When it comes to understanding different types of property buyers and their requirements, it is imperative to bear in mind that one size doesn’t fit all. Given the fact that the property market of Pakistan is vast, varied, and complex for a novice buyer or seller to navigate. And, things only get more complicated if they are unaware of the basics.
Being Pakistan’s most trusted name for everything real estate, we are always eager to share in-depth insights with you about how the real estate industry moves in the country. Continuing with our attempt to empower you with knowledge, we will make sure that you understand the common types of property buyers in Pakistan and know the ways to deal with them. Couple this knowledge with the basics of real estate investment in Pakistan, and be on your way to becoming a knowledgeable seller.
Let’s get selling!
Most Common Types of Property Buyers in Pakistan
It is no secret that any long-term business that aims to survive in the market puts the needs of its consumers first. The real estate industry isn’t any different in this matter – buyers are the driving force behind every successful transaction. Hence, sellers need to understand their requirements on a deeper level.
So, here’s a simple guide on the most common types of buyers in the real estate market of Pakistan:
- First-Time Property Buyers
- Move-Up or Move-Down Buyers
- Luxury Seekers
- Buy-to-let Investors
- Young Property Seekers
- Overseas Buyers
First-Time Property Buyers
One of the most common types of property buyers in the real estate market is first-time buyers. They are usually families who are in search of a foot in the door options based on affordability. First-time property buyers are generally looking for a comfortable and livable space that must include gardens, parking spaces, and safe spaces for children to play.
Moreover, families in Pakistan are incredibly social and like to live in communities, so it is quite normal for them to have guests come over, particularly at weekends. First-time buyers, especially individuals with families, are most likely to go with homes that offer at least two bedrooms with attached baths, living room, or guest rooms to accommodate visitors.
On a side note, if you genuinely want to help your buyers, just warn them about the most common mistakes that first-time homebuyers make such as not knowing what they can afford or spending all of their savings in one go.
Move-Up or Move-Down Buyers
The real estate industry of Pakistan isn’t short of buyers – there will always be someone looking to buy today, but who is the right type of buyer for your offer? Let’s find out!
After first-time buyers, the next most common type of property buyers in Pakistan are the buyers who want to relocate to either a smaller or bigger space in comparison with their current property. You will usually find individuals who are either:
- Retired individuals looking to downsize their larger homes after their children have moved out, they can’t take care of bigger spaces, and the maintenance is taking a toll on their pocket.
- Growing families who want to trade their existing property for the larger house due to a hike in income.
Now, let’s take a look at their needs and ways to deal with them individually. To begin with, the first category of buyers are generally down-sizing from their luxurious space and hence looking for a place that is easier to maintain and is situated in communities and close to public spaces. These buyers will be pleased to live in quiet residential units that allow easy access to parks, trails, coffee shops, and restaurants.
The second category of property buyers is usually looking for a dreamy location that is compatible with both their changing lifestyle and family size. They will be pleased with an extravagant interior, including modern kitchens, luxurious bathrooms, spacious bedrooms, and home features such as high-tech security systems, swimming pools, and a backyard for gardening.
Luxury Seekers
Having a clearer understanding of the buyer’s needs can make you appear like an expert and can help you in the long run. Since most people prefer dealing with sellers who understand their needs better, knowing their needs before-hand is ideally the best option. Luxury seekers might seem similar to individuals who are looking for up-sizing, but in reality, they are considered the opposite.
Luxury buyers are usually people who have several properties in different parts of the country. They are willing to pay extra costs to secure a home that boasts extravagant features such as heated floors, open floor plans, chandeliers, and ridiculously lavish lifestyle. Be extremely patient since this type of property buyers will not settle for anything less than what doesn’t fit their taste.
Buy-to-let Investors
Buy-to-let investors are the type of buyers who specialise in buying and selling homes. These buyers are called ‘investors’ in real estate language and often have many properties in the area but are still looking to purchase another home for either:
- Fixing/flipping and reselling to earn a profit.
- Renting to families or young individuals for passive income.
It is comparatively easier to approach investors since they are receptive and attentive. The biggest perk of working with this specific type of buyers in the real estate market is that they are generally thrifty and have a clearer understanding of the market. Investment seekers are only attracted by two factors: price and location.
Young Property Seekers
This where it gets tricky; understanding young property seekers might come off as a complex thing at first, but some common buying patterns will help you easily understand their general needs. As such, young buyers don’t rely on seasons or schedules for purchasing – for them, the market is always on. They are among active buyers that are always looking for suburbs.
Young property seekers are fully connected with better visuals and want to visit properties at any time of the day. They are usually easier to get along with due to their tech-savvy nature. For them, any property will work as long as it is affordable and offers a good location.
For more tips on property investment for young investors, head to our recently published guide.
Overseas Buyers
Overseas buyers who have close families, either parents, spouses, or children living in Pakistan, are among the most common types of property buyers that are considered genuine buyers. Since they know they have minimal time to buy, they want to see as many offers as they can and decide even quicker.
Overseas buyers usually prefer safe housing schemes with gated communities that are coupled with amenities such as schools, gyms, parks, restaurants, and safe public spaces.
This wraps up our post on different types of real estate buyers. We have covered the most common ones in our blog.
However, if you are looking for popular areas to buy in three main cities of Pakistan, head over to area guides of Lahore, Islamabad, and Karachi to find out pricing trends and useful information on your desired areas.
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