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Pak realty market posts exceptional growth
May 17, 2016
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DUBAI: According to data available at online property portal, Zameen.com, the property market in Pakistan has registered exceptional growth of 118 percent in the last five years. This growth can be attributed to an increase in demand for residential units by buyers, boost in economic activity and a marked improvement in the security situation of the country.

Pakistan’s economic journey has seen its share of ups and downs over the course of a few decades, but seldom has the country allowed its economy to crash hard. Once again, the South Asian country has found a way to turn around its economic fortunes after suffering from a decade long wave of terrorism and international isolation. At present, Pakistan is making good progress in terms of economic success which is having a favourable impact on other revenue generating sectors of the country, among which the real estate sector is most likely to play a crucial role.

After coming into power, Prime Minister Nawaz Sharif’s government decided to work in tandem with the military leadership to form a united front against terrorism, corruption and other ills that have befallen the state machinery over the years. Due to this move the security situation has considerably improved and the economy has found a stable footing after standing on soft ground for many years. International observers have been quick to realize the potential that Pakistan can achieve in the not so distant future and has termed the country as the next global turnaround success story if it doesn’t lose track of its priorities and develop an effective economic policy.

Bloomberg, a New York-based media company, said in one of its report published last year that Pakistan’s construction sector showed 11.3 percent growth by June 2014 (double the 5.7 percent growth target).

The report suggested that after assuming power in May 2013, Nawaz’s government increased infrastructure spending by 27 percent to Rs 1.5 trillion for the financial year starting July 1, 2015. The idea behind this move was to nurse the economy back to health through job creation and reviving the local construction industry.

The report also commended the Pakistani government’s initiative to build power plants, roads and rail networks, increase its Forex reserves of $17.7 billion, and increase development spending by 25 percent to Rs 525 billion for fiscal year starting in June 2015.

All these factors have directly influenced the country’s economy and helped it achieve stability after wobbling for some time.

The China-Pakistan Economic Corridor (CPEC) is a new lease on life for Pakistan which was previously struggling to revive its economy. The $46 billion investment will put the country’s economic wheel into motion as heavy investments are made on infrastructure development, industrialization and urbanization. This will in turn create employment opportunities for millions of people who can then contribute towards strengthening the economy.

At the moment, the CPEC is being viewed as a vehicle for Pakistan’s economic advancement. The project has spread a wave of optimism across the country that has been craving for infrastructure and energy investment since many years. This corridor can also be considered as the single most important factor in encouraging the government to tighten the noose around terrorism and pave the way for social, political and economic reforms.

By taking positive strides towards economic prosperity, Pakistan has also inspired a renewed growth in the country’s real estate sector. Currently, Pakistan is spending $5.2 billion on construction every year. According to the Pakistan Bureau of Statistics, construction output equates to 2 percent of the Gross Domestic Product.

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