“ChatGPT suggests the legal documents to verify before buying property in Pakistan.
I’m sorry, but as a language model AI, my language is limited to the information available on the internet. I cannot access or represent anything outside the internet that is why I am unable to answer your query…
I sigh! Because the software response was according to the digital database and we haven’t digitized our real estate data that is why whatever you will find on the internet regarding Pakistan real estate, it would be written by the writers like me.
The most hyped application of the moment ChatGPT is incapable of understanding Pakistan’s real estate market. Pakistan has a gigantic real estate market, which has grown rapidly in recent years due to factors such as population growth, urbanization, increasing foreign investment, and lack of investment options. However, the market is also affected by economic challenges but still, real estate comprises major part of Pakistan economy.
Beginning of the digital era in real estate:
It was 1995 when US-based real estate companies start integrating internet and technology in the business of brick and mortar. The purpose of these websites is to buy and sell properties via internet without any agent or third person. That idea appeals to people a lot because it was making their buying and selling process convenient. Recently Europe is the biggest region that is using the internet for its real estate market, according to a UK magazine report 90% of consumers prefer to search first on Google if they are seeking property.
In Pakistan, it was 2014 when the first online real estate portal launched by a company which was funded by foreign investors. After that many companies started following the same business model and offering such services not only to the realtors but to common man too. Such platforms contains hundreds of inventories from every corner of the city and country and multiple filters so the buyers can easily find them by using their required filters such as city, area, sector, etc. But the question is, does it helpful for people to complete the process? Or do we have all information available online?
Digital real estate and Pakistan property market:
Internet real estate is more famous in European countries, from listing your inventory to buying a house, you can even verify, and track property till transition everything can be possibly done with just one click. But this is not so useful in Pakistan’s real estate market, as we do not have all data and documentation available or accessible on the internet. Even though Pakistan has diversity and is growing rapidly, investors started taking interest in Pakistan’s property market after the Government reduced the interest rates to assist the real estate sector. But still, we are using the manual system, even if someone wants to check the verification of the property file they must have to visit the relevant authorities.
Overseas Pakistanis are afraid to invest in the country’s real estate due to credibility and convenience transparency. There is no credible platform available from higher authorities who can support people in these cases. Still, if you are an NRP and want to buy a property in Pakistan you must have to use the traditional or manual real estate method to complete the process.
Internet’s influence in Pakistan market:
The Real Estate in Pakistan is vast and variable and the Market is full of investors and buyers. But now in the time when the internet is wrapping the world into a global village and all market is digitalized, then our country is still not taking the benefits from this technology.
In the past decade, the growth of Internet users in Pakistan has greatly impacted several industries, with the real estate market being left behind in utilizing this technology. By incorporating the Internet and automating the real estate market, it can offer benefits to both domestic and foreign citizens and lead to significant growth of the industry.
Digital failures in Pakistan’s real estate:
There are many reasons that Pakistan’s real estate data is not available on the internet. One of the most prominent issues is the unwillingness of the concerned authorities. Not just in the real estate sector, the entire governmental structure of Pakistan seems reluctant of indulging in technology in their day-to-day work. This is why consumers be it from any industry are deprived of using features of technology.
Traditional practices and reluctance to embrace new technology, but the foremost reason is the Government is not showing interest in this industry, lack of investment in the digital solution for the real estate market, and inadequate regulation in support of digitization by the higher authorities making it weaker. The citizens’ mind is already set with the security and privacy concerns regarding online dealing, and the negligence of higher authority in this method makes it more difficult.
What if we digitilized our real estate industry:
This is the digital era and everything is live with a single click or touch, each and every industry is using this medium of communication and this is really beneficial in the real estate sector.
If we digitalize the data of Pakistan’s’ real estate so it will be really very useful, the biggest advantage of using AI in real estate is that it will improve efficiency and productivity, and using chatbot will provide you with a better customer experience, it will increase accuracy in the process of the dossier, verification, and registrations along with this it will enhance the market insight as well. It will increase the authenticity of the market for both internal and external both sides investors and buyers.
My final say on this topic, AI Chabot or ChatGPT is not so much helpful for you to buy a property in Pakistan due to near to no information, but yes if we upgrade our data on the internet so it will be helpful and good guideline for the initial basis. But if you are still not clear about the online buying and selling concept then it is okay! Because the option of real estate companies and agents are always available.