Real Estate in Pakistan has seen rapid growth in recent years. The emergence of PropTech in Pakistan has been a game-changer for the industry, bringing innovative solutions to the table and transforming the way business is done.
PropTech is a term that refers to the use of technology to improve and streamline the real estate industry. Currently valued at $18.2 billion, the PropTech market is forecasted to reach $86.5 billion globally by 2032, according to Forbes.
In Pakistan, it has gained momentum over the past few years, and investors are taking notice. PropTech aims to make the real estate industry more efficient, transparent, and accessible. Pakistan’s real estate market has traditionally been very fragmented with limited use of technology.
However, in recent years, we have seen a surge in the number of PropTech startups in the country. They are using technology to address some of the biggest challenges facing the real estate sector in Pakistan, such as lack of transparency, high transaction costs, and slow property sales.
One of the most significant challenges facing the real estate market in Pakistan is the need for more transparency. Historically, real estate transactions in Pakistan have been conducted in cash, with little or no documentation.
This has led to a lot of fraud and corruption, with buyers and sellers often being misled about a property’s actual value. PropTech startups in Pakistan are using technology to address this issue by providing more transparent and reliable information about properties.
PropTech Solutions in Pakistan
The PropTech industry in Pakistan has seen the emergence of various platforms that cater to different aspects of the real estate sector. These platforms offer solutions that range from property listings to property management and even real estate crowdfunding.
One such platform is Graana.com, Pakistan’s smartest property portal. The platform provides property listings and allows users to buy, sell or rent properties. Graana.com also provides information on real estate investment opportunities, plus it covers property news and lifestyle on its blog.
Real Estate Crowdfunding
Real estate crowdfunding is another aspect of the PropTech industry that is gaining momentum globally. Crowdfunding platforms allow investors to pool their money and invest in real estate projects.
They provide access to various real estate projects, including residential, commercial, and industrial properties. Despite the immense demand for investment from Pakistan in real estate, the minimum investment required for areas that offer better returns is way too high for most middle-class individuals.
Property Management Solutions
Property management is another area where PropTech is making an impact in Pakistan. Property management companies provide services like tenant screening, lease management, rent collection and property maintenance. They also offer virtual property tours, allowing prospective tenants to view properties remotely.
Real Estate Analytics and Insights
PropTech is also transforming the way real estate data is collected and analysed in Pakistan. Platforms like PropSure, Pakistan’s 1st online property verification system, provide real estate analytics and insights, including information on property prices, market trends, PropTech trends, investment opportunities and property verification.
PropSure, in particular, covers validation of certain attributes of property such as layout plan (LOP) approval status, competent authority (for dealing approvals in its jurisdiction area), address (plot number, street number, gali number, road name), plot LOP approval status, total area (sq. yds) and type of property use permitted in the approved layout plan.
Propsure and Graana.com are two of the most prominent PropTech startups in Pakistan. Both of these companies are using technology to address overarching issues in Pakistan’s Real Estate market and drive its growth.
Propsure is a real estate platform that provides buyers and sellers with a more transparent and reliable way to buy and sell properties, hence transforming the future of real estate in Pakistan. It offers a range of services, including property valuation, property listings, property management and real estate consultancy.
One of the key features of Propsure.com.pk is its use of big data analytics to assess property values. The platform analyses a range of data points, including recent sales data, location data, and property features, to provide accurate and reliable property valuations.
Graana.com is also a notable PropTech startup that uses artificial intelligence (AI) and machine learning (ML) to provide personalised property recommendations to buyers. In addition to its core services, it is also involved in various social initiatives to support the local community. It is safe to say that, future of propTech in Pakistan is bright.
The company has launched several community programs aimed at supporting underprivileged children, promoting entrepreneurship, and supporting local artists.