Business

Real estate: Sector’s outlook positive, reveals survey

Online portal finds Pakistanis actively taking part in market

Our Correspondent January 23, 2016

PHOTO: REUTERS

LAHORE:

Pakistan’s multi-billion-dollar real estate industry is looking at a brighter 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 were part of a new research conducted by lamudi.com, an online property portal.

Housing trust: Regulations required in real estate sector

The report focuses on a series of online surveys of 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 in 2014-15, the online property-hunting trends, changes in real estate prices, the renting versus 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.

Real estate: Karachi and Islamabad markets record modest gains

The first survey of real estate agents examines the progress of Pakistan’s property market, shift from offline to online medium and their outlook for 2016. According to the Lamudi Agents Survey, 78% believe that the outlook for Pakistan real estate is positive.

According to the Lamudi customers’ survey, more than 50% of the respondents preferred to buy a house or an apartment over renting one. Moreover, 36% of them think that sustainable features in a home are extremely important.

Overseas Pakistanis in UAE eye real estate back home

Saad Arshed, Country Director of Lamudi Pakistan, shared his 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.”

Published in The Express Tribune, January 24^th, 2016.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.

COMMENTS (5)

asad rizvi | 9 years ago | Reply Above comments are true & Valid. Real Estate Prices are on decline because exchange of files between so called Investors, as most of them are Real Estate Brokers. After authorities started chasing China Cutting Activity and Corrupt Investors, there is Lul in the market. Dishonoring of Commitment to Settle Claims on Maturity is on sharp rise, which has slowed down trading activity in the market. Fear of getting into Tax Net is another cause of concern for Tax evaders involved in Real Estate Business that has slowed down the activity. They should be aware that their Banking transaction is good to produce enough the evidence. However, the prices is at such an exorbitantly high levels that for a Genuine Buyer it is almost impossible to purchase a house. Whereas, Tax evaders will stay away until there is clearer picture, which is unlikely to happen in Near Term to Medium Term.

Mudassar | 9 years ago | Reply @Yul47 London: A very good point is highlighted here, All housing societies give edge to Real estate agents, societies should ask for full and final payment agreement mandatory to save purchaser and sellers from Shady deals done by brokers.

VIEW MORE COMMENTS

Mudassar | 9 years ago | Reply What about Fake spam entries on lamudi and Zameen ? over crowded by real estate Agents, Brokers are manipulating market General Public dont trust on Realtors, They are uneducated How can the Industry grow ?? Investors dont trust on Realtors they have their monopoly in the market, Govt in doing nothing on regulations, Financial Institutes are not willing to give mortgages. This is not the growth In the real estate Industry it is another marketing stunt I believe.

Fuzail | 9 years ago | Reply Sadly, this research seems more like a wish list of property agents than a reflection of reality. What is missing in this report is that the real estate market in Pakistan is suffering from a huge supply that is far in excess of demand. Too many properties are chasing too few buyers and this has been happening for quite some time. Having no check and balance on their financial affairs, the project sponsors used the buyers installments to buy more and more properties and thats why there is a huge float of properties that are already paid for but the sponsors don't have money any more to develop them. DHA, BT, and many other sponsors who are much lower in the overall food chain, are holding huge unsold properties. Still if enough buyers came and bought all properties on offer, the greedy sponsors will use their installments to buy more undeveloped land, instead of using them. This will keep happening, till the Government puts a ban on buying raw land for projects. And the Government will never put a ban because many influential politicians will be affected.

Yul47 London | 9 years ago | Reply It is far from truth as growth in property sector is attributed to a spade of speculation with lessons be learned from the crash that happened in Dubai in 2008. First and foremost Properties be transferred at its real market value not at a fixed value operated by DHA and others. Once that can be implemented, no transfers be allowed for a minimum period of 12 months from the time it is fully paid. Each in between purchaser be effect to transfer in his/her name, pay appropriate stamp duty on full purchase price. Only then reliable statistics is capable of standing to scrutiny.

Replying to X

Comments are moderated and generally will be posted if they are on-topic and not abusive.

For more information, please see our Comments FAQ

Entertainment

Zoe Saldaña responds to Karla Sofía Gascón controversy amid Emilia Pérez Oscar campaign

Lamar Odom calls Khloe Kardashian “wife” during emotional reunion

Updated 2 hours ago

Khloe Kardashian and Lamar Odom reunite after nine years on 'The Kardashians'.
Kanye West calls himself 'the greatest' while predicting stardom for his daughter North

Updated 2 hours ago

Kanye West shared his confidence in a podcast after his red carpet moment with Bianca Censori.
Drake said 'No Friends in the Industry,' he meant it—Rapper shuts down DJ Khaled’s feature claims

Updated 2 hours ago

Many fans pointed out that Khaled remained silent during Drake’s highly publicized feud, possibly leading to a rift.
50 Cent exposes heated texts with Lil Meech amid feud with Big Meech

Updated 3 hours ago

50 Cent escalates tensions with Big Meech, leaks private texts with Lil Meech, and teases his removal from BMF.