What is Real Estate?
Real estate is a developmental change brought to the land, whether manufactured or natural, including buildings, minerals, trees, Homes, bridges, and fences. There are three main categories; Residential real estate includes flipping houses, Commercial real estate means where businesses are located; and industrial real estate–a kind of property where industrial elements of business get done. Real estate is one of the leading industries worldwide in the modern era, having a vast scope and potential.
Real Estate Education
Real estate education is a dedicated degree platform, where educational courses about real estate are being taught, and other educational activities in real estate are promoted. Real estate education combines multiple fields such as economics, urban planning, architecture, psychology, real estate development, property management, land recognition, business formation, and property taxation.
Importance of Real Estate Education
The real estate industry and business in the land are worldwide a common trend that realtors and business people are integrated to follow. This trend has influenced almost every sect of society to invest in real estate. However, the question is, WHAT is the real estate industry in Pakistan? How does it differ from the other real estate markets worldwide? While discovering the journey, Real Estate is a salient part of economic activity and wealth creation because having a shelter like home is a basic human need. In addition, real estate is attracting massive investment worldwide. However, real estate differs significantly in Pakistan because of excessive plotting, sprawling, filing system, and extravagant speculation.
Potential in Real Estate
According to recent statistics regarding the scope and potential of real estate, one study indicated that Pakistan needs 20 Million houses by 2030. But there is a significant shortage in real estate education in Pakistan, which has to be highlighted to the youth of this country and empower them for the billion-dollar industry. Hence, it is essential to eradicate the inadequacy from our country for economic and GDP growth, which need research centers, institutions, and other facilities, respectively.
Challenges to real estate
Several challenges that hinder the growth of the real estate industry in Pakistan are; lack of planning, rules, and regulation, lack of access to the Information, and malfunctioning and fraudulent elements involved in the real estate business.
Lack of Planning
Real estate development and investment projects need a dedicated team to determine and execute via proper planning. In other words, a good realtor will always work upon the system and team building, eliminate possible limitations and operate. But due to lack of education, our community lacks education and ultimately with planning.
Lack of Rules and Regulation
One of the biggest challenges to the real estate industry is having no authority figures involved who should monitor and keep a thorough check-up on the real estate agents and unapproved projects. The government needs to highlight unapproved projects and suspend them with immediate effect.
Lack of Access to the Information
Data and Information are the key sources in any business, whereas these two figures play a vital role in publishing and promoting real estate in real estate. There is a significant dearth of providing factual information regarding real estate in this department. Hence, the authorities should reveal specific platforms where the information is easily accessible to investors and the general public.
Malfunctioning and Fraudulent Elements
There are certain elements engaged in fraudulent and malfunctioning behavior. People are scared about their investment if they are being scammed or fell into any legal complication because of the malfunctioning. Thus, there should be a dedicated department from the government’s end who could deal with all the related issues.
