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Islamabad property market during Ramadan
Well Samra, my general observation is that buying/ selling is slow during Ramazan Shareef. And the real estate market gets an upward start after the eid.
The property dealers much start game in ramzan for earning money there must be fast transactions during ramzan sharif.thanks imran bashir 03214193689
Thank you guys.
When doing research for this blog post, i thought may be the property rates too drop considerably in Ramadan and i could be in to make some investment in this month but i found out that more than rates, its just the demand that goes down. So, no promising deal waiting for me in July either.
How can demand go down ,in a country of 200 million ppl, and suffocating societies for living, and at the same time desperate middle class in search of dream house place ,for real construction, ,,it cannot be that way , rather wait and see policy of many who earns halal money overseas and cannot afford drowning in a gambling market ,,,,
For me that's the psyche of apparently overseas ppl,, [ as me ,myself one of them, and have the experience of such gamble at property dealers levels,,,,
But this makes one cautious buyer only, ,and cannot afford waiting long,as well.
If there is some checks and balance on theses property dealers ,via some regulatory authority, so that they are lawfully restricted only to their genuine commission ,and unable to manipulate the general real estate market at large,,,,,
Then one will see the real boom,and genuine one as well,
SUPPOSE some one purchase a plot at 80 lacks ,so how can you expect market to bend this man to sell at 60 lacks ,,,until he is desperate needy one,,,,,or permanent market gambler[ dealers]
i hope i didn't heart someone sentiments ,,but that's the way i see it,,
Its natural !
The market usually slow downs due to the facts that people are busy to fulfill the activities as a Muslim. Plus in last few years including this year we have Ramadan coming in Summers and with the announcement of Budget the Investor's usually wait for the comprehensive note on post-budget analysis.
The last Ishrah of Ramadan and right after EID we see some good market activity as most of the overseas came over to spend Eid with their families and then they usually finalize any thought process.
You are right the rates didnt drop as such rather its low buying demand. But their are good indicators that market will pick anytime and we see the copy cat effect which we usually famous and fond of doing.
Nicely articulated.
Demand in Ramadan will be less because people will be busy in religious rituals plus hot summer days this year.
But from the last week of Ramadan and after Eid many people who come to Pakistan from abroad to celebrate eid are interested in cash deals as they have less time, rates increase and demand also increases.
This will happen in this very year as well.
This seems to be a likely scenario.
Yeah I am slso thinking to visit pakistan for Eid vacation and part of my vacation is to find some property if I could.
I already spoken to one Estate agent in karachi dealing in DHA told me that the Bahria Twon Karachi project have been very unsuccessful. But i know the situation is not completly same what the guy told me . The problem here I am trying to mention is that if you are coming home for short time, you will find lots of people wanted to cheat you and take all the money out of you. So got to be carefull.
Market will remain slow during Ramadan however prices will continue to increase slowly and steadily in anticipation of a significant jump after Eid
Yes, Umair you are rite.
For that Ahmed, I would recommend you to discuss your options on this forum and verify the information from the agents. Meanwhile, our blog section will too offer some insight into the performance of certain important areas of the major cities.
One of the main objectives of Zameen.com is to make the market transparent and scam free for the oversees investors who have limited time and avenues to do their research regarding the suitable property investment options.
Fully agree with Ahmed.
Dear Samra, just a suggestion is it possible to rate property agents or companies based on feedback from members. In this way the property companies will be careful in their dealings and members will know who is good and who is bad.
Just a suggestion
Its a nice one, i will discuss it with the concerned people and will see what could be the more suitable possibilities in this regard.
Thank you for bringing it up.
Thanks