Pakistanis prefer buying property than renting!
There is rarely any investment sector in Pakistan that remains deprived of the country’s political and economic instability but Real Estate sector is one of them. Buying and renting the property is essential for living the secure and comfortable life. It is considered the safe sector for the good investment returns and capital gains that is why most of the Pakistanis tend to invest in this sector. In the past, whenever the downfall of the economy occurred, property investments served as a backup. Property taxes and other issues might have affected the growth of Real Estate sector but still it could not drop the self-reliance of the property buyers.
For this reason most Pakistanis tend to spend their finances on buying the plot or building their own houses for the sake of future security and benefit.
According to a research, 75% of the Pakistani population is living in their own homes while approximately 25% are living in the rented homes. So we can conclude from this research that the average rate of home ownership in Pakistan is higher than other developed countries where most of the population resides in rented homes. You must be glad to know this truth as you might be unaware of it previously.
This is also the fact that 60% of the Pakistani population live in rural areas while remaining 40% lives in cities and urban areas. According to a survey, almost all of the villagers have their own home whether it is small or large and out of 75% of the population possessing their own home, 60% belong to the rural area. That means very rare people in cities possess their own homes than rural areas.
Out of 40% of the population living in cities 25% live in rented homes that means more than half of the population living in the cities are tenants and don’t have their own homes. People in cities also prefer to have their own home but because of the unemployment, low salary packages and weak financial background deprive them from buying their own home. Because of the limited resources, citizens are unable to save money and buy their home in major cities like Lahore, Islamabad, Karachi and property rates are very high in these cities. So citizens have no choice other than residing in rented homes.
Increasing inflation and high cost of living also makes it difficult for the citizens to save money to buy their own property or secure their future for sudden needs. Some people are also seen with selling their homes for the need of the time.
So it can be concluded from the discussion that most of the Pakistanis have their own place to live and men tend to buy plots for investment purpose or build homes to generate income by renting them out. This shows that few people in cities have their own multiple places and their own homes which allow others to stay in their homes as tenants.