Real Estate’s Role in Improving Pakistan’s Economy: Real estate has always been an important part of Pakistan’s economy but has been neglected as a potential source of economic growth and improvement. However, that is all changing with the renewed focus of the incumbent government towards this industry.
The real estate sector is a diverse and broad area revolving around not only property dealings, but also housing, construction, hoteling, retailing and renting of spaces for business and personal purposes. The real estate industry is a great way to revitalize and strengthen the Pakistani economy because of its ties with other allied industries involved in the construction process. More than 200 industries are involved and intertwined with real estate ranging from provision of cement and raw materials to cables and electric fittings in the properties and buildings. Inspecting the performance of these allied industries, we can observe that construction and housing sectors contribute more than 9 percent to the country’s GDP.
In the past there have been governments who failed to establish proper regulatory framework and work towards improving the real estate sector to enhance its positive impact on the economy and overall GDP. This led to the sector facing obstacles to grow and reach its potential, unable to play a central part in the revival of Pakistan’s economy.
Potential of Real Estate in Pakistan
Digitalization of Real Estate Data
The real estate sector has come under the limelight due to the government realizing and taking action to improve the industry and use it to bring in local and foreign real estate investments. One of the biggest problems faced by investors when they are considering investing in real estate in Pakistan is the lack of transparency and reliability of information, which tends to turn people away. The current government has launched initiatives to digitalize real estate data for accountability and transparency that gives confidence to investors in their investments.
Local and Foreign Investments
Overseas Pakistanis tend to invest in real estate rather than opting to run a business. The sector is set up to experience exponential growth in the coming years with increased investments and remittances being paid.
On the other hand, there are more and more Pakistanis who are showing interest in premium housing and secure living areas. The concept of gated communities with access to amenities and recreational places are becoming increasingly popular. Property developers are focusing their investments and efforts in the best construction services to attract investments and interest of people to purchase properties in these designated areas. Such projects boost the construction and housing efforts for a growing population and encourage buying and selling of land in Pakistan.
Providing Affordable Living
The country has been constantly met with an issue of providing shelter to the poor. The government understands that this problem cannot be resolved without the collaboration of real estate developers and investors with the government body. These major parties of the real estate sector play an important role in making it possible to introduce affordable living for the citizens of Pakistan.
Conclusion
With the proper planning and investments in the industry, real estate can become the backbone of Pakistan’s economy. There is a large potential in the real estate industry with growth in this sector opening up massive employment opportunities for people in all levels. Improved tourism and foreign relationships will lead to an improved performance and contribution of the real estate sector, bringing in more investments and revenue for the government. That’s all in blog “Real Estate’s Role in Improving Pakistan’s Economy”.