Challenges and Problems Faced by Pakistani Real Estate Industry
Pakistan real estate is a growing industry that is in demand throughout the year. Although, there are many problems faced by it and the real estate business, but still many overseas Pakistani are attracted to it. This sector can perform much better in future if some problems are looked upon.
It is the root cause of all the major problems in Pakistan since 1947, military and democracy rules side by side. This country can never choose its rulers by itself. Perhaps, real estate of Pakistan has suffered the most due to political problems. The problems associated with Martial Law have severely affected it again and again.
Like many other sectors, property dealings are also not regarded as a clean profession. The reputation of this industry is greatly affected due to misconduct of some agents. The buyers and sellers are not sure about the credibility and hardly trust on anyone. However, now truth and honesty is practiced somehow from last few years.
The new property tax law has been introduced and strictly implemented, which has badly affected this sector. Businesses fall under the parameters of this tax. These taxes are applied on both residential and commercial centre. Due to these taxes, real estate market has slow down.
Instability in security like violence, terrorism and robbery has affected this sector in past few years. People living overseas do not feel comfortable when they think to invest here, to some extent.