Pakistan's real estate market has grown quickly in recent years. An industry game-changer, PropTech arrival in Pakistan has brought cutting-edge technologies to the table and changed how business is conducted.
The term "PropTech" describes the application of technology to enhance and streamline the real estate sector. By 2032, the PropTech market, which is currently valued at $18.2 billion, is expected to reach $86.5 billion globally.
Investors are paying attention as it has gathered pace in Pakistan over the past few years. The goal of PropTech is to increase the efficiency, openness, and accessibility of the real estate sector. The real estate industry in Pakistan has historically been relatively fragmented and uses technology sparingly.
Yet, the number of PropTech startups in the nation has increased significantly in recent years. Some of the main issues confronting Pakistan's real estate industry, like a lack of transparency, high transaction costs, and sluggish property sales, are being addressed utilizing technology.
The need for greater openness is among the biggest issues the Pakistani real estate sector is currently experiencing. In the past, cash-only deals for real estate in Pakistan have been made with little to no paperwork.
Due to the widespread fraud and corruption caused by this, buyers and sellers are frequently misinformed about the true value of a property. Startups in Pakistan's property technology sector are utilizing technology to alleviate this problem by giving more accurate and transparent information about properties.
PropTech Solutions in Pakistan
Several platforms that serve various real estate market segments have emerged in Pakistan's PropTech market. These platforms provide services such as real estate crowdfunding, real estate management, and property listings.
Real Estate Management Services
Another area where PropTech is having an impact in Pakistan is property management. Companies that manage properties offer services such as rent collection, lease administration, tenant screening, and property maintenance. Also, they provide virtual tours of the properties so that potential tenants can see them from a distance.
Crowdfunding for Real Estate
Another area of the PropTech sector that is expanding globally is real estate crowdfunding. Investors can pool their funds and invest in real estate projects via crowdfunding platforms.
Access to a range of real estate endeavours, including residential, commercial, and industrial properties, is provided by them. Despite the enormous demand for real estate investment from Pakistan, the minimum investment needed for places with superior returns is just too high for the majority of middle-class people.
Analytics & Insights for Real Estate
The way real estate data is gathered and analyzed in Pakistan is also changing as a result of PropTech. Systems like PropSure, the first online system for verifying properties in Pakistan, offer real estate analytics and insights, including data on property prices, market trends, PropTech trends, investment prospects, and property verification.
PropSure, in particular, covers the verification of a number of property-related characteristics, including the layout plan (LOP) approval status, the competent authority (for handling approvals in its jurisdiction area), the address (including the plot number, street number, gali number, and road name), the plot LOP approval status, the total area (sq. yds.), and the type of property use allowed in the approved layout plan.
WRAP IT UP
The future of real estate in Pakistan is being changed by Propsure, a real estate platform that offers buyers and sellers a more transparent and dependable way to acquire and sell properties. It provides a variety of services, including real estate consulting, property listings, management, and appraisal.
The utilization of big data analytics by Propsure.com.pk to determine property prices is one of its standout characteristics. In order to produce precise and trustworthy property appraisals, the platform analyses a variety of data elements, including recent sales data, geographical data, and property attributes.
Along with providing its main services, it also participates in a number of social programmes that benefit the neighbourhood. It is safe to state that Pakistan's PropTech industry has a promising future.
