Real Estate market synopsis


The real estate sector in Pakistan has tremendous potential to grow and a fast pace, but obstacles, unfair taxes, and bureaucratic hurdles hamper its growth drastically. The real estate sector and builders' and developers' importance are undeniable in a country's lifting economy.According to statistics, Pakistan's real estate construction work spends more than 2% of its Gross Domestic Product that accumulates roughly more than $5.1 billion. Choking resources and lack of infrastructure in tackling internal mass migration in search of better living and earning opportunities requires careful urban planning and researched the real estate market usage.Pakistan's real estate market is continuously deteriorating, and a fall in property prices is evident in almost all major cities and areas. The property dealings are reported to be record low at present. The effects of amendments in Income Tax Ordinance-2001 connected with property valuation are becoming visible, and mostly as the third quarter has ended, they are getting widespread. The demand in the real estate market is continually fading, and people are merely wondering with no intention to invest, thereby sparking a collapse in the real estate market.