The real estate sector of Pakistan is flourishing. After the incumbent government introduced several reforms for the sector along with a relief package, the sector is witnessing an uplift at large. Real estate investors in Pakistan and abroad have again started parking their money in the sector. According to real estate experts, a large pool of new real estate investors has also jumped the bandwagon. The influx of new investors has resulted in an increase in overall real estate transactions in Pakistan.
As a new real estate investor in Pakistan, there are certain key elements that should be considered before buying real estate. The real estate market of Pakistan is a bit different from rest of the world. Due to the fact that the real estate sector of Pakistan is largely undocumented and non-regulated, it becomes a tedious task to score a fair and transparent deal. Here are a few key factors that you should consider before buying an investment property in Pakistan.
Determining the investment style
As a real estate investor, you should first the type of real estate investments you want to go with. For instance, if you want to earn monthly rental yields, then it is best to go for completed residential and commercial units. Or if you are more into buying and holding for profit at a later date, then buying land lots in housing and commercial real estate projects should be the way forward. As a rule of thumb, the best strategy for real estate investment is to go for a diverse portfolio of rental and long hold investments.
Selecting the right real estate agent
Real estate investments without employing expertise of a real estate agent is like shooting arrows in the dark. A real estate agent is your advocate before, during and after real estate transactions. No matter the style of real estate investor you are or want to be, a real estate agent will help you with negotiations, verification and documentation.
Selecting the right real estate project
It is important for you to do your due research before investing in a real estate project. For instance, if you are looking to invest in Park View City in Islamabad, then your first step should be to check Park View City NOC from Capital Development Authority (CDA). After this, your next step should be check and analyze the importance of Park View City Location and map in Islamabad. You should be able to check the access to civic amenities and road accesses. After this, you should check the payment plan of Park View City to determine the kind of properties available for sale. Once done, you are now set to buy the property.
These are the three crucial steps when you are looking to buy an investment property in Pakistan. Real estate investing is an art of playing the right cards at the right time. Diversification of your real estate portfolio is carries the key to success in this field.