As a prominent figure in Pakistan’s real estate sector, Mr Farhan Cheema explains his confidence in the future of the real estate sector. He thinks that it is exceptionally promising, with substantial growth on the horizon. Let us talk more of his personal analysis as a key figure in the real estate sector of Pakistan:
Market Valuation
The real estate market in Pakistan is poised for exponential growth, with projections estimating the market’s value to reach an impressive US$2.11 trillion by 2024. Within this, residential real estate continues to dominate, with the market volume in this segment alone expected to hit US$1.49 trillion during the same period. This demonstrates the sustained demand for residential properties and the key role they play in the overall market.
Growth Trajectory
We are anticipating a robust compound annual growth rate (CAGR) of 7.04% from 2024 through 2028. By 2028, the market is expected to grow further to an estimated value of US$2.77 trillion. Such steady growth underscores the immense potential and stability of the real estate sector in Pakistan.
Consumer Preferences
A significant driver behind this expansion is the enduring preference for real estate as a reliable investment option among Pakistanis. This is largely attributed to the long-term financial security that real estate offers, coupled with prevailing trust issues in other investment avenues. Additionally, cultural values that emphasize the importance of property ownership further bolster the sector’s appeal.
Emerging Trends
Notably, we are witnessing a rise in demand for luxury apartments, especially in Pakistan’s major urban centers. This trend, along with the continuous influx of new development firms and agencies, is enhancing the sector’s security and pushing the boundaries of urban living.
Employment Impact
Real estate is also a cornerstone of the nation’s economy, being the second-largest employer in Pakistan after the agricultural sector. It provides millions of jobs and plays an integral role in driving further economic development, reinforcing its significance in our overall economic landscape.
As the real estate market in Pakistan evolves, Mr Farhan Cheema is confident that we will continue to witness unprecedented opportunities for growth and innovation. The future of the real estate sector in Pakistan is on a stable and prosperous trajectory. Hence it is an ideal investment for the future and the years to come.
