It is the right time to invest in the property market of Pakistan. Post-elections the prices in the property sector have gone higher.
Zeeshan Ali Khan, CEO, and co-founder of Zameen.com said, “After the new government took over, we are seeing the property market is getting active again. People are looking at investing again. There is a sense of confidence on the ground and if that keeps building, we will start seeing an increase in prices. Property prices in Pakistan have been stable in the last couple of years since tax reforms were introduced in 2016.”
Zameen.com is the largest property portal and the host of Pakistan Property Show.
Khan said, “There has been more movement in low-end properties. It was good for the sector because people were flipping properties, that has now stopped.”
Adding, “Pakistan’s economy is not in good shape now but people are very positive. This wave is not going to last very long, so the government needs to capitalise on it and come up with the right measures. Another reason that makes the sector outlook brighter is that more government properties will be released in the market.”
Ahmed Shaikhani, managing director of Shaikhani Group and president of Motor City in Karachi, said “The government is coming up with some regulations; plus security and safety is improving, so prices are going up as a result. Hence, it’s the right time to invest in Pakistan and the returns are very good.”
The Zameen.com chief said, “It is a cash-based economy and the leasing market’s contribution to the GDP is less than 0.5 percent. Until you make that feasible, you’re not going to get price hikes.”
Adding, “If you launch low-income housing, you need to make sure that it ends up with the right person. If it goes into the trading market, everything will end in chaos.”