PROPERTY MARKET IS BACK WITH A BANG
Pakistan’s real estate sector shows massive signs of improvement after Eid-ul-Azha
LAHORE: Pakistan’s real estate sector has made a strong comeback after the Eid break, according to property portal, Lamudi.pk. This is due to the influx of overseas Pakistanis who were back in the country to celebrate Eid with loved ones.
Eid was perfectly timed with the improved security situation in the country. With the successful Karachi operation underway, eliminating the Qabza mafias, the developer projects have already increased manifold.
With the overseas Pakistanis back in the homeland around this time, a lot of investment was channeled into these projects. This was especially true for posh areas, such as Defence Housing Authority (DHA) and Bahria Town across Pakistan’s largest cities, Lahore, Islamabad and Karachi.
Saad Arshed, Country Director for Lamudi.pk, commented, “It is heartening to see the surge in property prices and the rising interest from both local and foreign investors in the real estate sector.”
All this combined with the increased political stability and improved security conditions points toward a bright future for real estate in Pakistan in 2016. Construction activity is expected to double and will give a boost to the entire economy by creating jobs across all sectors such as: construction laborers, architects and engineers etc.
Additionally, if the government increases its efforts to eliminate all terrorist activities and focuses on developing potential investment hotspots, such as the deep sea port in Gwadar, these things are likely to have an enormously positive impact on not only the real estate sector, but Pakistan’s economy as well. -PR