Karachi is the most populous city of Pakistan and the most developed urban place in the entire country. The city of lights plays a major role in running the economy of the country. Defining the reality that the real estate sector is one of the most important driving factors of the economic growth of Pakistan. Considering that the property market of Pakistan is huge and complex to invest or buy it is very important to understand different types of property buyers and their requirements. In case not having proper awareness about the basics, things could be more complicated and worsen.
When it comes to knowing everything about real estate, we never lack back to get you to educate about how the real estate industry operates. Keeping you to empower with knowledge, we penned down to clarify the different types of property buyers in Pakistan. Gather this information with, basics of real estate investment in Pakistan, and be a smart seller.
MOST COMMON TYPES OF REAL ESTATE BUYERS IN PAKISTAN
Consumer satisfaction is the first priority in long-term business that aims to survive in the market. The real estate fully understands this key that buyers are the potential force behind every successful transaction so it is an important yet very essential task of sellers to understand the psyche of your buyers.
Listing down the most common types of buyers in the real estate market of Pakistan
First-Time Property Buyers
Move-Up or Move-Down Buyers
Young Property Seekers
FIRST-TIME PROPERTY BUYERS
First-time property buyers are one of the most common types of buyers in the real estate market. They are family buyers who are in search of homes that offer at least two bedrooms with attached bathrooms, living room, or guest rooms to facilitate visitors. Knowing the people of Pakistan are social and more likely to live in communities, get together on weekends is quite common for them. The important aspect to consider for the first time buyers is home’s price and their level of affordability.
MOVE-UP OR MOVE-DOWN BUYERS
After first-time buyers, another type is move-down and move-up buyers. These two categories consist of professionals who own a healthy lifestyle. The first category buyers are ones who want to down-size their luxurious space due to various reasons. These are people who have retired and looking to segment their larger homes after their children moved out. These individuals prefer to place which is easier to maintain and offers easy access to parks, trails, coffee shops, and restaurants.
To begin with, the second category move-up buyers are growing families who want to expand their existing property for the bigger homes due to a rise in income. Their must-have features include modern kitchens, luxury bathrooms, and a pool and will appreciate modern, high-tech design. They usually look for their dreamy location in which they can have compatibility and satisfaction as a comparison with their changing lifestyle and family size.
Most people tend to work with sellers who truly understand their needs because having a clear understanding of buyer’s needs can makes you the pro and can help you in the long run. Luxury buyers are the high net worth individuals who may have a long list of requirements for their new home. It is not a piece of cake to deal with luxury buyers because they don’t get easily settle for anything that doesn’t fit their taste so it is extremely important to be patient with them. Luxury buyers may have several properties and homes at different places and they are willing to pay extra amounts for their extravagant feathers at homes such as heated floors, open floor plans, chandeliers, and large bathrooms.
In real-estate language, buy-to-let investors are potential high net worth real estate investors who specialize in buying and selling homes. These buyers also have a lot of homes in the city and want to purchase more homes to trade or rent to families or professionals in the middle class.
These investors have a clear understanding of the market so it is way better and feasible to work with this specific type of group as they are very attentive and receptive.
YOUNG PROPERTY SEEKERS
Young property buyers seekers seem complicated things at first but some common property buying patterns will help you to understand their requirements. Such buyers don’t need to rely on seasons and schedules to buy homes and they can visit properties at any time of the day. Young property seekers are smart people who are fully connected with better visuals. The search is running continuously for this group of buyers. Only two factors that are important for young property seekers; Affordability and location.
Overseas buyers who have close relatives, whether they be parents, partners, or children residing in Pakistan, are among the most popular categories of property buyers perceived to be legitimate buyers. Since they have minimal time to buy, they choose to see as many deals as they can and decide much quicker.