Pakistan is one of the top growing economies in South Asia. Pakistan has shown enormous potential and growth in various fields that has changed the perceptions of the whole world about the country. For instance in the FIFA World Cup Qatar 2022, made in the Pakistan footballs have been used which is a moment of pride for the whole nation.
As the list continues, one of the industries which has shown enormous potential is the Real Estate Industry of Pakistan. Real Estate industry has evolved as an array of hope to boost the GDP Growth and to combat the economic crisis of Pakistan. 2021 has been a year of Real Estate, one of the prime reasons was the inclination of ex-Prime Minister Imran Khan towards sustainable and vertical living in line with sustainable development goals.
Pakistan has evolved as a greatest and one of the finest markets in the world which has turned the tides for overseas Pakistani’s to invest in their homeland. We have and are witnessing a major shift from land or plots to hi-rise buildings which would in turn change completely change and modernize the cities we currently live in.
Emerging Real Estate Trends in Pakistan 2022
We have jot down the emerging trends which have attracted the attention of investors, stakeholders, and developers.
Have you heard of Bahria Icon Tower? It is the tallest skyscraper currently being built in Bahria Town Karachi, accumulating 62 stories and is 273 meters tall. Well, this is not the only skyscraper being built in Karachi but numerous have already been built and delivered. This is the prime reason why Karachi is also known as a concrete jungle.
The trend that Karachi has set, has now been wide spread in the whole country, especially Islamabad and Lahore. Currently, these three cities have been regarded as most economically active cities. RDA ( Rawalpindi Development Authority) and LDA (Lahore Development Authority) now allow, support and encourage the development of vertical commercial and residential spaces. The development of new vertical projects have proven to be a center of attention for quite a while now, for instance The Centaurus Mall Islamabad, Safa Gold Mall, The Mall of Lahore, Packages Mall and numerous others. There are various other factors behind the success of vertical projects, one reason is the change of mind set. As it has been witnessed that youth and millennial of the country prefer apartment living because it demands low maintenance and saves more time.
The efforts of the previous government and the current trends have not only supported the residents but has supported the related industries alike. 2020, 2021 and 2022 have been a booming year for the construction industry due to a massive increase in construction and development. This increase has created new job vacancies for engineers, developers, marketers, architects and many more.
Talking about the twin cities, new names have evolved in development industry of Rawalpindi, one of the most prominent names is ESPA Builders. They are relentlessly working to change the dynamic of the real estate industry through innovation, quality, commitment and deliverance. Currently, they have introduced three projects in Bahria Town Rawalpindi, named as
Evershine Heights (Bahria District South)
Evershine Business Centre (Bahria District North)
Golf Empire (Bahria Garden City).
You can read more about the projects in the Blog section.
The customer’s needs have driven the real estate industry to introduce mixed-used complexes, which have a proven to be successful in the past couple of years.
Well, who wouldn’t want everything under one roof?
Multi-Purpose buildings have been the jewel of populated cities especially metropolitans as the provide almost all the basic commodities under one roof, on top of it, security that it offers adds cherry on top. This trend has taken industry of Lahore and Islamabad by storm. There have been numerous multi-purpose buildings being constructed to address the current needs.
Ensuring the perfect use of the concept ESPA Builders has introduced phenomenal projects named as Evershine Business Centre and Evershine Heights. Located in the heart of Bahria Town, these projects stand out in terms of facilities and exceptionally profitable location for all the investors and stakeholders. Standing tall right next to new head office Bahria Town Rawalpindi, Evershine Business Centre is a reflection of a promising future and it also indicates a paradigm shift towards sustainable urbanization and modernization of the cities.
The concept is gated communities alongside apartments and hi-rise buildings is booming in Pakistan. The concept which was brought to the nation by Bahria Town is now talk of the town.
There have been numerous societies launched in different cities of the country, which have converted the deserted lands in ultra-modern residential settlements. Investors and stakeholders interested in investing in lands, now have numerous options to choose from depending on location, city, developer and offerings.
Numerous names have evolved as credible housing societies which have catered the attention of consumers as well, for instance, Rudn Enclave Rawalpindi, Kingdom Valley (aligned with Naya Pakistan Housing Scheme), New Metro City Gujar Khan and many more.
These gated communities have provided a space for consumers from all the households as they provide easily affordable plots based on flexible installment plans.
Advantages of living in a gated community
- Provision of essential and luxury amenities
Living in a gated community has various advantages, one of the basic advantage is commodities become easily accessible and all the basic facilities are just a call away. Everything becomes accessible in a close proximity for instance schools, hospitals, public parks and much more. Hence, living in a gated community is a huge advantage. Moreover, facilities which are usually far-fetched become available on a walking distance, like golf course, riding clubs, fitness clubs, parks and luxury restaurants.
- Regular Maintenance
Gated Communities are clean and well maintained and regular maintenance of parks, sidewalks, curbs and landscapes make it even cleaner and a perfect space to live in a healthy environment. So people living in these places are usually more relaxed and contended. Resultantly, these housing spaces being affordable have caught the attention of a large chunk of middle income who are unable to afford a luxurious lifestyle otherwise.
- Peaceful and Secure Living
Secure Communities and modern housing societies offer complete privacy and better security in contrast to living in conventional areas. Low traffic volume, known faces and security make these societies a better place to live.
Another top emerging trend is Hotel/Serviced Apartments. Now you can have a 5 star hotel experience in your apartment building which can be availed in almost all the metropolitan cities of Pakistan.
Numerous developers are offering these services in twin cities and there are myriad of differences between conventional apartments and serviced apartments but the most distinct feature is a well facilitated lifestyle completely focused to give you concierge services. This used to be a fantasy a couple of years back, but not anymore, right?
