In Pakistan’s real estate market, there are two primary types of properties available: off-plan and ready properties.
Off-plan properties are those that are sold by developers before they are built or completed. Buyers typically pay a deposit upfront and then make additional payments over time as the development progresses. Once the development is completed, buyers receive ownership of the property.
Ready properties, on the other hand, are those that are already built and available for immediate purchase and occupancy.
In recent years, there has been a growing trend towards off-plan properties in Pakistan, particularly in major cities like Lahore, Karachi, and Islamabad. One reason for this trend is the high cost of ready properties, which can be prohibitively expensive for many buyers. Off-plan properties are often sold at a lower price point, making them more accessible to a wider range of buyers.
According to data from Zameen.com, one of Pakistan’s leading real estate websites, there has been a significant increase in demand for off-plan properties in recent years. In 2019, off-plan properties accounted for 53% of all property searches on the site, up from 44% in 2018. Meanwhile, searches for ready properties decreased from 56% in 2018 to 47% in 2019.
However, it is important to note that off-plan properties can also come with certain risks. Delays in construction or other issues with the development process can result in significant delays in delivery, which can be frustrating for buyers. Additionally, there is a risk that the developer may not complete the project as planned, which can result in buyers losing their investment.
Ultimately, the decision between off-plan and ready properties will depend on a buyer’s individual circumstances, preferences, and risk tolerance. Buyers should carefully weigh the pros and cons of each option and conduct thorough due diligence before making a decision.