The real estate market is a billion-dollar sector in Pakistan. It is not wrong to term it as the most reliable and secure investment sector in the country, as returns essentially remain positive and minutely get affected by prevailing economic conditions and political upheaval near or after general elections in the country. Though, it is observed that whenever the economy thrives in Pakistan, the real estate sector acts as a backer. It meant if backed by the government, the sector can do wonders for the economy, but the officials seem to have little or no interest in supporting the Pakistan real estate market.
The success of the neighboring real estate market indicates that we must learn some lessons from them and apply them here to help this sector grow too. Looking at Dubai real estate, we understand that just with aggressive government initiatives, the region now makes for attractive real estate investment possibilities. The following are a few steps that the government can learn from Dubai in order to make the Pakistan real estate sector prime investment option.
Introduce Investors’ Protection Laws
Surely, all leading cities of Pakistan are the best, the most diverse and dynamic regions in terms of real estate options. Though, the lack of profound investors’ protection laws makes investors feel insecure while investing their hard-earned money here. While in comparison, investors’ protection laws and real estate rules & regulations governing Dubai real estate sectors attract foreign and local investors alike. To invite overseas and local Pakistani property investors and to offer a maximum yield to them, the government must introduce reforms in the real estate sector. When investors start to feel secure, they will not be reluctant to invest here.
Promote Tourism Activities
The government’s decision to capitalize on the Dubai real estate sector was followed by a series of steps to make the sector grow and increase with time. Besides real estate offerings, the United Arab Emirates government promoted tourism activities in the region and opened an entirely new direction to the hospitality sector. Entertainment spots, hotels, restaurants, beaches, parks, and high-end real estate assets were constructed to attract interested people from all over the globe to visit Dubai and stay there. Furthermore, it created hundreds and thousands of job possibilities that can bring foreigners here. Following their footprints, the Pakistani PTI government will have to introduce radical changes and take sound steps to draw investors to the country other than just announcing the tourism policies.
Offer Diverse Real Estate Assets
Dubai provides diversity in terms of real estate assets to certain investors and serious property buyers. Specialists state that investors take real estate as an entry point into any country. Thus, if the government wants Pakistan economic sector to develop further, it will have to create diverse investment opportunities in Pakistan and offer a range of asset classes with certain and more returns than established markets.
Following these pointers, the government can take the initiative and promote the real estate sector to flourish in Pakistan, resultantly welcoming thousands of new investors for the Pakistan real estate sector.