Realtors Investors All Geared up to Boost Property Business

Realtors, investors all geared up to boost property business

The real estate investors and dealers are flexing their muscles to fuel up the standstill property business in the metropolis after government formation in the country.

The holding of elections could not heat up the market's situation as the realtors and investors expected it but it is being hoped that with the formation of government, the real estate market will be active again.

Real estate analyst, Ovais Sohail, told Daily Times that the market had not taken bullish turn after elections but there were some positive buying activities witnessed in commercial side by corporate sectors. "The market will take a significant bounce in the next one or two months as strong sentiments prevail among investors' circles," he told and added "particularly the Real Estate Investment Trust (REIT) will attract big investors whenever their confidence boosts."

Mr Shoail, who is also Chief Operating Officer of Pak Real Estate, a local real estate research house, told that a number of foreign developers and construction companies have been waiting to enter in Pakistan's real estate market because of the high returns of as compared to other countries of the region except Dubai. He added that the majority of the foreign developers are interested to invest in Punjab, as they believed that the provincial government would be more stable there as compared to other provinces.

He mentioned the pace investment in Pakistan is continuing at Dubai's real estate market as the confidence of local investors is yet to be restored.

The property business has witnessed a prolong passiveness for last year as the prevailing political uncertainties coupled with law and order situation deteriorated in the country causing negative impact across the board in all investment-favorite posh societies of the major cities.

A retailer of Gulistan-e-Johar area, Syed Mabroor, said even transactions of the properties are very slow contributing to the decline in prices in some localities, now we (real estate agents and brokers) are closely observing the government formation and ready to play our game in the market. We have been advising the investors not to sell their property with low returns so they have also been waiting for resuming of trading activities. And when all the investors involve are re-active in the trading, the market will be skyrocketing, he added.

He said the transactions and values have been increased after elections and hoped that it will take more pace in the next month.

Vice President Real Estate and Construction's sub-committee, Federation of Pakistan Chambers of Commerce and Industry (FPPCI), Munir Sultan said that the local developers and constructors have been adopting wait-and-see policy since the holding of the elections but now they are all set to announce their residential and commercial projects.

He said that some developers had announced their housing projects and societies after elections but they are not getting positive response. He told that a big number of projects will start their booking activities in the next one or two months. As far as Gwadar real estate is concerned, the resident retailer, Saeed Baloch, told that the property's transaction has gripped the momentum since the commencement of Gwadar seaport. He added that the prices of the commercial and residential plots have increased sharply for the last one week.

But, some realtors are still very pessimistic about political and governing situation of the country, they said that the rift between elected assembly and President and movement to restore deposed judges are yet to be solved which may impact the real estate market.