PAKISTANI HOUSE-HUNTERS PREFER BUYING OVER RENTING
Data mined from Lamudi’s website shows that majority of property-seekers in the major cities of Pakistan are looking to buy than rent a property.
According to research conducted by Lamudi Pakistan, approximately 60 percent of the searches on the website are for purchasing properties rather than renting. The data also pointed to the preferences of house-hunters towards buying houses over other property types.
This holds true for all major cities of Pakistan such as Lahore, Islamabad, Karachi, Gujranwala, and Faisalabad, where home buyers dominate the property market.
Lamudi Pakistan Country Director Saad Arshad said that the results vouch for the Pakistani mindset, which encourages young couples to live with their families until they have the resources to construct their own house.
This is akin to the Pakistani mindset where renting properties makes less financial sense, as it consumes a major chunk of monthly salaries. People prefer living in a joint family system and save money until they can build their own house, Arshed highlighted.
The research points to the popularity of houses over other property categories. This was followed closely by investing in apartments in Karachi and plots being the second famous option after houses in Islamabad, Gujranwala, and Faisalabad.
These results should be helpful to property developers, who are planning to launch new projects. Now they know the majority of property-seekers are interested in buying houses.