In this important blog, we are going to discuss the Pakistan Real Estate Market Situation in 2023 in depth.Read this blog to the end, to gain awareness about current trends, future predictions, and the way forward in the real estate market of the country.
Potential Reasons for Pakistan Real Estate Market Situation in 2023
According to the World Bank, the real estate sector is the largest employer in the country after agriculture. It is also predicted that the real estate market will expand by 2.3% in the year 2023. However, the claims would not be materialized as per the expectations.
There are several factors that have impacted the property market of the country in the past one and a half years.
Among them, Political instability, unprecedented inflation, poor law and order situation, and stock market fluctuations are prominent challenges. Moreover, the inclusion of Pakistan in the FATF Grey list, labeling of money laundering, and terrorism are some other key reasons.
Likewise, the challenged foreign relations in Pakistan and rampant corruption cases of businessmen, politicians, and bureaucrats worsen the situation. In tandem, unstable business policies of previous and interim governments called upon the economic catastrophe by themselves.
All these challenges collectively played a role in ending the trust of local and foreign investors in the country.Therefore, due to a lack of investment almost every business sector suffered and real estate is no exception.
Chances for recovery of Pakistan Real Estate Market Situation in 2023
How and when real estate market of Pakistan will recover from this recession? It is a million-dollar question in the mind of almost every realtor and aspiring investor. A consortium of real estate consultants at the Property Naama Consultants has tried to answer this question after an in-depth analysis.
As per their opinion, the estate market of the homeland will start to recover in the month of March and April of the year 2024.Excitingly, the general elections in the country are expected to be held in the last week of January 2024. After the elections, the winning party will make a legitimate government in the land of purity.
Usually, every incumbent government announces Tax amnesty to attract investment and businesses in the market. Consequently, this will prove as a turning point for the real estate industry of Pakistan.
The Silver Lining
In this disguise, there exists a silver lining for wise realtors and investors. Currently, people are selling their plot files and ready plots at extraordinarily low rates.
Furthermore, the profit margins of the real estate products have significantly reduced during this period of ongoing recession.For instance, before and after the recession, the price difference of some plots has been described below in the chart.
|
Plot Size and Location
|
Before Recession Price |
After Recession Price |
|
Lahore Smart City 04 Marla Commercial Plot
|
80,00,000 /- Rupees
|
40,00,000 /- Rupees |
|
Bahria Town Rawalpindi Commercial Plot
|
25,00,00,000 /- Rupees |
18,00,00,000 /- Rupees |
|
Bahria Town Rawalpindi Commercial Plot
|
3,50,00,000 /- Rupees |
2,75,00,000 /- Rupees |
The Way Forward
Henceforth, if you are about to sell your property, hold it and try to acquire a new one if you can afford it. After a gap of 5 to 6 months, the current margins of real estate products will gain back their ultimate values. And you will definitely have a blooming picture of the Pakistan Real Estate Market Situation in 2023.
Contact with Property Naama Group
If you have any queries about this topic or need any guidance about any real estate-related issue contact us.
Our Email address: Info@propertynaama.com
Oversees Clients (For Call Only):
UAN: +92 332 7777888
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WhatsApp: 0333 0533990
Disclaimer:
Indeed, the sole purpose of this blog is to save you from any future difficulty while dealing with property. Keep in mind the above information and share it with your friends and family circle.
Please note that the information provided in this blog post is for educational and awareness purposes only and should not be considered as professional advice.
We are not responsible for any investment decisions made by our clients or investors based on the information provided.
Our Consultants, highly recommend that you conduct your own research and seek the advice of a professional before making any investment decisions. Investing comes with risks, and it is essential to invest on your own responsibility.