made with proper attentiveness.
During the initial days, the construction relief package only focused on development and construction of the plots. But now, the societies have started developing non-possession plots and have announced possession so that investors can quickly start the construction of their projects.
The prices of properties will increase till April 2021, it is an expectation hanging in the air. Hopefully it will turn out to be this way.
Housing Industry in Pakistan and the Real Estate Market 2021
Imran Khan, since the time that he become Pakistan’s prime minister, has made several reforms and improvements to Pakistan’s real estate sector that are directly related to Pakistan’s economy in many ways, such as:
- Most of these changes have been implemented to raise government tax revenues.
- Prevents speculative purchases in the real estate industry.
- As a result of these changes, there has been less investment by investors in Pakistan’s real estate industry as a result of which Pakistan’s economy is in a critical situation.
Real Estate Forecast 2021
2021 is said to be an interesting year for the real estate sector of Pakistan. This year will be highly beneficial, but we have to consider the many factors that are to come out with this real estate forecast in 2021. The important factor here is that our government seems to be more focused on constructing real estate projects.
So, the prediction is that 2021 will be a year where more undeclared money will be an investment in real estate. It will be a profitable year, especially for the ongoing construction projects and the possession areas.
Overall, 2021 will be the golden year for property investment.
At Sigma Properties, we have been in awe at the little seeds that our construction projects have sown in 2020, these projects are rising and are gaining momentum in 2021. Projects like Capital Smart City, Lahore Smart City, Nova City Islamabad and Taj Residencia are performing exceptionally well as investment realization continues to expand.
The new real estate market is very suitable for a industrious Persons. I would recommend that you use our advisory services for future investment purposes. It is a reasonable price to pay for choices that will help you make millions, and we will strategically plan your goals with you in advance and help you manage your savings.
Sigma Properties will provide you with a platform where all the best investment opportunities are available. Your investment will be safe with us and we guarantee a return with huge profits. So to avail the advantages that the year of 2021 is bringing, consult with us to meet your residential and investment needs.