Real Estate is a property consisting of land and the buildings on it, along with its natural resources. The business of real estate is the profession of buying, selling, or renting land, buildings, or housing. Real Estate in Pakistan is a growing sector of the economy and Pakistan spends approximately $5.2 billion on construction in a year.
According to the Pakistan Bureau of Statistics, construction output accounts for almost 2% to the GDP of Pakistan with housing representing less than half of that total. Real Estate Agents are playing an important part in the economic development of the country.
Due to the increase in population and the need for urbanization the demand for residential properties in Pakistan began to grow, leading to more people being interested in this particular sector and investing in it. The increase in demand is the reason why Pakistan is home to Asia’s largest real estate investors.
Most of the revenue generated from the real estate business in Pakistan is accumulated from within and overseas Pakistan. The Real Estate sector has not yet delved more into the new marketing and technological advances taking over the world. Currently, there is not even one housing society in Pakistan which has an office overseas.
The government of Pakistan has taken several steps to ensure that the real estate business in Pakistan continues to advance by introducing awareness campaign through various methods to help the people understand the different terminologies of the real estate business and to help them solve the issues they face in the business.
Another step in the development of this sector is the introduction of festivals and expos. These festivals are not only a platform for people to buy and sell but an opportunity for them to learn about the market and get awareness about the real estate industry.
