LAHORE, 27 May 2014: Almost three quarters of Pakistanis would refer to buy property than rent, according to new research into the local market by Lamudi.pk, the online real estate platform and market leader in Pakistan.
According to the research, 72% of Pakistanis are buying houses, opting to purchase their own home instead of living in rented accommodation. Many believe that to rent a house is a waste of money, with renters spending large amounts of money per month without investing in a property of their own.
An analysis of searches on Lamudi’s online platform revealed that the majority of buyers are males in the age range of 35-55 years old. A mere 28% of Pakistanis opted to rent properties, with the demographic here showing as the younger generation of 25-35 year old males.
According to Saad Arshed, Country Director of Lamudi.pk, “Now is the perfect time to invest in property in Pakistan and locals are deciding to really commit to the real estate market. With vibrant, exciting and financially stable cities such as Karachi, Islamabad and Lahore providing a wealth of opportunities for both first time and experienced buyers, it’s little surprise that our customers are looking to buy property and settle down in these areas.”
Earlier this year, Pakistan announced that it has become the fastest growing online property portal in Pakistan, uploading more than 15,000 properties per month. With the internet fast becoming integral to everyday life in Pakistan, more and more people are looking online to search for their perfect property.