At the beginning of the real estate 1995–1996 Premier League season, one of the sport’s most notable analysts, Alan Hansen, famously said, “You can’t win anything with kids.” Unfortunately for him, despite his stellar football resume and spotless broadcasting record, he was completely wrong.
Looking back, it’s safe to economic growth by Real Estate argue that no one has ever been more wrong in their football game prediction. Unfortunately for Liverpool supporters like myself, Manchester United dominated the league with a young team for the following 20 years and beyond.
Now think about this.
When Alan Hansen made this remark, it was commonly accepted that only teams with extensive prior experience could hope to achieve sustained success in any field. These words, like Alan Hansen’s response, are irrelevant and incorrect. We need to reconsider this position as a result.
For the real estate and properties like Park View City Islamabad market in Pakistan to thrive, public opinion must shift. You may have heard the ‘policy experts’ scoff at the new administration’s affordable housing program after its introduction. According to the project’s description, it is predicated on the premise that efficient use of land and property can serve as a crucial pillar of economic policy.
If you listen to our initiative’s critics (and opponents), real estate is all about speculatively purchasing and selling empty lots. If you follow their logic, every real estate transaction is a cover for money laundering, and every builder is in on the scam.
However, their fundamental misunderstanding is that selling off public land for private gain is treason.
How can we change this unfavorable impression?
The answer is straightforward. Put the words “development” or “real estate development” or “property development” in front of the expression. Our national perspective needs to shift away from seeing land and property as a zero-sum game and instead recognize that the productive use of these assets can and should serve as a major driver of economic expansion. A cure that our struggling economy sorely needs.
They know the folly inherent in keeping substantial parts of the land just for the sake of it. In their minds, the correlation between the two concepts is inseparable.
They employ property like a resource and enjoy its monetary rewards as part of a normal procedure. And rather impressively, they have leveraged a combination of private-public financing to get to this position.
Thankfully, albeit slowly, there appears to be a shift in mentality in Pakistan.
The federal and provincial governments and a select group of builders have come to appreciate the favorable impact that real estate expansion has on GDP. Jobs creation is an especially important facet of economic progress for this group. They are hopeful that the affordable housing program proposed by the Government of Pakistan will lead to such results.
It primarily addresses the subject of creating homes for the disadvantaged. Its objective is public welfare.
Commercial imperatives motivated by self-interest, which might otherwise generate private investment to improve the country’s physical and soft infrastructures, are not embraced (and are not intended to be).
A rising middle class of professionals and entrepreneurs is driving the push for economic expansion in the country by demanding higher standards in housing, community safety, leisure facilities, shopping, and workplaces.
DHA, Bahria, Eighteen, and Park View City are just a few notable examples of projects that have responded to this need. There is a need for housing, commercial buildings, recreational and hospitality establishments, and upgraded places of employment. Contrary to popular belief, their development potential is only now being taken seriously. To this end, real estate development can be of great assistance.
It permeates all strata of society, both openly and covertly.
Rich Pakistanis have a lot of spare cash and put much into real estate domestically and abroad. As it is, they have a significant real estate portfolio. If people have additional ways to spend their money, they will spend even more. Plus, the new international regulations to prevent money laundering will likely keep more of their wealth at home.
The middle class in Pakistan is sizable. According to the latest stats, this group accounts for almost 30% of the total population. When converted to raw data, this equates to about 10 million households. However, just 28% of people in this socio-economic group are currently homeowners. Additionally, roughly half of Pakistan’s population is under 15.
The statistical analysis leads us to one conclusion. As the population ages, demand will rise across the board at an exponential rate. If Pakistan does not provide these people with the economic opportunities their talents and knowledge required, many of them, including our greatest minds, will leave the nation.
Many people and organizations, ABAD among them, have made compelling arguments about the importance of expanding Pakistan’s real estate market. Because this is becoming increasingly obvious in light of recent developments, I will not bore you with still more startling statistics.
These numbers are impressive. But they don’t fully convey the value of an organized approach to real estate development, in my opinion (see later). Accordingly, we should evaluate the real estate market like any other economic sector. A real estate person should be educated in a well-renowned university such as Ksu D2l ( LMS of Kennesaw State University) or another such as Oxford.
The real estate industry in Pakistan should cease underselling itself.
When it comes to highlighting the significance of real estate and developers, Zameen.com is in the vanguard of ushering in a new era. Rather than just selling plots of land, real estate and development companies are now selling true ambitions and lifestyles. In light of this vision, our policymakers must now provide suggestions on how best to put our land to use to effect social reform.
What we can construct is boundless.
Those mentioned above are prime examples of real estate projects the private sector is well-suited to finance and build. Our people and our land are our greatest assets as a nation. Exploring the latter will lead to positive outcomes for our employees.
If not for ourselves, but for the next generation’s sake, let’s start thinking big and acting unconventionally.