Pakistan is one of the developing countries progressing at a high pace. Pakistani builders are working towards the infrastructure and industrialization to enhance the Economics of their country. And they are successful in doing so, as rapid progress in industrialization and development of world-class infrastructure has hit the jackpot, and Pakistan is becoming successful with flying colors. Alongside other industries, the real estate of Pakistan has experienced rapid growth. In Pakistan, it is ranked as a leading business. Most entrepreneurs are inclined towards investment in the real estate sector because of high-profit margins. However, there are always two sides to coins.
On the one hand, where the real estate industry is tremendously growing, on the other hand, there are some shortcomings too that must be overcome to take Pakistan towards new heights. Today, we will explore real estate problems in Pakistan.
Misinterpretation of Real Estate sector
One of the foremost real estate problems in Pakistan are the misinterpretation of the real estate industry. Gone are the days when people didn’t have enough sources to gather information regarding investments. In today’s contemporary world, things have improved with technological advancement. Many innovative, advanced, and state-of-art online platforms provide all the information. Now all the information regarding the buying and selling lands is available online, accommodating the investors. Online tools keep the buyers and sellers up to date and tells about the fluctuations in the prices. These groundbreaking technological innovations provide the correct information and safeguard the investors against misinterpretation and scams.
Economic Position of Country
The country’s economic position has a huge impact on the real estate sector. If the country’s financial situation is strong and influential, the real estate industry will flourish. But on the other hand, if the economic condition is weak, the real estate market will also face deadly losses. That is because when the country’s economics are powerful, investors become inclined towards investing their money in the real estate market, boosting the real estate demands. And why is this so? Because all the industries in the country work simultaneously.
Even though the working is different but every industry experience growth simultaneously and has a direct impact on the economy. The same is the situation with the real estate sector. It works mutually with other industries of Pakistan. When the country’s economics are weak, investors pull away from their money, resulting in the crash of the real estate sector.
In Pakistan, the real estate industry is one of the most unorganized sectors because very few professionals and agents understand the pros and cons of this industry. Most people entitle themselves to real estate agents without any skills, education, or knowledge. As a result, most investors pull off their money and many faces financial losses. So, to avoid such scams, proper real estate education must be given to people. All the agents must be professional and certified. Any uncertified agent must not be allowed to practice in the real estate sector.
Least Understanding of Technology
We live in a technological era, where everything is made easy. With the help of technology, we can now connect to our loved ones with just one click. We can gather information about every happening in the world via the internet. Even though the world is progressing because of this cutting-edge technology, unfortunately, most Pakistani citizens are still unaware of its use and benefits. The technology and its use are essential to overcome the problems of the real estate sector. With the help of this groundbreaking technology, one can explore all the housing societies and the real estate developments available in different cities of Pakistan without any hassle. Investors can easily diversify their portfolios and explore new investment opportunities with various applications.
One of the major real estate sector Pakistan challenges is the housing crisis. Due to overpopulation, housing crises have become significant over the last years. However, the current government PTI has taken measures to solve these issues. Prime Minister Imran Khan launched the Naya Pakistan Scheme to sort out these crises. Under this renowned scheme, the government of Pakistan is providing houses at low costs to bridge the gap between supply and demand. The remarkable project aspires to construct approximately five million low-cost houses to accommodate the lower class, labor class, middle class, and lower-middle-class Pakistan.
Another significant initiative taken by the Government of Pakistan to resolve the housing crisis is the launch of the Mera Pakistan Mera Ghar Scheme. This scheme is inaugurated in collaboration with the State Bank of Pakistan. Their goal is to provide loans to develop houses at low markup rates. The project is available for every class of people. Every citizen of Pakistan is eligible to apply for this scheme.
Less Coaching Regarding Real Estate
One of Pakistan’s supreme real estate problems is the less coaching regarding the real estate sector that has deadly repercussions. You will hardly find a certified or qualified real estate professionals in Pakistan. Every other agent without prior knowledge considers themselves highly skilled real estate agents and frauds the investors. It results in the downfall of the real estate sector in Pakistan, as after the scams, investors get scared and stop investing their money, resulting in the crash of the real estate market.
Furthermore, certified, and skilled professionals can make a difference in the market. The experts can utilize their skills to change the dynamics of this industry. In this modern society, the need for qualified and certified professionals has been enhanced. There should be more coaching institutes that provide the education of the real estate sector. Furthermore, to ensure the economic growth of Pakistan, there should be platforms spreading awareness regarding the importance of real estate education.
Wrapping up, those mentioned above are some of the real estate problems in Pakistan. To ensure the country’s economic growth, the nation must unite to resolve all these problems. Also, the government has a major part to play. They must work to tackle all these loopholes.