IS PAKISTAN’S PROPERTY MARKET RETURNING TO GLORY?

property sector is poised for recovery in the second half of 2015, according to property portal, Lamudi (www.lamudi.pk).

The property search on the Lamudi portal for both residential and commercial category has already increased by 54 percent in the first six months of 2015. Real estate experts from all over Pakistan are also expecting the market to show signs of improvement, after the stalling market activity in the first six months.

Both real estate agents and developers have reported an increase in queries from investors, especially from overseas Pakistanis who are back home to celebrate Eid with their loved ones.

This increase in property enquiries is expected to scale up in the second half of 2015 as well, notably around Eid-ul-Azha and New Year, when the overseas Pakistanis will return to their home country again.

Saad Arshed, Country Director, of Lamudi.pk, said: “The increase in customer queries vouches for the optimism that investors have about the real estate sector in Pakistan.

Its property market is returning back to its former glory days. I would strongly advise investors, especially short-term ones to invest in property now and sell it off within these six months, as prices are expected to shoot up in future.”

The economic conditions of Pakistan have also improved and with the Budget 2015, bringing positive signs for the real estate sector in terms of relaxation in taxes and the launch of Real Estate Investment Trusts (REITs), it is the ideal time for investors to invest in the property market.