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Real Estate

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Real Estate Trends In Pakistan Over The Last 10 Years

real estate trend

The Real Estate industry as well as the market itself has evolved significantly over the last decade. While since the early 90’s as well early 2000’s and even long before real estate has always been considered a safe investment that was bound to see an appreciation upon initial amounts, however most people at the time chose to often only invest in plots and houses that they eventually planned on moving in. This trend has significantly changed in the past decade with the emergence of premium projects and better installment plans. Also, now it has become easier than ever to secure a plot or a luxury apartment in a project that is still under construction.

This apparently began with the advent of Gulshan-e-Maymar, once considered a barren piece of land in the outskirts of Karachi has now developed into an exceptionally habitable society. Furthermore with the societies of grand scale have also surfaced, where a large number of plots have already been purchased or are being given installments show the interest the people have taken towards investing in projects solely with the purpose of selling upon appreciation.

Economic Contributions

Currently, the real estate sector is the second largest employer within the economy of Pakistan, the first being cotton. The industry itself is worth 700 billion dollars. And these statistics are likely to continue their upward trend even after the world being affected as of currently with the pandemic of coronavirus. The reason behind this speculation is simply because construction was one of the first sectors that were given permission to operate under SOP by the government.

real estate trend in pakistan

Rising Need for Perks

While in the early 2000s, people were usually only concerned with the property they were buying and care about the vicinity to the point of safety, over the last decades these concerns have evolved such that not only do people prefer housing projects with a certain flair for added amenities but also consider that their residence be near their daily destinations. This has been achieved by several housing projects that showcase exceptional luxury, including Sohni Saiban.

sohni saiban exterior view

The need to be away from congestion

Prior to the last decade it was considered a perk to have your residence at a market place, as it was always flushing with people providing for a charming environment. However it has been observed since 2015, that people tend to find the charm in peace and serenity now, often preferring a place easily connected yet conveniently away from the noise and congestion of the busy city.

The Advent of Digital Age

global real estate trend

The increase of technology over the years and its application to the industry has also had an impact, changing the industry forever. Prior to the smartphone era when the internet in the country was barely mediocre in speed, it was almost unheard of that property could be booked let alone purchased over any online platform. Yet, in today’s world it has become a norm to book luxury apartments for sale all over pakistan. For example, instead of calling your nearest estate agent people are more likely to search a flat for sale in karachi on the internet, where they could quite easily talk up with the owner or even find a project which has flats for sale in karachi on installments.

This not only means that finding residence has become easier than ever, but the search begins from a simple search (in this case for an apartment for sale in Karachi) and leads to a simple visit among various hits to finalize upon the right choice.

Prime Minister’s Recent Real Estate Relief

Recently, the Prime Minister of Pakistan, Mr. Imran Khan also announced a relief package for the real estate sector in order to further encourage the industry’s growth and subsequent employment at the same time. The amnesty scheme has provided for the tycoons to invest without having to burden themselves with a tax or even investigations for their finances. In other words, an investor can easily inject money in the real estate market without having any questions asked. For those who had been looking for a way to make amends regarding their shadier business earning, this provides for a golden opportunity to turn their earnings for their benefit as well as be counted as part of the GDP generation.

Another incentive provided by this scheme entails that there will be no capital gain tax charged to a person who sells his property, paving way for a profit of millions without having to share with the government.

Another and this may be the most important part that could save money for investors while infusing the economy with investment, if a person decides to invest in the government’s real estate development scheme, the investor would have a rebate of 90% on his taxes.

All in all, this policy is likely to carry a boom in the Real estate industry in Pakistan and the trend is likely to continue at least for the tenure of the current government.

Easing your Search

sohni saiban exterior view

While we were already discussing luxury apartments for sale in Karachi on installments, “Sohni Saiban” is one project that readily comes to mind due to its location, modern Architecture and plethora of amenities, such as, underground parking,trendy gymnasium, family park and kids play area , security through c.c. tv cameras, stand by generator and maintenance of the project through a professional building maintenance company, to name the few. On top of it, the price at which it is being offered is the most competitive price when compared with other projects in its vicinity. In other words, it can be said with certainty that if you are looking for a luxury apartment in Karachi which is conveniently connected to your daily destinations and yet neatly away from city congestion, along with an abundance of unparalleled perks, your search is bound to end at “Sohni Saiban.”