One of Pakistan’s most profitable areas is its real estate market, which allows investors to reap significant returns on both short-term and long-term investments. It also makes a substantial contribution to the nation’s GDP. In recent years, property prices have risen due to a growing interest in the real estate market from local and foreign investors, who are eager to get their hands on the latest and most outstanding developments. For investors, there are real estate challenges that need serious attention. Although Pakistan’s property market has grown incredibly, it still confronts several difficulties. Many of the industry’s most important players may be badly affected by these challenges, resulting in unexpected delays in the development and launch of real estate enterprises. Investors’ confidence and interest in real estate investment prospects might be damaged if housing developments are delayed. In the property and construction industries, trust between investors and stakeholders is the key to their continued success. It’s a critical yet delicate issue that has to be addressed. As a result, we’ll examine some of Pakistan’s most pressing real estate issues and see what steps the government and RAAS.com, Pakistan’s most trusted real estate marketing company, are addressing them.
Real Estate Challenges In Pakistan (And Solutions)Pakistan’s real estate market faces many challenges and offers plenty of opportunities in 2022. The ever-increasing population of Pakistan has exacerbated the country’s housing needs. Urban and rural regions in Pakistan have a backlog of roughly 10.3 million housing units; a study released this year said. By 2025, the number of people without a place to live is predicted to rise to 17.4 million. However, the present administration has made some significant steps to alleviate the housing shortage in the nation. Prime Minister Imran Khan’s announcement of the Naya Pakistan Housing Program is an important milestone. To close the housing shortage, the federal government has implemented a program to provide low-cost housing options around the nation. An affordable housing initiative managed by the government aims to build five million new homes over the next five years. The housing program is open to all families, including those from the lower-middle class and the middle class. Check out this blog if you’re interested in applying for the Naya Pakistan Housing Project. Pakistan’s federal government has also launched the “Mera Pakistan Mera Ghar” program with the help of the State Bank of Pakistan (SBP). Another name for this program is the ‘Apna Ghar Sasta Karz’ program, which provides low-interest home loans with minimal markups. The SBP has partnered with almost all of the most well-known commercial banks in the nation to make this program widely accessible. An online helpdesk is provided to the general public and physical helpdesks. Our in-depth look at the ‘Mera Pakistan Mera Ghar’ program is here.
1. Misinformation Concerning The Real Estate SectorIn the ancient days, many individuals depended on word of mouth to judge the growth and profitability of investment prospects in the real estate market. At the time, there were no trustworthy sources for locating pertinent data. However, technological advancements at the dawn of the twenty-first century further enhanced the situation. RAAS.com was one of the country’s earliest marketing companies. It spent years sorting through all the material available and putting it online in an organized and easy-to-understand style for everyone to use. Several online resources can keep you up-to-date on the changing pricing and performance of Pakistan’s property markets. Real estate stakeholders may reclaim the faith of their customers with the aid of these cutting-edge solutions, which are helping to eliminate the idea of disinformation and other bad practices like property scams.
2. Lack Of Awareness Of Technology’s BenefitsNow and again, RAAS.com introduces innovative new technologies to the real estate industry. Cutting-edge technologies are being launched by RAAS.com to transform the property sector’s future. The world around us is being transformed by technology at an accelerating rate. Unfortunately, Pakistan’s real estate market is still behind the curve when adopting new technologies. Many individuals fear utilizing new tools because they aren’t aware of the advantages they provide.
3. The Lack Of Real Estate EducationIn Pakistan, you’d be hard-pressed to find a licensed or competent real estate agent. This firm is being handled by many people based only on their personal experiences. Ensuring that real estate brokers are well-trained and credentialed will make a huge impact. Proper industry knowledge may allow real estate professionals to maximize their abilities and fully use the sector’s full potential. Real estate agents are in high demand due to the digital transformation that has occurred in the property business in recent years. Real estate courses are now solely offered by the Panjwani Institution of Business Studies and Technology (PIBSAT) and the National Institute of Real Estate Management (NIREM). Read this blog to learn more about the training programs and educational courses offered by these institutions in Pakistan for real estate education. More state-of-the-art platforms are needed to promote real estate education among locals and broaden its reach, which is essential for modernizing and expanding the country’s real estate market.
4. Pakistan has a REGULATORY Authority for Real Estate (RERA)Investors’ and other stakeholders’ interests may be safeguarded by the implementation of RERA. The lack of a governing organization for a given sector means that it is always vulnerable to various concerns and problems. One of the most excellent commercial areas in the nation, real estate, is still without a regulatory body to oversee it. “If you’re talking about real estate law, there is no regulating body in this country.” In an interview, the CEO of EMPG, Imran Ali Khan, called for establishing a regulating body. The necessity for Pakistan’s Real Estate Regulatory Authority was made evident in his remarks. Earlier this year, a respected English publication in the nation reported that the federal government had finished the Real Estate Regulation and Development Bill 2019, published in 2019. Pakistan’s Real Estate Regulatory Authority (RERA) was built on this foundation. However, there has been no development so far. Our goal is that the government will soon take the required steps to construct RERA, which is anticipated to serve as the government’s legal consultation/advisory branch in all real estate challenges.
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