Is real estate a suitable career in Pakistan in 2021?

Is real estate a suitable career in Pakistan 2021?

Real Estate Career

It is a business entity that engages in buying, selling, managing, or investing in real estate properties. There are numerous types of real estate career, each with a distinct purpose and utility. The main classifications are land, residential, commercial, and industrial.

We’ve assembled a list of ten exciting real estate occupations that you can consider:

  1. Broker
  2. Agent
  3. Property speculator
  4. Appraiser for homes
  5. Appraiser for commercial properties
  6. Real estate manager
  7. Leasing advisor
  8. Manager of commercial leasing
  9. Expert in foreclosures
  10. A real estate lawyer

Read: Opportunities in Real Estate Business

Real Estate a Good Career in Pakistan

Individuals are always searching for good career opportunities favorable to their financial needs and provide good growth prospects. It is tricky to ascertain what career choice fits an individual’s requirements unless they are passionate and dedicated to a particular field. It all tumbles down to interests, skills, and the goals you have lined up for your future.

Prerequisites for a good career in real estate

Real estate is one of the most highly lucrative careers. If you have the knowledge and a generally comprehensive understanding of it, it is a suitable career in Pakistan.

Pursuing it as a career in Pakistan can be a little demanding and profitable at the same time. Therefore, when selecting it as a profession, one needs to be certain about the segment or division they wish to pursue in this field. For example, you could become an agent, property speculator, or even open your own real estate firm.

Relating to real estate and the real estate industry, the magnitude and the earning potential is easily identifiable; as long as one understands the market, it is irrelevant if you decide to enter commercial and residential together. The only requirement is to make sure that you fulfill the requisites of this field, undertake proper market research before the entrance, and are willing to work hard.

There is no distinguished institute in Pakistan that offers education for real estate or crash courses related to the realty sector. However, an institute located in Karachi named The Pakistan Institute of Real Estate Management (PIREM) concentrates on real estate-based expertise, providing students with all relevant courses, knowledge, certificates, and diplomas in real estate management and construction.

Economic Conditions of Pakistan

Pakistan also shares in the near-global real estate business boom. Since the past few years, the rates have risen consistently. As a result, the realty market is very popular with both sellers and buyers in prime locations of cities like Lahore, Islamabad, and Karachi. With the global pandemic in 2020, the road to success appeared tough, but it proved to be a remarkable year for real estate in the end. Consequently, the government of Pakistan introduced several initiatives to stimulate residents to invest in this area. In 2021, these latest initiatives and rules will be the driving force behind the accelerated improvement of the real property market.

The government recently announced additional initiatives and packages for 2022. Pakistan real estate forecast 2022 indicates the bright future of the individuals who want to pursue real estate as a career. Pakistan’s President, Mr. Arif Alvi, has signed the Tax Amendment Ordinance 2021, which will elevate the country’s building industry and promote the real property market.

Overseas Pakistani Contribution

Recently, the income tax returns for foreigners have been made more pliant. As a result, the remittance inflows boost economic growth and social improvement, and it instigated improvements in regions of Sindh, Punjab, and Balochistan.

In addition, the real estate sector in Pakistan has seen substantial success, with the Pakistani Rupee trading at its higher level. This will attract foreign investors and Pakistanis living abroad and draw their focus towards investing in the property sector.

Leniency in Regulations

The Federal Board of Revenue (FBR) shifted its focus towards the non-filers or citizens who did not file tax returns by the deadline. Consequently, non-filers were prohibited from purchasing a property worth more than 5 million unless they registered with the FBR. Moreover, FBR’s strict monitoring of non-filers banking transactions and the imposition of substantial property transfer taxes stopped investors from investing in the industry in 2018-19.

The FBR has now removed these restrictions, enabling non-filers to spend vast amounts of money in the real estate market. Resultantly, it is making a considerable contribution to the real estate sector’s growth and well-being, elevating the whole economy indirectly. Moreover, the real property markets forecast indicates a bright future.

Conclusion

To sum it up, keeping the current circumstances and conditions in mind, real estate is a good career in Pakistan for individuals who are truly passionate about it and are willing to work persistently until they succeed. For more information regarding writing a real estate marketing plan or establishing your brand, among other interesting topics that are sure to pique your interests, Estate Land Marketing has you covered.

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