Restate investment in Pakistan contains numerous shapes and forms, and it can be a profitable way to earn money. If you are deciding to step into the real estate sector anytime soon, then you must understand the basic types of real estate properties in Pakistan once you get to know them than you can easily determine which type is best for you as per your budget and needs.
The land is also known as a plot in the local language. It includes agricultural ranches and farms. Land can be defined as the earth’s surface, while land rights can cover everything that is attached to it. Water, trees, lakes, minerals, or any natural or man-made resources attached to a particular patch of land are a part of it. Land rights also include air rights, surface rights, subsurface rights, and air rights. For subcategories, land can be used for multiple purposes, depending on the zoning restrictions and local laws. Industrial, commercial, industrial, agricultural, and residential are the most common types of plots in Pakistan’s real estate market.
Residential properties are the most popular types of real estate properties in Pakistan, or you can say across the world too. As the name mentions, residential properties are particularly used for residential purposes, and they can be rented, bought, or sold, according to the same purpose.
For an average Pakistani, homeownership is, hands-down, the biggest investment of their lives. Many of us spend our lives saving for a house that is according to our family needs and requirements. Homeownership also represents financial stability and has proven to be an asset that also doubles as a long-term investment.
The subcategories of residential properties in Pakistan are mentioned below:
- Apartments Buildings
- Vacation Homes
- Cooperative Housing
The second most common type of real estate property across the country is commercial properties. Commercial property normally refers to units that are restricted to business activities. Primarily, any property that is used for creating income falls under the category of commercial properties. The subcategories of this type of real estate are mentioned below:
- Departmental stores
- Shopping malls
- Recreational facilities
- Privately owned parking facilities
- Restaurants, dhabas, cafes, or any eatery
- Theatres or cinemas
This particular type can be defined as a property that is used primarily for manufacturing, producing, packing, or storing goods for the consumer market. Industrial properties can also be utilized for research purposes and the distribution of goods while they can co-exist with the agricultural unit too. Industries are normally known as a subdivision of commercial real estate since their objective is to generate income through selling or distributing the worth of goods. Though the classification is quite different due to a few obvious reasons, as such, the construction permits, zoning laws, and the sales on industrial properties are handled quite differently than other categories of commercial properties.
For a legit investor, real estate is much more than just a piece of property or vacant land. That said, agricultural lands are more or less sort of a subdivision of commercial properties, but the concept of agricultural properties in legal books is different. Agriculture properties are normally found in rural areas across the country. They are used to produce plants or crops and raise cattle. The biggest benefit of having an agricultural property is that it can be rented, bought, or sold, and it reflects a diverse effect on your property portfolio.
State-owned properties are normally owned by the government and given to the public for special purposes like cemeteries, education, or worship. The popular types of special purpose properties are mosques, schools, or any other religious centers, libraries, cemeteries, parks, and government buildings such as NADRA, secretariat, or assemblies.
So, now you have completely understood the types of real estate properties in Pakistan. Now you can start investing in any of these properties with your needs and requirements.