Rising buildings often indicate a path toward development and growth in any country. They create jobs and attract foreign investment. In this blog we will learn more about successive developments within Pakistan’s real estate industry and move on to the future trends in 2024. Let us first look at the historical legacy of real estate and how it has come to inform today’s capitalist culture.
Historical Background
Private property has been a cause of great concern and worry for left wing economic theorists, but it has always worked out in creating greater prosperity. For the most part of human history, we lived and spent our days under the mercy of environmental unpredictability. It wasn’t until the advent of agriculture that led human communities settled and hence became a part of the process of developing advanced societies.
The founder of sociology Emile Durkheim traces the origins of modern capitalism to the emergence of rapid development across various sectors of the economy. Industrial growth meant forging deeper connections with people within disparate areas, which led to a path we know today as ‘modernity.’ One of the key developments within modernity is the mass movement from rural to rural areas. This movement stirs an urge within the human soul to dream higher and leave behind a slower-paced life for something more exciting.
People want greater connectivity. They want to experience more, consume more, and stay connected to the strides of development and innovation capitalizing on the ‘zeitgeist’ we are all part of. It can often demotivate and frustrate some to know that they won’t remain relevant as modern society progresses. The speed at which movements and ideas travel transcends our capacity and attentional ability to stay updated.
Luckily, for you, our marketing strategy is devoted to bringing to life everything that is happening around you and presenting it in a manner that is easy to understand. We must start with the premise that what is happening around you is limited to your immediate locale and developments a thousand miles away influence your life. And you have no cause to worry; being updated with the right information would help you ride the momentum of growth.
The real estate industry is a great example of how things have developed over the course of the past decade. Real estate has seen a worldwide boom and is often considered too secure to fail. This is one reason why real estate agencies and development firms emerge all the time. They catch our attention, sometimes promising something too good to be true.
In Pakistan, this really has become a subject of wide discourse and debate. Societies offering the most pristine of conditions and services are demanding our attention. Key terms such as lavish, luxurious, modern, and marvelous are projected to our imagination. It is so crucial to wonder how such projects span out over the course of a longer period. The prime example of wondrous success in the real estate industry is the brainchild of Malik Riaz, Bahria Town. Bahria Town has grown beyond its humble start and expanded to several cities within Pakistan. It has really set the example of how private companies can match and even conquer real estate mega bonds like the Pakistan army and the government. Providing a safe and friendly community, Bahria Town has won the hearts of a massive majority of Pakistan’s middle class.
Here are some of the key performance indicators of Bahria Town. It has developed a stable infrastructure in all three major cities and has attracted major companies and consumer outlets operating in healthcare, education, food, and technology. Suffice to say, Bahria Town has become a towering figure in Pakistan’s developmental landscape.
Following the success of Bahria Town, we have upcoming housing societies such as Blue World City, Eighteen, Silver City, Lake View City, and many others. While these societies target highly developed cities within Pakistan, AH city is an exception situated in D.I. Khan.
The answer to the question of whether one should invest in real estate is far from straightforward. There are so many factors at play, budget, size, and yes, the administrative competence of the real estate company. However, before making a decision, it is useful to analyze some of the general economic trends.
Upcoming Trends 2024
- RISING INVESTMENTS
The numbers speak for themselves. If the past is any indication of the future, it seems likely investment in real estate is going up. Pakistan’s growing population requires concurrent development in housing infrastructure. Census data shows that 36.4% of Pakistan’s population lives in urban areas. This movement is likely to surge forward. UN’s statistical analysis concerned with population metrics show that half of Pakistan’s population will be living in rural areas by 2050. Furthermore, the global real estate market’s growth in Asia Pacific was the largest, a whopping figure of 3.2%. This number is only going to grow as the global economy is slowly recovering from an economic recession.
2. EXPANSIVE PROJECTS IN VARIOUS CITIES
Development of new societies, notably, the development goals of AH Group of Companies that has several projects located near Pakistan’s north shows that the real industry is going to spread across Pakistan’s urban centers. One example is AH group’s ambitious project: AH tower, Peshawar’s first ever residential high-rise. Check out this article for more information. What’s more is that this residential area is connected to the city center through the Northern Bypass Road. According to realtor.pk, which has signed an MoU with AH Group, the 10 Kanal residential project will be completed in a duration of four years. This will have a major influence on the real estate industry considering it is the first project outside of Pakistan’s major cities.
3. HOMES FOR LOWER INCOME GROUPS
Government projects indicate a growing supply of property for the mass majority of working-class people, specifically targeting housing projects for lower income groups. Not only have private housing projects accommodated lower income groups but also has the government of Pakistan, which launched NYHP, Naya Pakistan Housing Project plans to expand its mission of providing affordable housing. Furthermore, the government has also decided to work on a prefabricated housing plant. The benefits of prefabricated houses extend beyond their relatively cheaper manufacturing cost. Using raw materials that are not harmful to the environment, they also promise an eco-friendly future.
Conclusion
The real estate industry’s growth worldwide highlights a universal pattern of rural to urban mobility, rising populations, and higher consumer living standards. The world is catching up to a culture of high-quality living standards and so are players in the real estate industry. Investment is growing, private companies are developing equity funds, and consumers are willing to put their faith in the entire process. Pakistan, like most countries across the world, is riding the wave of an economic recession, but in hope for a better future, many are turning their attention to the growing world of real estate.
See more:
Top 5 Best Real Estate Projects in Peshawar
How to Market your Real Estate Projects on Social Media
5 Best Real Estate Marketing Ideas in Pakistan
Benefits of SEO to Your Real Estate Company in Pakistan
