Real Estate is considered as the lifeline of Pakistan’s economy. The government spends almost $5 billion on construction every year which is the key benefit for real-estate business in Pakistan. According to the World Bank records, Real Estate contributes 70 to 75 percent of the country’s overall wealth. But despite these facts, a number of people do not possess their own home or property in Pakistan, which means we still need growth and advancement in the industry to make everyone afford their own house.
2019 didn’t perform very well for the real estate industry, where 2020 was harsh in the beginning because of the coronavirus pandemic, but as the hard time passed it rendered noticeable benefits at its end. We will view it in detail underneath.
And let’s analyze what this year 2021 brings in the real estate industry and how it is going to benefit investors and buyers in their real estate affairs.
Detailed overview of 2020
2020 was a game changing year in the real estates’ industry. It was a crash at the beginning, but the ending was full of huge benefits for the investors. The Amnesty scheme and construction relief from Prime Minister Imran Khan turned out to be advantageous in the progress of the real estate industry. Besides that, new policies for purchasing and selling properties also contributed well in the advancement. These packages reformed the industry for good and real estate investors got engrossed to invest more on government’s announcement for not asking for their income details while investing, which allowed them to easily convert their black money into white money and property prices got increased from 20 to 30 percent. Altogether 2020 was a favorable year for the real estate market.
Situations are stable now for the real-estate sector. Although it’s a great benefit that the government continues that construction relief package for the year 2021 which was announced on 31st Dec, 2020. The properties’ prices are also increasing so it will be a good deal to invest in the real-estate industry, but the investing decision must be very thoughtful and based on calculated risks because these are the fluctuating prices and can get shifted anytime.
Forecast for 2021
2021 seems to be an interesting year for real estate growth. The benefits of investment seem to be served in every corner. But still few factors of conscious investment are to be considered. The government is mainly focusing on the real estate sector. The undeclared money seems to be invested on the construction as well, which is quite a beneficial deal for the construction and possession plots. According to the housing market forecast 2021, this year is a complete grace for the property investors.
Real Estate Forecast in Islamabad
2021 is a favorable year for the dealers who have plots for sale in Islamabad or for the investors and buyers as well. Because CDA has been launching multiple esteemed housing societies there which are building Islamabad as land of fortune for investment. Out of them are versatile projects of Khanial Builders and Developers; Khanial homes, Khanial Executive and Economy Blocks, Green Oaks Angro Farmhouse and the most sensational one is Mivida Pakistan. Besides that, the construction relief package for tax relaxations and leniency to invest without FBR inspection is also tempting foreigners to invest.
2021 seems to be a good year to invest in the real-estate sector to construct your own house or to generate income with investing. But for the benefits of investment, you must get your hand on high-rise buildings, shops, offices and villas, to build a better opportunity for both rental and speculative trading.