What is Real Estate & Its Perception in Pakistan
In Pakistan, real estate is perceived as one of the most important economic drive forces.
Real Estate is a term that refers to two major integrants. 'Real' defines something that is physically approachable or in easier words anything that is "REAL". Similarly, 'Estate' is a piece of land that exists either with a structure above or nothing on it. Blended these words transpire to be a critical driver of economic growth. Real Estate can simply be explained as any piece of land constructed or unconstructed that can be physically owned.
The term can be further synthesised into the phenomenon of producing, buying or selling property. Being a major drive force of the economy, real estate can segue from unimproved land to improve. A simple piece of vacant land is real estate, so is your home or a skyscraper in heart of Lahore. Parallel to this any unimproved piece of land which cannot be used for structures is real estate.
Unimproved & Improved Land
Land can be categorized as improved or unimproved by a simple variance of feature or improvement. Such features can be a septic system under the ground or a road above it. With that being said, any part of the land where we can construct something or erect an improvement is improved land. Contrary to this, the land which lacks such improvements is labeled as unimproved land.
The tangible improvements can be installed or added to any piece of unimproved land. As a result, the land will be enhanced and can be designated as an improved piece of land. Each category of land plays a vital role in economic indicators.
Types of Real Estate in Pakistan
Pakistan is majorly divided into three main categories of real estate. Almost all around the world, these are the only types of real estate available until now. Each of them holds significant importance according to their respective serving sectors.
- Residential - Serving Residential Housing, Housing Societies, etc.
- Commercial - Serving Commercial Sector, Shopping Centers, Strip Malls, Hospitals, etc.
- Industrial - Serving the industrial sector, factories, logistical buildings, etc.
Residential Sector
The residential sector is all about providing residences to people. The small-scale structures that can house a family within themselves are residential buildings. Residential real estate includes housing societies with sectors of homes to duplexes, quadplexes, or high-value homes. The residential sector provides small-scale investments in large amounts to the economy of a country.
Residential housing has now emerged as vertical living with countless amenities. From luxury apartments to penthouses each of these have the perfect stance on living within an apartment. Countless great apartments have been located in Lahore and other major cities of Pakistan.
Commercial Sector
Contrary to the residential sector commercial sector hovers all-around large-scale structures to produce revenue. To earn from a structure in any way possible or provide a certain service to people around them is commercial real estate. From shops to shopping malls, followed by medical facilities, hotels, and offices, are all part of commercial real estate. The commercial sector provides large-scale investments in small amounts to the economy of a country.
Industrial Sector
In contrast to the aforementioned sectors, the industrial sector is totally distinct. It focuses on the pieces of land and structure that are used to manufacture, produce, store or research something. For an instance, a textile factory can be termed as a fragment of industrial real estate.
Perception of Real Estate in Pakistan
In Pakistan, real estate is perceived as one of the most important economic drive forces. The majority of builders are focused upon the residential sector, as housing brings small-scale investments and a steady cash flow. People think that real estate is an easy business, but the complexity it serves is beyond the thinking of a normal mind that wants to buy a piece and land, market it and sell it for a higher price.
The skyscraper not only is a commercial hub within Lahore but a place for residences as well. Serving both sectors equally, the real estate masterpiece is a choice of thousands.
About the Creator
Uncle Berry
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