The real estate sector of Pakistan has seen many changes over the years, performing well in some instances while experiencing falling prices in other. A recent example of a downward trend is the political disturbances in the country’s federal capital, Islamabad. The month-long sit-ins led to the dwindling of property markets nationwide.
However, there is no denying the fact that Pakistan’s property market has been revolutionized drastically and is constantly moving forward. Also, despite such political setbacks, it has still managed to establish a strong baseline that tends not to shift too easily.
Role of Technology
One of the foremost factors that have led to this revolution is the introduction of technology into the real estate sector, particularly since the arrival of 3G and 4G networks, which has brought more and more property hunters online. In 2014, out of Pakistan’s total population of 196 million, around 30 million people were internet users, and given the advent of 3G and 4G, this is likely to rise in the near future. Searching for information online is now commonplace in the country and a trend is emerging where transactional decisions are backed by a considerable amount of online research.
Therefore, with the average property hunter online today, technology provides conveniences to buyers, sellers, tenants and investors alike. These conveniences come in a variety of forms, so let’s take a look at some of the ways in which today’s realty sector is different from how it used to be merely a decade ago.
All Properties Under One Roof
Searching for properties online is a simple process. All you have to do is search for real estate agents in your favourite location or search for the details of houses or plots along with their prices. In this regard, a particular web portal has come in handy time and again for thousands of people in Pakistan. Zameen.com, Pakistan’s largest real estate portal, has made it possible for people to access over a million properties from anywhere on the globe and that, too,from the comfort of their homes.
This is a good indication of how the real estate landscape has changed. Property hunters no longer spend endless days driving around to far-flung locations to look at middling options, and top choices narrowed down on an online property portal is where they now begin their search.
Smartphone Users Have it Easy
In Pakistan, as of 2014, approximately 134.8 million people were active mobile subscribers which is an excellent penetration rate, one which is like to bear many fruits for Pakistan’s IT industry in the near future.
Companies can now target customers directly. Through the use of various apps, Android or iOS, users have a variety of entertainment and educational options to choose from. Real estate has also made its presence felt through, and apps like Zameen.com’s allow users to explore excellent options on the go.
Apps are increasingly popular because smartphones are becoming more affordable by the day. Coupled with fast mobile internet connections, the environment was ripe for a revolution in the real estate sector, which now seems to be underway.