As 2020 comes to an end, we can’t help but admit that it turned out to be one of the most interesting years of the 21st century so far. The real estate industry of Pakistan, which is touted as the country’s most famous investment avenue, has also witnessed many groundbreaking developments throughout the year despite the COVID-19 pandemic.
The virus spread may have somewhat impacted the growth of the industry but it couldn’t completely stop it from progressing. Things for Pakistan’s property sector in 2020 have headed in the right direction, thanks in part to the untiring efforts of Zameen.com, the country’s most trusted property portal, and the government initiatives that were aimed to evidently promote real estate and construction sectors.
Major Developments in Pakistan’s Property Sector in 2020
Now, let’s take you through some of the most important developments of the year 2020 and how they will help sustain the growth of the country’s real estate market for years to come.
- Organisation of Expos and Property Sales Event By Zameen.com
- Technological Breakthroughs to Sustain the Growth of the Realty Sector
- PM’s Relief Package Targeting Construction Sector
- More Construction Companies Were Registered in 2020 Than in Previous Years
- New Investment Opportunities for Overseas Pakistanis
Organisation of Expos and Property Sales Event By Zameen.com
At the beginning of February 2020, just before the coronavirus pandemic hit Pakistan, Zameen.com organised a very successful property expo in Karachi. This grand-scale event lasted for two days and was attended by thousands of people. The visitors to the event explored dozens of top-of-the-line property projects from across the country.
As the number of coronavirus cases dropped and the country got rid of the first wave of the pandemic, Zameen.com continued with its public activities. It started organising property sales events in different cities of Pakistan with strict coronavirus SOPs to help prevent the virus spread.
Such platforms act as a very important bridge between the property developers and investors, harnessing the true potential of the national real estate market. You can read our blogs on Zameen’s property sales event in Lahore and Peshawar that were held in October and November 2020, respectively, to learn more about these public activities.
Technological Breakthroughs to Sustain the Growth of the Realty Sector
Being the most technologically advanced property portal in Pakistan, Zameen.com has left no stone unturned in terms of revolutionising the property market. It has disrupted the industry by introducing some highly advanced technological platforms and making the general audience familiar with them in order to put them to the best use, effectively contributing to the digitisation of the realty sector.
In the latter half of 2019, Zameen.com launched Plot Finder, which is the most advanced property search tool in the history of Pakistan. It allows users to take an up-close look at the dimensions and locations of their desired properties without even physically visiting them. Plot Finder is based on the latest and most interactive mapping technology and is available for both mobile and desktop platforms. To learn more about Plot Finder and how it works, read this blog
Taking the digital progress of the local property industry to the next level, Zameen.com took credit for launching another revolutionary tool known as ‘Propforce’ this year. It has been launched to digitally enhance and facilitate Zameen.com’s affiliate programme, which has been active since 2017 and is based on a massive network of 8000 participants across the country.
Accessible through a website and a mobile application, Propforce is bound to digitally streamline every affiliate programme-related process, thus omitting all the communication barriers between Zameen.com and its valuable affiliates.
PM’s Relief Package Targeting the Construction Industry
One of the most appreciable initiatives by the government of Pakistan during the time of the COVID-19 pandemic was the announcement of a construction relief package by Prime Minister Imran Khan To increase the livelihood opportunities for construction workers and effectively boost construction activities in the country. The government’s newly introduced construction incentive package is worth billions of rupees and has been launched in collaboration with the Federal Board of Revenue.
It is surely a game-changing development for Pakistan’s property sector in 2020 as for the very first time, it has exempted investors to show their source of income while investing in the real estate market. Around 389 projects have been registered under this incentive package including Mall 35 and Zameen Aurum, a couple of top-notch real estate projects by Zameen Developments—one of Pakistan’s most well-reputed development companies.
The construction relief package introduced in 2020 is also perfectly in line with Prime Minister Imran Khan’s vision of vertical cities and has significantly contributed to the real estate investment shift from plots to highrises.
Let’s take a look at some of the key pointers of this tax amnesty scheme and how it is going to pave the way for the progress of the national property sector.
- For the convenience of developers, both new projects, and on-going projects were able to apply for the scheme up to 31st of December 2020.
- Every project that has been registered with the FBR relief package needs to be completed within the given due date, which is the 30th of September 2020.
- A 90% tax exemption was announced by the government of Pakistan for the builders and stakeholders involved in the development of low-cost housing projects across the country.
- The exemption of Withholding Tax has also been given to the builders and developers for providing construction-related services and construction material purchases.
If you are interested in all the key details of the government-proposed construction relief package among the COVID-19 pandemic, read this blog.
More Construction Companies Were Registered in 2020 Than in Previous Years
A significant increase has been observed in the registration of construction companies in Pakistan in 2020, according to the data accumulated by the Securities and Exchange Commission of Pakistan (SECP).
The total number of newly registered construction companies last year was 3,383. It is 32 percent higher than 2019 in which the department had only registered 2,560 construction companies. Also, as per the available records, the total number of companies registered in 2018 was just 2,022, even lower than what we had observed in 2019.
The construction relief package that was introduced by Prime Minister Imran Khan could be one of the biggest reasons behind such positive results. The incentives offered by the package have somewhat motivated investors and stakeholders to move forward with investment opportunities and construction projects in the country.
New Investment Opportunities for Overseas Pakistanis
In the year 2020, the real estate market of Pakistan has witnessed modern construction trends as never before. Revolutionary projects like Mall 35 have been launched within the heart of Rawalpindi to address the shortfall of hotel apartment suites for the very first time in the history of the country. Envisioned as a 10-storey tall ultramodern mixed-use complex, Mall 35 brings promising investment prospects for overseas Pakistanis.
Also with the launch of Roshan Digital Accounts, the convenience of the overseas investors has been taken to the next level. DHA Islamabad recently announced a special offer for overseas Pakistanis. According to this announcement, 10 marla and 1 kanal plots for sale in DHA Phase 5 can be bought by overseas Pakistanis having a valid National Identity Card for Overseas Pakistanis (NICOP) through their Roshan Digital Accounts.
These property investment opportunities are available in Sector J and K of the neigbourhood and are only reserved for Overseas Pakistanis. To learn more about plots in DHA Islamabad allocated for Overseas Pakistanis, read this blog.
Now that we have listed down and discussed the major developments and improvements made to Pakistan’s property sector in 2020, it’s time for us to wrap up. We hope you found this piece useful and informative. For your feedback and queries, feel free to reach out to us at firstname.lastname@example.org.
On a side note, you may also like reading our blog post on how Zameen Developments reach new heights of success in 2020 by launching some top-of-the-line real estate projects across the country.
For all the latest construction updates and informative pieces on the real estate sector, keep reading Zameen Blogs and subscribe to our email newsletters.
The entire Team Zameen wishes you all a very happy new year!