The year 2021 was challenging for Pakistan’s real estate business due to the impact of COVID-19. The major cities especially, such as Islamabad, Lahore and Karachi, suffered the most. Since then, investors and consultants in the real estate industry have been reorganising and redesigning their marketing plans and tactics accordingly.
What to Expect in 2022
Whether you are a buyer or a seller, this is going to be a make-or-break year. After the pandemic affected many industries in the past two years, the real estate sector is finally expected to grow again in 2022, bringing in a high return on investment.
Based on Pakistan’s previous experience, an upward cycle can continue for two to four years. However, any negative influence on the economy may be able to break the cycle in less than two years.
Graana.com has compiled the most significant trends and highlighted some important projects to look out for in 2022:
Hike in iBuyers
Technology has revolutionised the real estate sector in recent years. The iBuying trend, most notably, has been incorporated into the Pakistani market because of its ease, reliability, and speed.
iBuyer refers to a real estate company that evaluates the value of your property and then instantly offers you an online bid. Consequently, sellers will be able to conclude agreements in as little as a few weeks.
Following the completion of the procedure and acceptance of the offer, iBuyers will make any necessary repairs or upgrades to the property and resell it to prospective investors.
Real Estate Investment Trusts (REITs)
REITs are an excellent and cost-effective option to invest in real estate and diversify one’s portfolio. It is expected to be the most popular real estate investment strategy in Pakistan in the coming years.
It is highly practical, as it provides high dividends and guarantees long-term growth and appreciation. Investors can invest directly in REITs and increase the value of their investments. The extremely liquid nature of REITs allows investors to invest their money in a variety of properties without worrying about asset depreciation or capital trap.
E-governance in the real estate industry provides a platform for citizens to report wrongdoing, and also reduces unnecessary interactions with government officials. This can also instil more confidence in traders to invest without risking their money or time in the process of setting up their business in Pakistan.
Digital Vision Pakistan is the largest and most-anticipated project to modernise the governance machine. This is particularly beneficial for expats who would not have to go through long, convoluted processes in regards to their real estate properties anymore.
Furthermore, the federal government has authorised conducting virtual surveys of sales and purchases of real estate in Pakistan, so that residents can have easy access to information.
Real Estate Projects
Multiple, high-scale real estate projects are also underway throughout the country. Different cities have distinct investment potential, so it’s best to weigh all of your options before making a final decision.
Bahria Town and DHA are two prominent residential societies in the twin cities that give significant returns on your investment. Apart from these societies, there are also houses for sale in Diplomatic Enclave and Gulberg Greens.
Bahria Town and DHA are two main mega-projects with great appeal and profitable investment opportunities. Overseas Pakistani especially are encouraged to invest here.
As numerous multi-purpose, high-rise developments are launched in Lahore – where you can invest in commercial shops, offices, penthouses, apartments etc. – real estate investment in such projects would be extremely beneficial.
There are also several societies in Lahore (such as Bahria Town, Bahria Orchard, DHA), where the commercial and residential sectors are separate and autonomous, allowing residents to live in a tranquil and calm environment.
What You Should Be Doing in 2022
With the present analytics and forecasts, it is apparent now that 2022 is going to be a game-changer for the real estate industry. Therefore, real estate buyers and sellers need to get the ball rolling.
For instance, as a seller, you should market your business on credible real estate portals. This would not only boost your business’s visibility but would also allow you to communicate with your target audience directly. You can also expand your business through social media marketing and create a wider digital presence.
As a buyer, you should get a professional real estate agent to be aware of what is going on in the market so you can make informed and timely decisions.
For more guidance, you can visit Graana.com to stay updated on the latest trends and projects.