Where is Multan’s real estate headed after the elections?

Everyone in real estate was waiting to get through Ramazan, Eid, and then the elections to end. Business had been rather dull in the months during that time and everyone was expecting it to pick up pace as soon as the situation changes. So now that we have all of this behind us, how is Multan’s market faring? Elections themselves brought positivity to the country. Suddenly we saw the dollar fall, the stock market rise, and overall optimism sweep the country. How has that affected the real estate of Multan? We contacted real estate experts from Multan to find out. Below you can find all about it!

High expectations from Multan

Real estate experts of Multan have high hopes about the city. As QKP Real Estate Developers & Builders CEO Qaisar Khan Pitafi explained about Multan’s property – its real estate sector is the best in Pakistan currently. It’s basically the growth factor, he explained. Unlike real estate in Karachi, where horizontal development is slow, a lot of potential for growth exists in the city as it is expanding rapidly in all directions.

Pitafi expected that some of the political promises that have been made to the people of Multan and which are clearly expected to be followed through, will help increase the profitability of the city’s property.

Policies and taxation

Usama Zain of Shaheen Real Estate and Pitafi both agreed that realtors around Pakistan are currently waiting to hear more on the policy of the new government. They were, however, of the opinion that real estate still remains the best investment option in the country.

Pitafi explained that investors in real estate don’t really have any issues with being taxed but any imposition of taxes should be linear and not exponential. Another factor he focused on was the currently high interest rates; he felt that the prevailing interest rates needed to be lower than they are at the moment. As soon as the interest rate is lowered, even more investors would turn to real estate.

Another factor for the current observational state of market, according to Usama, is the fluctuations in US dollar prices. These fluctuations are effectively increasing the price of real estate investment for overseas Pakistanis. Once the value of dollar settles, as it will soon, investment will begin flowing again as well.

Where to invest?

Pitafi and Usama were confident that investors are ready to invest in Multan. For those people, Pitafi recommended commercial investment above all. He said that the amount of commercial space in Multan city was decreasing, and as a result, the value of commercial properties is rising. Good returns on commercial investment can be expected throughout Multan.  So, if anyone is looking to invest in Multan, they should look to buy commercial property, Pitafi recommended.

Pitafi explained that recently he had a meeting with representatives of Schon Properties in Karachi. They are looking to launch a project in Multan. He felt this will be a project to look out for as well! Out of residential housing schemes, both Usama and Pitafi recommended DHA Multan.

What are your opinions on the future of real estate in post-election Pakistan? You can talk to us in the comments section. You can also head to the Zameen Forum for a detailed conversation.