Will Calling off Sit-Ins have a Positive Effect on Real Estate Sector of Pakistan?
Although, for the past few years, there has been seen a continuous upsurge in real estate sector of Pakistan, which in-turn made home building, developments and property buying more expensive than ever, but due to continuous political turmoil and sit-ins, a considerable fluctuation in the prices was seen.
In many of the renowned housing societies such as Bahria Town, a considerable price drop in costs of plots is noticed; though prevalent political situation in the country is not the only cause of this property price fluctuation but this is one of the biggest reasons. According to many of the industry experts, the prices have not come down; instead these are stagnant..
“The prices have generally become stable over the third quarter of the year, 2014. In all major cities such as Lahore, Islamabad, Karachi prices have more or less remained stagnant, with just a few minor increases in some areas”, says Saad Arshad, the Country Director of Lamudi, during an interview with Amer Adnan Associates .
It is also revealed that the consequences of the two sit-ins in Islamabad, by the major political parties were more apparent in the city but these were not as drastic as expected.
“If the situation of increased taxes by the government of Pakistan prevails along with political unrest, there’s a risk of investors quitting the industry in the forthcoming days. This situation will eventually affect the market negatively, and property prices may drop down,” says Asad Mirza, Director of HomesPakistan, during an interview with Amer Adnan Associates ®.
Recently, in the wake of unfortunate Peshawar incident, the political sit-ins and processions by a major Pakistani political parties have been called off, which is considered a positive sign because the previous scenarios were thought to stop country’s overall progress – including the growth of economic, real-estate and construction sector.
Now, with the calling-off sit-ins, it is expected to see a price hike in the construction and real-estate industry, which in turn would change the property buying and selling trends but real estate agents are still not yet confirmed. For the investors, this is indeed a good update or especially for those, who have already invested in purchasing a property when the prices remained stagnant. For those, who are interested to purchase property for commercial use, there is no better area than DHA and Johar town Lahore.
Now, the real-estate investors and home builders are likely to resume their property purchasing and construction activities with new enthusiasm – as a result of which, there is expected a price hike in the property construction sector. In all major cities of Pakistan – such as Karachi, Lahore and Islamabad, the real-estate and construction activities are more rampant as here you can see many of the established and developing housing societies, of which the most renowned are – Bahria Town, DHA, Lake City View, Eden Housing Society and a recently launched Airport Housing Society in Islamabad. Apart from these, there are several other housing societies in the big cities of countries where you can see major construction projects. In these housing societies, the residential homes are designed, constructed and given a finishing touch by the professional architects and interior designers in Pakistan.
The year 2015 is thought to bring considerable changes in construction and real-estate sector as there are chances that the foreigners will be given some relaxation on buying property in Pakistan.