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Real estate has performed better since 2001 than all other sectors. The real estate sector grew explosively until the first half of 2017. But Panama’s case decision has completely collapsed the real estate market. This correction should have already taken place because the prices were very affordable. Here are the trends of the analysis of the real estate market in Pakistan 2018.
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Trends in real estate prices
High real estate prices in Pakistan were simply due to the massive influx of black money into the real estate sector. Real estate prices have fallen because of the relentless hard action against black money. Property prices are already 25% lower than in the first half of 2017. Prices are falling rapidly in areas where speculation was very high.
Behavior of buyers and sellers
Now it is the buyer’s market because real estate is more than buyers. Buyers expect prices to be low so that they can buy cheap items. But on the other hand, sellers are desperately looking for buyers, so they can minimize losses. But it is difficult to find people with white money to buy expensive properties.
Situation of real estate agents and developers
The situation of real estate agents is very bad because their income is reduced due to low transactions. Many brokers have closed their offices because they can not pay the costs. In the same way, the developers suffered huge losses because their projects were not sold. The developers try to sell the projects at a loss, but still no buyers.
And after that?
The accident with the accommodation takes several months to complete. When prices reach their lowest point, we will see prices drop by 35 to 50%, followed by many years of stagnation. Without black money, it is the affordability crisis because honest taxpayers have low purchasing power. So, the price drop will continue to the level where properties are affordable for real buyers with white money.
What do people want in a housing plan?
The construction of planned housing projects is on the rise in Pakistan. This is because well-developed housing programs offer many facilities. Many new housing systems are selling quickly, while others are receiving little response from the general public. It is important for builders to know what people want in a housing plan.
Adopted by the development authority
Today, most people are only interested in new projects when companies have the approval of local development authorities. This state of mind is due to a lot of scams and real estate fraud in Pakistan. People have invested in many companies, but because of the fraud, they lost their money because the companies were not approved. Developers should only start a company if they are approved.
Affordable payment plan
One of the most important things that people want in a housing plan is the affordable prices and the easy payment plan. The majority of Pakistanis cannot buy expensive properties and few people can buy plots or houses in cash. Therefore, a simple payment plan and affordable prices are very important to people.
Security condition
Because of the law and the payment situation in Pakistan, everyone wants to live in a society that offers all-round security 24/7. This trend has announced the development of door communities in Pakistan. Due to the numerous security checks, the level of security is still high in the ports.
Good location
Location is an important factor that predicts the rapid sale of a house or plot. It is not necessary to have the central location, but the housing company must at least have an easy approach. When people visit a new company, they are always looking for access roads and bus or train stations nearby. This is why a good housing company must also have a good location.
Good planning with modern facilities
Good planning is very important for a high housing plan and this also applies to modern facilities. Top planning includes wide roads, modern sewer, underground cabling and water storage system. Similarly, the best facilities are parks, grounds, playgrounds, shopping center, school, hospital, community center, Masjid and cemetery.
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