What Pakistan Realty Sector Must Learn from Dubai?
The success of neighbouring real estate market implies that we must learn a few lessons from them and apply them here to make this sector progress too. Looking at Dubai real estate, we realize that just with aggressive government initiatives, the region now makes for attractive real estate investment opportunities. Following are few steps that government can learn from Dubai in order to make Pakistan realty sector prime investment option.
Introduce Investors' Protection Laws
Undoubtedly, all leading cities of Pakistan are the best, the most diverse and vigorous regions in terms of real estate options. However, lack of profound investors' protection laws make investors feel insecure while investing their hard-earned money here. In comparison, investors' protection laws and real estate rules & regulations governing Dubai real estate sectors attract local and foreign investors alike. To invite local and overseas Pakistani property investors and to offer maximum yield to them, government will have to introduce reforms in realty sector. When investors feel secure, they will not be hesitant to invest here.
Promote Tourism Activities
The government's decision to capitalize on Dubai realty sector was followed by a series of steps to make the sector grow and thrive with time. Besides real estate offerings, the UAE government promoted tourism activities in region and gave a whole new direction to the hospitality sector. Hotels, restaurants, beeches, parks, entertainment spots and high-end real estate assets were designed to attract interested people from all over the globe to visit Dubai and reside in there. Moreover, it created hundreds and thousands of job opportunities that can bring foreigners here. Following their footprints, Pakistani government will have to introduce radical changes and take sound steps to bring investors to the country other than just announcing the tourism policies.
Offer Diverse Real Estate Assets
Dubai offers diversity in terms of real estate assets to genuine investors and serious property buyers. Experts state that investors take real estate as an entry point into any country so, if government wants Pakistan economic sector to further grow, it will have to create diverse investment opportunities in Pakistan and offer a range of asset classes with sure and more returns than established markets.
Following these pointers, government can take initiative and help realty sector flourish in Pakistan, which will resultantly attract thousands of new investors for Pakistan real estate sector.