Booking overseas link
Booking overseas link

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Introduction:

The coronavirus continues to add infections and fatalities. More than 30 countries register confirmed cases and the number of affected around the world exceeds 80,000. The World Health Organization (WHO) itself has warned that we could be facing a pandemic.

Even though the mortality rate of the COVID-19 virus is currently low, more and more analysis firms are warning of the impact it can have on the economic world, and even on the ‘real estate’. With the global advancement of the coronavirus, Pakistan has recently become one of the countries to witness several cases and is currently under lockdown as a precautionary measure.

What is Corona Virus?

Coronaviruses are a family of viruses that can cause diseases such as the common cold, severe acute respiratory syndrome (SARS), and Middle East respiratory syndrome (MERS). In 2019, a new coronavirus was identified as the cause of a disease outbreak that originated in China.

This virus is now known as severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). The disease it causes is called coronavirus disease 2019 (COVID-19).

Symptoms of Corona Virus

The signs and symptoms of COVID-19 may appear two to 14 days after being exposed, and may include:

  • Fever
  • Cough
  • Shortness of breath or difficulty breathing
  • Fatigue
  • Pains
  • Runny nose
  • Sore throat

The severity of symptoms of COVID-19 can range from mild to severe. Some people have no symptoms. People who are elderly or have certain chronic conditions, such as heart or lung disease or diabetes, may be at higher risk of becoming seriously ill. This is similar to what is seen with other respiratory diseases, such as influenza.

Causes

It is unclear exactly how contagious the new coronavirus is. It seems to be transmitted from person to person among those who are in close contact. It can be spread by respiratory droplets that are released when someone with the virus coughs or sneezes.

It can also spread when a person touches a surface that has the virus and then touches his mouth, nose, or eyes.

Once prompted Coronavirus can have dire consequences including pneumonia in both lungs, multiple organ failure and can ultimately result in death

Prevention

Even if there are no vaccines to prevent infection with the new coronavirus, you can take steps to reduce your risk of infection. The following precautions can be taken to avoid COVID-19:

  • Avoid crowded events and crowded gatherings.
  • Avoid close contact (approximately 6 feet or 1.83 meters) with anyone who is sick or has symptoms.
  • Maintain physical distance from yourself and others if COVID-19 is spreading in the community, especially if you are at higher risk for serious illness.
  • Wash your hands frequently with soap and water for at least 20 seconds
  • Use a hand sanitizer that contains alcohol.
  • Cover your mouth and nose with your elbow or disposable tissue when you cough or sneeze. Discard the used disposable tissue.
  • Avoid touching your eyes, nose, and mouth if your hands are not clean.
  • Avoid sharing plates, glasses, bedding, and other household objects.
  • Clean and disinfect frequently touched surfaces.
  • Stay at home and don’t go to work, school, or public places, except for medical attention. Avoid taking public transportation.

Implications of Corona Virus on Real Estate Market

With the complete lockdown in Pakistan, several industries including real estate will be forced to face adverse effects. The economy of the world has already come under scrutiny with the gradual spread of this virus all over the world and our country is facing the same hardships. With that being said let’s discuss the current situation and implications of this dilemma particularly on the real estate industry of Pakistan.

Across Asia including Pakistan, the coronavirus outbreak has prompted many companies to implement different forms of remote work plans, impacting the pace and nature of the businesses. The increase in online activity and data connectivity as more people stay and work from home has increased significantly.

As for the real estate market in Pakistan, the Covid-19 outbreak is causing some indirect consequences in the real estate sector by accentuating the tidal change driven by technological advances and new lifestyles, which are altering the demand and use of the real estate.

With the progression of drastic measures taken by the government of the complete lockdown of all major cities in Sindh, KPK, and Punjab to control this Pandemic in the country, all the economic activities have slowed down.

The magnitude of the spread of Covid-19 is still unknown but due to the increase in the no. of cases each day has caused an atmosphere of panic and precaution in all regions of Pakistan.

The uncertainty and these unfortunate events have also contributed to a negative impact on the stock exchange market in Pakistan. The investors are pulling out their investments hastily which is resulting in a downward trend. The value of pound and dollar has also dropped due to the economic crisis observed around the world.

