What is Real Estate?
Real estate can be described as a property that consists of land or any building. Whereas the business of sale, purchase, and renting out properties is called as real estate market.
Let’s discuss real estate property in detail and get all the information about Real Estate Property Guide
Types of real estate property
Real estate has four types, residential, commercial, industrial, and agricultural. Real estate includes land, house, flats, office building, commercial centers, industry, and agricultural land.
Real Estate is a major economic sector
The real estate sector has a major contribution to economies. In developed countries, real estate contribution to GDP is up to 10%. In advanced countries, real estate is not just buying and selling properties but an industry that creates millions of jobs. This is the major reason that western countries have included real estate development in national policies.
Pakistan real estate sector at a glance
Pakistan is a developing country. The real estate sector never played an important role in national GDP before 2000. But after the property boom of 2003-2005, the real estate sector has a significant contribution to the national economy. Now real estate sector has developed as an industry in Pakistan. The booming real estate sector in Pakistan has created millions of jobs. Due to fast population growth and fast urbanization in Pakistan, the real estate sector is now considered the best investment.
Pakistan Real Estate Sector needs reforms
Pakistan’s real estate sector is one of the best-performing markets in the world. This is why Pakistan’s real estate sector has attracted huge direct foreign investment. This is just the beginning as we need to solve many issues like property scams and frauds. The government of Pakistan should recognize the real estate sector as an industry and should be included in its infrastructure developments. All these reforms will help attract more investments in the sector and will create millions of jobs.
So these were the details about Estate and Property and we hope that you love reading this guide. If you are interested to read and knowing more about property our blog is one of the best places to get insights about the property. Moreover, Ghar47.com is a property website where you can buy or sell property.