The real estate business is considered one of the leading & profitable businesses in Pakistan for decades. Since Pakistan came into being so many largest & grand societies came into existence in Pakistan. The Real Estate & Construction companies worked a lot to turn the raw arid land into the developed cities. Most of the cities have been established & developed by the Real Estate Sector of Pakistan.
But these days many of the real estate businesses have 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 & now the worst situation of COVID-19.
If someone has money in hand & he is looking for investment Real Estate is considered as one of the major Investing sectors in Pakistan. The Real Estate Business & construction sector is going down in Pakistan due to the Worst & pandemic situation of COVID-19. The foreigner investors feel hesitant to invest & visit Pakistan due to the non-controlling situation of COVID-19, the cases are increasing rapidly day by day. The local & 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.
Due to restrictions in imports & exports, the Real Estate Builder is unable to get the proper construction material, this is another big issue for the Real estate sector. The construction sector of Pakistan is largely dependent on the import of raw material for building due to corona they are unable to meet the requirement. There are restrictions for the importing of raw material 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.
The population is increasing rapidly in the country & 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 initiative to build the new societies as they made many grand societies Bahria & 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 measure 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.