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Renting versus Buying

3 min read

The real estate sector is one of the most rewarding and secure segments of the economic realm. According to the real estate experts of Pakistan, the real estate sector is currently undergoing massive growth due to a comprehensive set of legislations and relief packages that have been introduced by the current government. The real estate industry of Pakistan is now a secure venture and is quickly gaining back the trust of veteran and serial real estate investors. This movement in the real estate industry of Pakistan is not less of a revolution. This is because, for the past 2 to 3 years, the real estate market of the country had largely hung in stagnation due to massive taxation. Due to the excessive tax burden, the cost of doing a simple real estate transaction reached up to 15% of the value of the property. The gloom that was on the market is now over and the current government has won the hearts of many by introducing comprehensive reforms that have made this sector one of the best in the overall macro-economic segment of the country.

 

So, since there is a lot of hustle in the real estate market, should you still rent or go towards buying a property. This totally depends on how you put the property market in perspective. This is because if you are currently looking to buy a home for yourself then it is imperative for you to look at the fact that the property prices have increased tremendously during the past few months. For instance, the property that started at 3 million PKR in Park View City Islamabad now costs somewhere around 3.5 to 3.7 million. This is the kind of price escalation that is currently being witnessed by the real estate market of Pakistan.

On the contrary, the rents have also gone up due to an increase in the housing demand. The rural to urban influx has been massive since the last decade and it has created an enormous housing demand throughout the region.  For instance, Deal & Deals – Islamabad’s premium real estate company – is of the view that the rents have increased in all major cities of Pakistan by at least 10 to 15%. This is a massive hike for most of us. Therefore, although renting is still a viable option; you should look into buying your own home as soon as possible so that you can eliminate the rental expenses that continue to grow.

A good place to make your own home in Islamabad can be Blue World City Islamabad. The Blue World City Location and Map are one of the best in the entire region. Society is being developed and executed by the Blue group of companies. The blue group of companies is one of the biggest real estate engineering and urban development corporations of Pakistan that has delivered and a complete a myriad of real estate projects throughout Pakistan. Also, this real estate project is highly affordable for mid to low-income households.