Current Situation of Real Estate in Pakistan after Covid-19 outbreak

The real estate sector of Pakistan was already on the mend from the government policies implemented in 2018, and now this outbreak will certainly be another setback for this industry in all the major cities including Rawalpindi, Islamabad, Peshawar, Lahore, Karachi & Multan.

However the current climate indicates that the real estate market will potentially face a serious downfall in the coming few days, the fact remains that in the current situation staying safe and fight against this deadly virus is more crucial.

The workers & laborers from mechanical and construction fields have become restricted as their work has come to a stop due to a lack of development of raw material and products. Similarly, in the residential and commercial property, after the closure of all the offices and country lockdown everyone including the investors have confined themselves to their houses wisely so not risking their safety. All the business activities in the country have paused.

Although most real estate companies and offices in Pakistan Including Capital Smart City, Bahria Town, DHA Peshawar and many more are have halted their operations and are taking preventive measures, ranging from thorough cleaning, dispensing sanitizers and in many cases working online from the comfort of the homes.

Big Real estate companies like DHA Peshawar, DHA Lahore, DHA Rawalpindi, and Bahria Town have close their doors until the situation is under control. The companies are continuously searching for a framework that can sustain the business in this crucial period.

However, the price index of the real estate in Pakistan has not suffered much but it is anticipated that the activity will decrease significantly due to the practice of social distancing and closure of physical offices around the country.

However, transactions and online bookings services are still offered by real estate companies such as Sky Marketing and Park View City, the local real estate and property offices shall remain closed until further notice.

Future of Real Estate in Pakistan post Coronavirus

The next few months are highly anticipated for the real estate market not just in Pakistan but all over the world as the activity will begin to develop after this epidemic.

The experts are anticipating that property prices will drop down 10-20% due to no market activity. It is advised not to sell your properties in this climate as you are more likely to suffer a loss, on the contrary, it is an ideal time for investors as the investment will be at its lowest.

The global travel ban will also have dire implications on the real estate scenario as the overseas investment will be restricted to an unforeseen period. The biggest cities in Pakistan i.e. Karachi, Lahore, Islamabad, and Peshawar will severely suffer as the majority of investment in these regions depends upon the overseas Pakistanis.

Although the housing societies like Blue World City and University Town are administering online bookings to keep the operations in flow by providing an opportunity to invest from the comforts of your home, these efforts are not likely to keep the industry afloat.

Funding’s of Billions of dollars has sanctioned by European nations and America to their citizens to stabilize the economic crises but unfortunately, Pakistan is one of the struggling nations that still depends on foreign aid.

Not only the real estate sector but all the other industries including financial institutions, construction industry, import and exports, manufacturing industry, hotels and travel, medical & educational industry all will suffer a heavy loss because of this epidemic. It is only fair to say that we need to be mentally and economically prepared to face the coming situation. It is not up to our government but also us, the citizens of Pakistan to contribute and do our part for the improvement and prevention in this time of distress.

Conclusion

At this point, all we can do is hope and to wait for this situation to pass and see where we stand. The real question isn’t if this epidemic will hit real estate sector or not because let’s face it, we are already facing a huge blow in the industry.

The real question that we should be asking is how long will it take us to bounce back from the damage Covid-19 is causing after the situation defuses?

For more information and updates about the real estate market and our projects keep browsing through our website or you can contact us directly through the WhatsApp or online chat. We at Sky Marketing are available 24/7 to assist you with all your property needs. Stay home to be safe and healthy until the crises are over.

Head Office

2nd Floor AA Plaza
Jinnah Avenue ,Blue Area, Islamabad

(051) 848-7777

Regional Office

Office No. 2, First Floor Block C,
JB Tower, University Road
Peshawar, Pakistan

(091) 7257777

Office No. 3, 2nd Floor Mega Tower 63b,
Main Boulevard Gulberg 2 Near McDonald’s Lahore, Punjab, Pakistan

(042) 35777453

Skymarketing, Plaza 88,
Civic Centre, Phase 4,
Bahria Town, Rawalpindi

Plot 124, Model Town B
Block B Model Town,
Multan, Punjab

info@skymarketing.com.pk

Complaint

complaint@skymarketing.com.pk

Maria Zafar
0333-1150682
Tayyaba
0333-1150681
Arooba
0333-1159994
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