As the real estate market begins to open up in Pakistan, the aspiring buyers of Plots, Apartments, Homes and Shops are also gearing up to find properties of their choice at bargain prices.
Some investors believe that the post Covid-19 era will be the right time to buy affordable properties. Others, however, have reservations in this regard.
The believers say that properties will be affordable because the government has announced incentives including income amnesty scheme for the construction and real estate sector. These incentives will bring good developers to the forefront, resulting in a number of affordable housing and commercial projects. The incentive package has two important deadlines; project initiation before 31st December 2020 and completion by September 2022. The non-believers, on the other hand, say that the package has been announced by Federal Government; whereas the construction sector is entirely linked with provincial governments for various approvals after the passage of the 18th amendment.
So, will the buyers be able to get really affordable property in the coming days?
Wasiq Naeem, the Chief Executive of Star Marketing has some good advice for all. “The property market will definitely open up after Ramadan,” he said in a TV show last week. ” But it is too early to predict about the outcome of the government incentives because of the Corona pandemic situation. Right now, we see a lackluster response from the buyers, but traditionally the market always picks up after Eid.” And does he see a boom period in the coming days? “Maybe yes,” he says, “but it all depends on how the government implements the incentive package. The time lines of project initiation before 31st December 2020 and completion by September 2022 are too close and need to be extended.”
As the Chief Executive of Pakistan’s premier real estate marketing company, Wasiq Naeem seems optimistic about the future of affordable housing.” In Pakistan, the marketing firms are always the first to notice any positive change in the property sector. Pakistan just needs good, effective policies in the post-Corona times. The current policy should be changed which requires many NOCs from various government departments. One window operation should be introduced without any further delay. For affordable housing, you’ll have to facilitate the private sector.”
The government announced measures may enhance the construction activity in the long term. Many experts believe that this package will be a game-changer and will result in dramatic improvements in the sector, because the concerned developers have remained engaged with the government for such a package. Hopefully we will see some activity in Pakistan’s property sector in the coming days, with many upcoming affordable projects across the country, promising a better future for the aspiring buyers.