Analysis of the Real Estate Sector in Pakistan
The Real Estate Industry is considered as one of the leading and profitable industry in Pakistan for decades. Since Pakistan came into being, so many largest and grand societies came into existence in Pakistan. The Real Estate and Construction companies worked alot to transform the Arid Land into the Developed Cities. Most of the cities has been established and developed by the Real Estate Sector of Pakistan.
But these days many of the Real Estate businesses has been caught in the crises due to COVID-19. Despite the COVID-19 is a very alarming consequence in Pakistan for the real estate business. Pakistan is suffering from many issues in 2020 like political instability, unrealistic policies and now the worst situation of COVID-19.
Investment in Real Estate Business
If someone has money in hand and he is looking for Investment. Real Estate is considered as one of the major Investing sector in Pakistan. The Real Estate Business and Construction Sector is going down in Pakistan due to the Worst and Pandemic Situation of COVID-19. The Foreigner Investors feel hesitant to invest and visit Pakistan due to the Non-Controlable situation of COVID-19. The cases are increasing rapidly day by day. The local and foreign investors are losing the interest to invest in Real Estate Business due to the weak investor protection laws in the country. There is no proper investor protection law in Pakistan. The government has to take some necessary steps to enhance the interest of the investors to boost the economy in the best interest of the public.
Import & Export Policies
Due to restrictions in Imports and Exports, the Real Estate Builders are unable to get the proper construction material, this has been become another big issue for the Real estate sector. The Construction Sector of Pakistan is largely dependent on the imports of raw material for building due to corona they are unable to meet the requirements. There are restrictions for the importing of raw materials for the safety of the nation to prevent them from the dangerous CORONA disease. Because of this virus transfers from one person to another person.
Pakistan Real Estate 2020 Expectations
The population is increasing rapidly in the country and there is less attention paid by the Govt to overcome this issue. The budget for the Construction Industry is very low to meet the needs of the construction sector as a result the private sector has to take the initiatives to build the New Societies. As they made many grand societies like Bahria and DHA. These are the major societies of Pakistan – developed by the Private Construction Sector. Pakistan Real Estate Business is suffering from the uncertain situation of COVID-19. This situation can be worst if the Govt. of Pakistan does not take the measurable action to control this virus. The future of Real Estate Business is uncertain due to the uncertain situation of Pakistan’s Economy. 2020 is not looking more successful for the real estate sector.