In Pakistan the real estate and construction industry approximately accounts for 2% of the GDP. Not only does it generate a high level of direct employment, but the sector also stimulates demand in more than 250 adjacent sectors including cement, paint, steel, building material, bricks, to name a few.
Trend in Pakistan :
If we look at the trends in Pakistan, we see that Pakistan is rapidly moving towards urbanization. The country is experiencing an unprecedented urban housing crisis. The demand for accommodation is exceeding its supply. According to a census, urban housing demand in Pakistan is 350,000 units. If this demand is fulfilled through the land, it will destroy the whole ecosystem and consume agricultural land as well as forests. Keeping in view the fact, there is a demand for efficiency in the utilization of land. This is where the concept of build-up properties and vertical development gets importance.
Apartments and flats are the most efficient in terms of space. Apartment buildings can accommodate a larger number of occupants and take up lesser space. Than what would be needed to provide residence to the same number of people. Moreover, Gulf countries have attained very rapid economic success in a short period; this is because they have heavily invested in construction and build the iconic towers that attract visitors around the globe. Build up properties have lifted their economy and brought prosperity and national pride. We can conclude that build-up properties can also lift economy of Pakistan very quickly. The government’s recent relief package for the construction industry will play a very important role in this development.
Further, as the security situation of Pakistan has improved and foreigners have started visiting our country, the tourism sector is also booming. In the coming years, it will create more demand for 5-star hotels, apartments, flats and iconic buildings with international facilities. This tendency is also favouring vertical development.
Vertical development is the vision of PM Imran Khan. Because only this way, we can match the ever-increasing demands for houses and mobilize the economy. In the next 10 years, we will see countless high-rise Projects in Pakistan.
It is the right time to invest in such projects to reap the benefits tomorrow.