FOREIGN INTEREST IN PAKISTAN REAL ESTATE UP FOR 2015
Foreigners have shown a massive interest in Pakistan’s real estate sector in 2015, according to new data released by Pakistan’s best real estate website, Lamudi.pk.
The number of foreign visitors on Lamudi’s portal increased by more than 27 percent between 2014 and 2015. Furthermore, the number of visitors who used the platform to conduct real estate transactions has also increased by more than 40 percent over the last 12 months. This figure alone is a clear indication of growing foreign interest.
Lamudi.pk has been visited from a total of 170 countries in the past year. The top five countries that visited the site were Saudi Arabia, USA, UAE, UK, and Canada. Not surprisingly, the top city searched on the site was Karachi, followed by the perennial front-runner, Lahore. Other cities popular with foreigners were Islamabad, Rawalpindi, and Murree.
Saad Arshed, Country Director, of Lamudi Pakistan, commented, “ Inside Pakistan, we see the increasing value of the nation’s real estate sector every day, from large cities like Lahore and Karachi to smaller ones like Gwadar and Multan.
On average, prices are gradually going up. It’s no surprise to us that a growing number of foreigners are realizing the value that we already know. It is, however, a great boost in confidence for Pakistan’s real estate professionals and domestic investors. This is perfectly in line with our expectations for the sector.”
Further evidence of the growing value of Pakistan real estate is the immense interest shown by the Asian community, especially China and Russia. Both of these major international players have invested billions in the development of Pakistan’s infrastructure.
“The agreements with China and Russia are big steps forward for Pakistan. We believe that 2016 will be a prosperous year for real estate,” Arshad said. “Foreign investment will have a positive effect on the country and the sector for years to come.”