Impact of Covid19 on Pakistan’s Real Estate Sector
The Corona Virus outbreak has impacted almost facets of life including multiple industries and sectors of Pakistan. However, the impact of Covid19 on the real estate sector of Pakistan is starkly different from its impact on the other industries in the country.
The real estate industry in Pakistan is considered to be one of the main sources of employment. There are a large number of opportunities for daily wagers to earn a living in the real estate industry, and therefore keeping this sector in motion was a major priority for the government. As a result, the government made some significant reforms in the overall policies regarding real estate in the country. These changes provided impetus for the real estate to grow and people became even more interested in making real estate investments
This article includes the details regarding the impact of Covid-19 on real estate sector of Pakistan
Reforms in Real Estate by Imran Khan
As a result of covid-19 impacting the real estate industry of Pakistan, Prime Minister Imran Khan had to make some important decisions in order to keep this industry moving. The government after consultation announced the reduction on taxes on the real estate buying and selling in the country. This policy reform has provided great impetus for the people of the country to invest in real estate. A large number of incentives were announced especially for this particular real estate sector, transforming it into a particular industry with support for all the different real estate projects that are being developed inside the country.
Impact on Real Estate Projects
Although all the real estate projects were halted in the beginning, but with time the real estate housing schemes in the country are witnessing an investment inflow. Some housing societies such as Blue World City Islamabad has even announced PKR 2 Crore for the Corona Relied fund. Similarly, a large number of other real estate projects have contributed immensely to this cause. The overall invest opportunities have quickly started to rise, and things are getting back on track with time.
Future of Pakistan’s Real Estate Industry
Because of the recent policy reforms and advancements in real estate, the overall future of real estate in Pakistan is looking to be in motion towards a successful path. The different real estate projects in the country are trying to make a difference by applying different innovative methods to attract investors from both inside as well as outside the country.
For instance, Blue World City has endeavored to use innovation to attract thousands of investors from all across the world. It has incorporated multiple thematic infrastructures, and it has also become a part of the Naya Pakistan Housing Project. This shows that the future of real estate in Pakistan is positive and there are great expectations for the growth of real estate once this covid-19 situation withers away.