Introduction
Pakistan’s real estate market is growing and offers massive potential for investors, job-seeking youth, and uplifting the country’s economy (Haq, 2009). Real estate agents with specialised training are increasingly sought after in an emerging market fraught with speculation and malpractices. The real estate industry faces many challenges that can only be overcome with education. In recent years, the real estate industry has experienced a revolution. Due to the increased use of technology in the real estate market, the demand for individuals with proper knowledge and expertise is on the rise (Mashvisor, 2021). Education in real estate will significantly improve the role of agents, brokers, and consultants as a new wave of PropTech startups expand in the country, and the government adopts better regulatory measures. Therefore, it is impossible to overstate the importance of a proper real estate education, as the benefits far outweigh any perceived costs. Continue reading to understand how key players in the sector are changing the dynamics of real estate education.
Why the Real Estate Sector Requires Formal Education?
Pakistan’s real estate sector is booming, with millions of dollars worth of investments coming in from local and overseas investors every year. However, up to 70 percent of these investments often end up in fraudulent schemes and end up with court cases and lengthy litigation trials (Landportal, 2021). This highlights the lack of professionalism and the lack of adoption of best practices. The real estate market in Pakistan is also fairly behind the world in terms of technology adoption and overall transparency. This gives rise to speculation by certain market forces instead of allowing the forces of demand and supply to regulate the price and value. Most of these problems are a direct result of a lack of formal education in the discipline of real estate. A majority of those who work in real estate are college passed students who, without taking any formal training, enter the market for quick money-making purposes. This gives rise to several challenges for the buyers and investors as an agent or advisor in real estate who does not have a complete understanding of the field can give misleading advice and not keep the interest of the customer on a high pedestal. Furthermore, if the masses are not introduced to proper real estate professionals with a working knowledge of the field, the negative perceptions associated with the real estate sector cannot be mitigated, resulting in slow growth of the sector. Therefore, a formal real estate education is the need of the hour in Pakistan.
What can a Formal Education in Real Estate Bring to the market?
Pakistan needs a staggering 1.5 million jobs per annum to sustain the demand for employment in the face of rising population growth trends. Real estate is the largest sector of Pakistan’s economy, with a massive potential for creating jobs and businesses in the market. Generating employment in the sector will also help boost more than 40 allied sectors of the economy. However, it will not be possible to develop a fast-paced and modern real estate industry without formal education that covers all the different aspects of real estate management, development, technology, regulation, and policymaking. The world has rapidly enhanced the use of technology in nearly all sectors of the economy, whereas Pakistan continues to maintain a stagnant market, lacking innovation and policy support. The world continues to enjoy PropTech revolution 3.0, which entails a prospering sharing economy, sophisticated brokerages, the use of smart technologies, and artificial intelligence and machine learning-based forecasting models for markets.
With the introduction of formal education in real estate, Pakistan can hope to address all these challenges over time. Recently, Graana.com, Pakistan’s first online real estate marketplace, launched a certificate course in collaboration with the National University of Science and Technology (NUST), covering all the basics of real estate science (NUST, 2021). The course offers a comprehensive outline for understanding various crucial aspects of real estate along with training individuals on becoming responsible real estate advisors. The company enjoys a strong real estate portfolio within Pakistan and has the vision to transform the real estate sector for the uplifting of the economy. The course is taught by industry-leading professionals with more than a decade of experience in local and international markets. After gathering an overwhelming response on their first effort in standardising real estate education in Pakistan, the company has also launched Pakistan’s first formal real estate bachelors’ program in collaboration with the University of Central Punjab, Lahore. The industry stands to gain the most with this model as no single entity can transform the real estate market of Pakistan on its own, and as long as a collective effort towards educating the youth is not made, the norms and presumptions associated with the sector cannot change for the better.
Conclusion
Pakistan’s real estate sector invites the country’s youth to bring innovation and expertise to the market that is fraught with challenges of malpractice, lack of transparency, and misinformation. That is only possible if a formal real estate education is provided to the youth, who will eventually become industry leaders in time. The world is rapidly advancing in terms of the use of technology, and Pakistan can only start to reap the benefits if a proper understanding of the sector is achieved. Companies like Graana.com are revolutionising the market by bringing industry-leading expertise to the youth. It is hoped that by consistent efforts on the part of educational institutes and government policies, Pakistan will experience a paradigm shift in its real estate sector.
Bibliography
Haq, R. (2009). Pakistan’s Housing Boom and Economic Growth. Retrieved from https://www.southasiainvestor.com/2009/12/pakistans-housing-and-economic-growth.html
Landportal. (2021). Pakistan to set up ‘fast-track’ courts to settle land-grabbing cases of overseas Pakistanis. Retrieved from https://landportal.org/node/99449
Mashvisor. (2021). 2022 REAL ESTATE MARKET FORECAST: TOP 10 PREDICTIONS. Retrieved from https://www.mashvisor.com/blog/2022-real-estate-market/
NUST. (2021). NUST PDC and Graana launch Pakistan’s first-ever Certification in Real Estate Science. Retrieved from https://nust.edu.pk/news/nust-pdc-and-graana-launch-pakistans-first-ever-certification-in-real-estate-science/
Research Questions
Why does the real estate sector require formal education?
What can a formal education bring to the real estate market?[/fancy_box][fancy_box box_style=”color_box_basic” icon_family=”fontawesome” image_url=”8182″ box_color_opacity=”1″ box_alignment=”left” border_radius=”default” image_loading=”default” icon_fontawesome=”fa fa-envelope-open” icon_size=”60″]
Key Takeaways
Considered among one of the most important urban centres of Pakistan, the challenges of urban transport are increasing in Rawalpindi and its surrounding areas.
Public transport crowding, difficulties for pedestrians, parking difficulties, environmental impact, and atmospheric pollution are among other key challenges associated with transport.
In a welcome addition to ease the problems being faced by Rawalpindi’s residents, the city’s development authority RDA has planned the construction of two megaprojects on the city’s two main transport junctions.
Identifying and dealing with the challenges of transport in developing countries like Pakistan remains a primary task for city administrations.
Despite a large sum being invested in urban transport systems, the current situation of transport in Pakistan remains dismal due to a lack of planning, governance, and widespread corruption.
Rawalpindi has experienced rapid growth in car ownership due to banks handing out loans on easily attainable terms. However, the growth has not been followed by the same level of road network upgradation and often leads to restrictions in traffic movement at peak work hours.
The overall impact of these two megaprojects will largely depend on land-use planning and good governance.
Land acquisition policies will need to cater for the needs and interests of surrounding areas.
A safe and efficient traffic route will also have to be provided for daily commuters to allow for the smooth flowing of traffic.[/fancy_box]
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