Expert Interview: Moazzam Nawaz of Moazzam Estate

Zameen.com sits down with Moazzam Estate CEO Mr Moazzam Nawaz for his expert take on the current situation in Lahore’s real estate market

Businesses around the country are buckling down to make sure the recent political instability does not cause them any losses, and Lahore’s real estate market is certainly no exception. But the market’s maturity has been reflected in its resilience in the face of an uncertain situation.

To get an expert insight into the property sector of Lahore, Zameen.com sat down for a chat with Moazzam Estate Chief Executive Officer Mr Moazzam Nawaz. We are grateful to Mr Nawaz for taking the time to enlighten us about the various aspects of the city’s property market.

Mr Nawaz began his real estate career in 2002 at Liner Estate in Defence Housing Authority (DHA), where he worked for nearly 2 years. He then established an agency named Estate Mart with a partner, from where he offered real estate services for 4 years. He began Moazzam Estate in DHA as the sole proprietor of the company and initially offered his clients premium services in DHA. For the last four years, however, Moazzam Estate has been primarily serving property buyers, sellers and investors as a Lake City specialist.

Zameen.com: Where in Lahore should people invest in the current scenario? Do you think this is a good time for real estate investment?

Moazzam Nawaz: This is certainly the right time to invest in the property market because prices are low but are expected to rise significantly in the near future. I would personally suggest investors to put their money into Lake City for both short- and long-term investments.

Lake City is located in the vicinity of DHA Rahbar, where the average price of a 1-kanal plot is more than Rs 10 million. But in Lake City, the average price of a plot of the same size is somewhere between Rs 5.2 million and Rs 7 million, depending on the location. I expect the value of a 1-kanal plot in Lake City to touch the Rs 10 million mark in 2 to 3 years.

Zameen.com: Since you deal in societies on the outskirts of Lahore, please tell us what are some of the benefits of investing or living in these societies?

MN: It wouldn’t be right to say that the new societies on Raiwind Road and Multan Road, for example, are outside the bounds of Lahore. With infrastructure developments such as wide roads and easy transportation networks, the distances do not seem to matter a lot, or at all, anymore.

The prices of properties in societies in suburban Lahore are still within reach for many people, which is one of the main reasons buyers are interested in them. Also, you can purchase a bigger property in these localities with the same sum of money that would be required to buy a much smaller unit in a more central location.

Last but not least, these new societies are equipped with all the basic necessities and offer high-end accommodation options to their residents. For instance, Lake City ensures the provision of uninterrupted electricity and underground wiring, making it a very comfortable place to live.

Zameen.com: Which of these societies are the best investment bets and have potential for growth in future?

MN: Bahria Town, Fazaia Housing Society, and Lake City are some of the societies with a lot of potential for growth in future. The prices of properties in these localities are yet to reach their peaks, and I think right now is a great time for people to invest in these societies to get huge returns in future.

Zameen.com: How does political unrest affect the property market in your opinion?

MN: Political instability does affect the property market of the country. People actually refrain from investing when the situation is uncertain. Market activity became nearly stagnant when the anti-government protests began in August 2014, and even prices dropped a bit. But even though the protests are still ongoing, people are now paying less attention to them and the market is in a better condition at the moment.

Zameen.com: Please tell us a bit about how you deal with your clients, and what would you suggest to other up-and-coming agents in this regard?

MN: A real estate agent should always be loyal to their clients and should never double-cross them. A real estate broker may be able to secure short-term returns through unethical means, but scamming people does not work out in the longer run at all, making it difficult for an agent to survive in the market.

The idea of getting rich overnight using illegitimate means may seem glamorous, but haste certainly makes waste. So realtors should always work hard and in the best interests of their clients.

Zameen.com: In your opinion, can a rapid rise in property prices create a property bubble in Pakistan?

MN: The property market is unlikely to be heading towards a property bubble. Currency devaluation has certainly led to frequent rises in property prices, but if the prices have risen, so has the buying power of people.

I would like to take this opportunity to appreciate the government’s initiative to provide affordable housing to low-income groups through the Ashiana Housing projects, which is something that works wonderfully for people who can’t afford a home because of the rising prices.

Zameen.com: What are your thoughts on Zameen.com’s role in providing real estate education to the people, and how has the portal benefitted your agency?

MN: Zameen.com has set new trends in the property market. People were not used to browsing real estate portals, but Zameen.com has motivated them to search properties online and make informed decisions.

I am also a beneficiary of the portal and I get many clients through it, especially Pakistanis living abroad. They use Zameen.com to invest their money in the property market of the country, which is great not only for me but for other real estate agents as well.