Lately, Pakistan real estate has seen few ups and downs, but by and large, we can safely claim that the real estate market in Pakistan (just like the overall economy) hasn’t achieved its true potential as yet. We know that Real estate markets often rise and fall in tandem with the overall economies. When the economy is booming, and the purchasing power of the consumers is on the up side, real estate demand goes up, which attracts more investment into the market, and the cycle continues. For the reason Pakistan economy has plenty of untapped potential, we can expect that the real estate market will further escalate as soon as we see some positives in the overall economy, however that’s going to take lots of work, both, on part of the government and private sector.
One of the core problems for Pakistan real estate and overall economy has been the lack of political stability. Apart from couple of good initiatives every now and then, none of the previous governments have succeeded in delivering the goods, which means, there are a lot of things to work on, and all it needs is some willingness and sincere efforts on part of a Government setup, and Pakistan economy and Pakistan real estate will be back on the track.
The lawlessness and corruption is prevalent in almost all sectors, and it’s no surprise that real estate sector has had its fair share of dishonest people and bribe culture in place. Another problem is the absence of modified regulations and policies, at times, it happens that some developer launches a project, and the common investors start putting their money in the project, only to find out in the middle of the project that the developers are violating some laws, and the entire project comes to a halt. To resolve this problem, there must be a proactive department on federal or provincial levels that can keep an eye on the developments and draw attention to the discrepancies at the right time. Land Mafia is another problem that needs to be tackled if Pakistan property market has to prosper.