Housing market is always inherently local market and should be dependent on local market factors. In Order to analyze the market the basic data is required which in Pakistan is not available in public. Hence it is notoriously difficult to analyze the market. Many systems are also at work in single city.
Let’s take the example of twin Cities Rawalpindi and Islamabad in Pakistan; there are more than single system of property at work. Different type of authorities at work with their own set of rules and by-laws. Then the corporate housing societies and some so called unregulated small scale developers. And this very much abused old “patwari” system. Government recently announced the relaxation in finance source asking policy; still real estate market does not revived in general.
First No clear data then no clear set of rules and then the Policy makers announce policies. Which hence instead of reviving the real estate push the market to another edge. Now latest results of Government Policies have resulted in too much tower structures available in installments. Simple math shows that almost each and every single family of twin cities has booked flat or shops needlessly. Result of this we have to wait and see.
Till then it seems the policies regarding housing industry are for not long term, they only seem to kill the day. Prices keep shooting in different areas. Transactions of real estate are dropping. Government is not happy, Tenants of Twin Cities are not happy, real estate investors are not happy. Then what is basically wrong. There is no clear perspective on that. Government and real estate associations can together set some clear objectives and build long term policies in favor of whole nation. Sincerity always rare commodity to find but Science is the thing on which everyone can agree upon hence government should make some indicators and that information should be public.
So that families the real end user of real estate can have better financial planning all the other stake holders can benefit from others. Till then it’s the word of gov and your real estate broker word nothing else.