Forecast For Real Estate Industry Trends In Ramadan 2022
With Ramadan right around the corner, the real estate industry is experiencing a surge in demand. The holy month has always been an auspicious time for investments and this year will be no different. With the festive season already underway, most people are looking to purchase property or sell their existing units at higher prices. This means that it’s going to be another stellar year for the real estate market of Pakistan. Below is a forecast for some of the major trends which we expect to see during the upcoming Ramadan period.
New Projects To Be Launched
There have been several new projects launched across the country since last month but one thing’s for sure; they’re not selling as quickly as anticipated. Since there are only a limited number of buyers in the market, developers have decided to launch many more projects during Ramadan. They’ll be hoping to find enough customers so that their investment doesn’t go waste. It’s important to note that these new projects won’t be available until the end of the holy month because the developers want them to wait until after people have finished fasting and are ready to start celebrating Eid. This also explains why many new launches will take place right before or on the last ten days of Ramadan.
Affordability Will Go Down
As mentioned above, there aren’t going to be too many buyers willing to buy new properties during Ramadan. However, if developers manage to attract sufficient numbers then the prices may actually increase rather than decrease. This is because the demand for new homes is usually low during the holy month. With that being said, it’s still unlikely that you’ll get a good deal in terms of affordability. There are going to be fewer sales during this time, so chances of getting a bargain are slim.
Price Hikes Across All Sectors
Real estate prices across all sectors are expected to rise slightly during Ramadan. While this might seem like a bad sign, it’s not necessarily something to be concerned about. Yes, you’ll end up paying more but the current economic situation isn’t great either. If anything, investors are going to be able to make a profit from buying or selling property during Ramadan.
Innovative Marketing Techniques Will Become More Popular
Since there are going to be less buyers during Ramadan, marketers are trying to come up with unique ways to generate interest. One such technique involves offering discounts on properties which are yet to be built or even those which haven’t been launched. This way, the sellers can try to attract customers by promising lower prices. Another popular method includes using attractive offers and incentives. For instance, developers could offer free furniture and other appliances along with a home loan. That would definitely help motivate potential buyers.
Ramadan Is A Great Time For First-Time Buyers
While it’s true that most people prefer to avoid making purchases during Ramadan, first-time buyers are encouraged to do so. This is because the competition in the market will be less intense and they’ll be able to negotiate better deals. They should also keep in mind that banks will be offering special loans for people who intend to buy during the holy month.
It’s worth remembering that while Ramdan is a great time to invest in real estate, it’s also essential to conduct thorough research. Make sure that you choose a reputable developer and remember to ask for references. Here are the three things that every buyer must consider when investing in property during Ramdan:
- The type of project (apartment/plot)
- Location
- Competitors’ prices
If you need assistance with finding the perfect property for sale or rent, don’t hesitate to contact us today. We’ll be glad to assist you in any way possible.