There are numerous projects which are Hotel and Serviced Apartments across the country, envisioned to be managed by world renowned companies namely Ramada by wyndham, Hashoo Group and many more.
Reasons to live in a Serviced Apartment
There are several reasons why people consider living in serviced apartments as follows:
The serviced apartments are fully furnished with high-quality metal or wooden furniture and wardrobes. You will be able to store your belongings and stuff easily. Generally, a serviced apartment is much better than this standard, expensive hotel room. Moreover, there is a fully equipped kitchen, bathroom, and TV access, plenty of plug sockets, a dishwasher, a dryer, and everything you would expect to find in a very modern apartment.
The prices of Serviced Apartments are clear as they are not hidden. The prices include property management costs, utilities, property tax charges, weekly servicing, etc. are all included in the rental price. Internet service is also included in it. Although serviced apartments are more economical than hotel rooms and the rate frequently drops the longer one stays.
Moreover, you will always have more space, more freedom, and more privacy than in a hotel room. The best thing about Serviced apartments is that they also offer discounts to guests staying for longer periods, whereas hotels offer a fixed pricing structure for their rooms.
Living in a serviced apartment is more affordable than a hotel room or a motel. The prices are typically less than hotel rates of the same standard and private rentals. It provides you with a modern living experience as well as all conveniences that a luxury hotel provides you but at a reasonable price.
Some Features to Look for in a Serviced Apartment
There were times when hotel rooms were the only options for travelers to stay but now the time has changed so the accommodation options have also changed and modified.
There are several options for accommodation, among them serviced apartments are the best whether you want it for business purpose, leisure or a trip with family such accommodation offers many benefits.
Serviced apartments are fast becoming the preferred accommodation choice as an alternative to hotels. Nowadays, travelers may prefer to stay in a serviced apartment than a hotel.
But before you book the accommodation take a look at the features of that particular apartment, here are some of the features to look for;
When you plan to buy property, the first thing you will look for is the location. This is one of the main features that a person will ask about, and make sure to double-check the location because sometimes the said location may not be as easy as you initially thought. As a traveller, you can do a bit of your research by considering how close the apartment is to attractions and landmarks, and how closely connected it is to transport in the city. Besides, if you are going on a business trip, check how far the location of the apartment is from the desired place of business. All these factors are equally important as you make your decision.
ESPA Builders in this regard with its exceptional project, Evershine Heights, is also offering serviced apartments. Well, it is also speculated that they are bringing a huge name of hospitality industry in the market, but name is yet to be revealed.
Returns Based Investment:
If we talk about the client’s interests, than we don’t see much, do we?
But not anymore, technology has evolved and luckily now we can gather and analyze data to know what client is actually looking for and now the whole industry knows what client is looking for.
Do you know what that is?
“A profitable future”.
Local and overseas clientele are looking for profitable investment solutions which guarantee safe investment options based on optimum returns. But in the recent years we have witnessed various issues, predominantly lack of deliverance has been on top ever since.
The developers should ensure and fulfill commitments to gain client’s trust and make real estate market a secure profitable investment platform.
Tech-equipped living has become a major part of the advanced lifestyle in today’s era. In Pakistan, it has emerged in the Real Estate Industry as a trend. Technology has become increasingly important in human life for convenience and security. Everyone is looking for a housing society and a residential complex that is equipped with the latest technology. Every day there is a new invention that is helping man to take a step forward towards a better lifestyle in the future. Technology and techniques are changing the lifestyle of people worldwide, and the way of life is no longer the same as it was some years ago.
Real Estate developers are now working on advanced technology to make the lifestyle of the residents more secure and comfortable. For instance, Smart lock systems, facial recognition security systems, CCTVs, solar panels, and solar energy systems have revolutionized lifestyles. They are gradually becoming a part of newly constructed buildings, which were not part of the construction and real estate industry just a few decades ago. Such changes and modifications can be observed in the Real Estate and construction companies of Pakistan as well.
Pakistan is one of the fastest growing countries in terms of population, which has posed a serious threat of imbalance between availability of houses and number of houses needed. Government of Pakistan has taken serious steps to counter the imbalance. The recent example of one of the steps taken is Naya Pakistan Housing Scheme, which aims to provide low cost houses to the residents of the country. The project aims to build and construct 5 million houses to counter the said imbalance ensuring an affordable residence to lower middle class and middle class families.
In line with affordable housing, another trend that is on the rise in Pakistan is “Pre-Fabricated” houses. These are pre-made homes which are constructed in the construction unit and then transferred to the desired location. One of the major advantage of these homes is, they are cost effective, reliable and can accommodate nuclear families easily.
The major advantage of pre-fabricated houses in sustainability. These houses can up-cycled as it supports circular economic model. Moreover, prefabricated houses completely align with the current inclinations of the government as the architects have been successful in adding environment friendly materials, energy and ability to be completely recycled.
Prefabricated houses have enabled the governments to combat the imbalance in a short period of time as construction and completion of these houses require almost half the time of conventional houses.
Another distinct feature of these houses is that they mitigate the possibilities of weather damage/maintenance as they do not conventional materials needs to build the classic houses.
Quality of these houses is remarkable. These houses have been equipped with improved precision as the template based system generated cuts mitigate chances of errors up to 99%.
Now what would you choose?
The real estate industry of Pakistan is constantly evolving. Along with the development and advancement of technology, real estate trends are also changing. Real estate trends in Pakistan are moving towards the development of both residential and commercial projects. Whether they are carefully planned housing societies or high-rise projects, they offer a luxurious living experience on a budget and also align with sustainable practices. New trends like green housing and eco-friendly construction can be observed in Pakistan as well. These new trends are a clear indication of the potential that this industry possesses and also what does it hold for future.