Abstract:
The real estate industry has existed in Pakistan since the earliest of times and over the years has grown vastly. Even before Pakistan gained independence in August of 1947 the real estate industries were already present in the city of Karachi. From then till now the real estate industry has changed and improved vastly and has even more potential in the near future. Contractors used to be active in the areas of Karachi which today is known as Bandar Road. However, the real estate industry started to rise in the 1950’s when places like Sindhi Muslim society, Pakistan Employee Cooperative Housing Society (PECHS) and Tariq Road developed in Karachi. The Defense Housing Authority was established in the 1960’s and due to it having low prices initially a lot of people invested in the project. The real rise came in 2001 where the industry broke all career records, and this was the time where the prices started to increase drastically. Due to this by 2005 the real estate industry faces recession which ended in 2010 lasting 4 years. In the coming years, the industry is expected to grow a lot more and both local as well as foreign investors are expected to enter and take part in the different ongoing and upcoming projects in the country. Projects like Capital Smart city promise a lot of potential and overall the industry is expected to grow in the coming years.
