Pakistan has breathtaking areas in the northern province. People visit the northern areas all around the year. Murree is one of the most famous and oldest tourist destinations. It has slowly been poisoned by high visitation but still has vast land around it for development. Pakistan is flourishing in the real estate sector and many new housing societies are emerging in major cities. Murree can also be an ideal location for investment due to its natural beauty and serenity and an attractive spot for tourists.
Need for the Real Estate Development in Murree
Since Murree is a popular tourist destination, many people are eager to invest in hotels and residential areas. The hotels are always in demand throughout the year, resulting in high prices of the land and property. Due to high demand and better accessibility, more housing projects are expected to initiate near the expressway. The GT road and Murree Expressway itself are dynamic and scenic, attracting people for further investment in the outskirts of Murree. This development is attracting international hotel chains and restaurants to the area. However, there is no regulation and set prices for hotels as owners nudge prices according to availability, leading to the high fluctuation in prices. Thus, tourists will prefer to stay in affordable small apartments and houses instead of hotels for vacations.
Way Forward
The tourist industry of Pakistan has the potential to contribute to increasing economic growth. Even though the centre of Murree is fully developed, the vast land around it has potential. Due to the high cost and lack of access to properties in Murree, investors can invest in the outskirts within the range of ten to fifteen kilometres. Furthermore, a good network of roads will increase its value. As the area is hilly, construction and bringing labour to the outskirts will be a difficult task. The roads and development will reduce transportation costs. Moreover, street lights and board signs must be put up for the convenience and security of the families. The government must provide utilities like gas and electricity in the outskirts of Murree so that the investment of owners is beneficial. Moreover, due to reasonable prices in the outskirts, many people build illegal buildings. An increase in the incidence of infringement will affect the profit gains. Government must regulate land approvals, and prices of hotels, and take action against illegal activities so that families can visit safely without spending thousands of rupees.
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