Real estate expands and contracts. The status of property market prices going up and down is just like the dwindling ships in the sea waters. The real estate investors, realtors, and brokers are geared up 24/7 to hit the right profitable spot at the right time to win a major chunk of profits.
The Dwindling Property World and Pakistan
Viewing the present and past condition of Pakistan’s real estate in the mentioned context, the game has been swinging exceptionally as COVID-19 enveloped the globe. The stock markets crashing due to the lockdowns happening world-wide have put a major question on the economical integrity of each country. While health professionals have been playing on the front-line to save people from coronavirus, government officials have been found forming SOPs and strategies to curb the spread of the virus.
Talking about the effects of coronavirus on the real estate industry of Pakistan, the impact has been greater one. Although there is no bulk sample research to show statistical data about the fall or rise in property prices in the pre, mid and post-corona era, some insights can be developed.
Post-COVID 19 Insights
As the real estate market begins to open up after the lockdown being lifted up from maximum areas of the country, the suppressed economies are now getting ready to hit the road.
Particularly about the real estate industry, it has been seen that property prices have fallen during the corona crisis with a huge percentage. Some investors think it is the proper time to hit on investments and catch your fish. Some investors are of the view that post-COVID Pakistan will be oozing out richer profits in the real estate business as it is backed with the Magnificent Construction Relief Package by Imran Khan. Others, however, have concerns about this statement.
PM’s Construction Relief Package 2020
The Government’s Construction incentives including income amnesty scheme and a bundle of tax-waivers is deemed as a stimulant to the construction and real estate businesses, fetching happy moments for investors and builders. The two dates (deadlines) carry much impotence in this regard; Project starting at date Dec 31,2020 and completing by Sept 2022 function under this package. The initiative is wisely contained between the dates to activate and crawl out the saved-up investments into running position. This will not only lubricate the investor’s profit wheels, but will also help Pakistan’s overall economy.
On the contrast, there is another school-of-thought who is of the view that the Construction Relief Package isn’t stimulating the real estate business as the construction sector’s activities are exclusively linked with provincial government’s various approvals succeeding the 18th Amendment.
The question remains: Is post-corona Pakistan going to be advantageous in terms of property buying?
Property Experts Opinion
Sheikh Shakeel Ahmed, CEO Sirmaya.com has valuable advice for real estate players. He says, “ The Property market will definitely get a boost after Corona as in the midst of the Corona crisis there has been a big fall in market prices. The graph will rise again as the real estate is backed by the flow of construction activities which are on their way. In my opinion, as the approval department is also addressed in the construction relief package, to ensure the timely approvals, and particularly in Punjab Region, Ravi Urban Development Agency (RUDA) is set to work under Lahore Development Authority (LDA), a good sign it is to project a prosperous real estate business soon in Pakistan”.
The Chief Executive of Pakistan’s smartest property portal is very much hopeful and happy about the successful rebound of the construction industry in post-Corona Pakistan. He stresses on the fact that good policy making and implementation is the need of the hour in order to minimize the adversity of the virus spread and maximize the favourable future prospects in the real estate sector.
Whilst a plethora of opinions are seen roaming around, the majority is optimistic about the successful rebound of Pakistan’s real estate industry.