What is Real Estate?
Real estate basically represents a land or any physical property including houses, buildings, landscaping, as well as, natural resources of the land like farmed crops, livestock, water, and any additional mineral deposits.
Understanding Real estate
There are many sides of the property, including development, appraisal, marketing, selling, leasing, and management of commercial, industrial, residential, and agricultural properties that lies under the umbrella of the real estate industry. Despite the fact, that needs for homes are constant and organizations will always be needing a workspace. This industry remains consistent, however, somehow it may fluctuate depending on the national and local economies.
Those individuals who prosper in the real estate industry can be their own boss. They set their own working hours and are never limited to a fixed salary. They are the most hardworking and goal-oriented people who are always ready for new challenges.
Real Estate in Pakistan
Real Estate in Karachi industry is one of the most lucrative sectors of the Pakistan economy. Pakistan’s real estate industry has an immense contribution to its economic growth. World Bank estimates, that the size of a country’s real estate assets constitutes almost or more than half of a country’s total wealth. If these estimates are applied to Pakistan, the evaluated size of the real estate sector would be more than $300 Billion.
- Real estate is categories into three basic categories:
- Commercial real estate is more expensive but stable while investing, however, residential real estate is pocket-friendly and affordable.
- Real estate is an investment that offers revenue and asset appreciation.
Types of real estate in Pakistan:
Real Estate in Pakistan is further categories into 4 sub-categories:
- Residential Real Estate
- Commercial Real Estate
- Industrial Real Estate
- Agricultural Real Estate
1. Residential Real Estate:
Residential real estate is also known as residential property. In Pakistan, residential properties are the most mainstream kind of property. These properties are also known as private properties that are explicitly utilized for private purposes.
The most significant and biggest investment for a normal middle class Pakistani is to buy or built his own house. Homeownership is a liability in Pakistan. Plus it depicts financial stability and has proven to be an asset that also gives you benefits in the long term. This is the reason why most of us spend our lives saving for a home that is according to our family needs and usage.
Sub-categories of residential properties in Pakistan:
Housing societies are a distinctive type of homeownership. As such, if you buy a property in a housing society, you become a shareholder in a corporation that owns the real property.
Societies like these are in numerous number in all over Pakistan. For example, Ali Builders & Developers one of Pakistan’s most valuable and most admired real estate developers in the real estate industry bring you Al-Qaim Housing. A unique project, located in the most splendid location of the superhighway, is a marvel in both architecture and an urban lifestyle. Al-Qaim Housing is one of the most economical societies where you have both residential and commercial properties.
In Pakistan, homes are the most significant and generally utilize types of real estate property. The extraordinary thing about owning a house that isn’t quite possible in an apartment is that you can build or modify it according to your requirements but in comparison with apartments, buying a home requires a huge chunk of your investment.
Apartment or flats these two are the same thing in Pakistan. A flat is a tall building that contains different flats on different floors. The concept of apartment buildings is very common all around the globe. These small units are the most preferable choice of small families and, most international students also prefer to share flats just to decrease there expense of rent.
2. Commercial Real Estate:
In Pakistan, commercial real estate is the second most common type of real estate. Commercial properties generate revenue and are entirely restricted to business activities. Nevertheless, commercial properties are also much more expensive than residential properties. It also provides plenty of advantages to the real estate in Karachi and real estate of other major cities as they can obtain maximum profits by just selling or purchasing one commercial property.
3. Industrial Real Estate:
The next in line is industrial real estate which is the third most common type of real estate in Pakistan. Industrial real estate is used for industrial purposes. It covers a huge range of businesses and can be used for manufacturing, packaging, or storing goods of the wholesale market. In addition to this, industrial real estate is a sub-division of commercial real estate as they are also generating revenue through selling and distribution. However, the classification is different because of some reasons like construction permits and zoning laws as industries cannot be constructed near cities.
Further, industrial properties can include both land and buildings, like there are four common types of industrial properties in Pakistan:
- Power plants
4. Agricultural Real Estate
Agricultural land is a sub-division of commercial property and real estate like agricultural real estate is mostly present in rural areas of a country and is a great source to produce crops or plants. However, agricultural real estate can be categories into the following categories.
This brings us to the end of our post what real estate is all about in Pakistan. For more informative posts and blogs on the real estate sector of Pakistan keep visiting Ali Builders blog and follow us on our social media platforms.