Real estate in Pakistan:
Real estate in Pakistan works as smooth as butter melts on hot bread. This is the only business that has not been affected even by the worst of conditions like hurricanes, floods, earthquakes, natural disasters and COVID-19 Pandemic. There might have been some occasional damage but real estate still remained functional. This shows that this business is blessed with continued growth and success.
How does it function?
How does real estate function in Pakistan? The fields may be similar but every country has its own distinct way of practicing them. In Pakistan real estate works through online portals, property offices and corporate based marketing firms.
On online portals, real estate professionals reach out target audience by keeping an up to date profile. Ads are posted on regular basis to provide every possible option available for sale or rent.
In property offices, usually a single entity monitors and takes care of real estate affairs. That individual is either the sole owner or in very rare cases is appointed to work on the behalf of the main owner. Upon consultation, the professional guides and tries to present you with the best possibility based on mutual consensus of both parties.
Marketing Firms hire a team of real estate agents that are assigned various duties which include connecting with the client, giving sufficient information, making them visit the asset (if present) and sealing deals.
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The mode of communication keeps shifting between national language of Pakistan, Urdu to internationally spoken, English depending upon the understanding of concerned party. Sometimes languages spoken within 4 provinces (Punjabi, Sindhi, Balochi, Pashto, etc.) are also used as means of communication.
Problems in Real estate:
Within the 4 provinces, the best cities with regards to real estate are Lahore, Karachi and Islamabad. These cities are matchless in every which way. However, problems can arise anywhere. Below are the problems that take place in real estate:
- Limited housing units
- Insufficient knowledge and awareness
- Meager resources
Limited Housing Units:
Sometimes, in a particular season, shortage of housing units takes place in some regions of Pakistan. For example, during winter season people from northern areas move towards areas which are comparatively not as cold. So market falls short of residential spaces, which is one of the biggest issues that arise in real estate industry of Pakistan.
Insufficient knowledge and awareness:
Another problem that persists since forever in estate industry is inadequate knowledge and awareness in both parties. While the buying party does not possess sufficient information regarding current market trends, the selling party is unaware of the demand and value of their asset. This results into estate related decisions which do not turn out to be as fruitful as they should be, ending into considerable amount of monetary loss.
One complication that causes great difficulty in estate issues of Pakistan is unavailability of enough resources. These resources can include wealth, machinery, marketing tools and much more. As Pakistan still comes under the category of a developing country, it is quite understandable that the country is short of capital.
How to solve them?
Now that you are familiar with the issues at hand, let’s get into their solutions. We can solve the above stated problems by creating awareness among our citizens regarding property matters. This realization can take place with the help of digital and social media along with ads given in newspapers and billboards. Secondly, our government should try and create ways of improving and generating more resources so that people who are interested in choosing real estate as a career can flourish in it. Thirdly, decrease in housing units during seasonal changes should also be catered by estate professionals and management.
If these issues are handled properly and due solutions are implemented, then real estate in Pakistan will reach heights of glory in the years to come!