Pakistan has been facing several economic challenges, including a growing fiscal deficit, inflation, and a decline in foreign reserves. As a result, the risk of default on its debt has increased. This has significantly impacted various sectors of the economy, including the property market.
Impact of Default on Property Market:
The acute economic crisis has led to a decline in foreign investment, causing a slowdown in the real estate industry. This has resulted in a decrease in the demand for new properties, leading to a slowdown in the property market. Additionally, the devaluation of the Pakistani rupee has made it more expensive for buyers to purchase property, further affecting the market.
Recovery Efforts:
The government has taken several measures to address the default issue and revive the economy. It has negotiated with the International Monetary Fund (IMF) to secure a bailout package to address the fiscal deficit and stabilize the economy. The government has also taken steps to attract foreign investment by offering investors tax incentives and other benefits.
Future Outlook:
Despite the challenges, the property market in Pakistan is expected to recover in 2023. The government’s efforts to address the default issue and revive the economy are expected to impact the construction industry and the property market positively. In the past year, most of the investors sold out their properties due to low demand for property and a decrease in investments. However, some investors hold their properties. It is expected that the prices of the properties will rise in 2023 and investors will get excellent returns on investments.
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In conclusion, the default issues in Pakistan have significantly impacted the property market, leading to a slowdown in the construction industry and a decline in demand for new properties. However, the government’s efforts to address the default issue and revive the economy. It is expected to impact the property market in the long run positively. CDB Properties advised the investors to hold their properties. Several investors followed our advice and will now get good profits in 2023.
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