Data
mined from Lamudi’s website shows that majority of property-seekers in the
major cities of Pakistan are looking to buy than rent a property.
According
to research conducted by Lamudi Pakistan, approximately 60 percent of the
searches on the website are for purchasing properties rather than renting. The
data also pointed to the preferences of house-hunters towards buying houses
over other property types.
This
holds true for all major cities of Pakistan such as Lahore, Islamabad, Karachi,
Gujranwala and Faisalabad, where home buyers dominate the property market.
Lamudi
Pakistan Country Director Saad Arshed said that the results vouch for the
Pakistani mindset, which encourages young couples to live with their families,
until they have the resources to construct their own house.
This is
akin to the Pakistani mindset where renting properties makes less financial
sense, as it consumes a major chunk of monthly salaries. People prefer living
in a joint family system and save money, until they can build their own house,
Arshed highlighted.
The
research points to the popularity of houses over other property categories.
This was followed closely by investing in apartments in Karachi and plots being
the second famous option after houses in Islamabad, Gujranwala and Faisalabad.
These
results should be helpful to property developers, who are planning to launch
new projects. Now they know majority of property-seekers are interested in
buying houses.
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