Smart Cities and Their Undeniable Impact on the Real Estate Market

No one can deny the impact and the waves which smart cities are creating on a global scale. Cities all around the world are highly anticipated and well-versed in aiding governments and residents to reduce their environmental impact on all possible levels. From better planning to enhanced execution of the projects, everything about the cities hints at sustainable real estate development.

Pakistan despite its flawed political ambience and social unrest among the citizens, is quickly on the way to producing more high-quality real estate projects that are promising the dawn of a new age in the country. This is pretty evident with star real estate projects such as Smart City Lahore and Islamabad Smart City. Both the projects are adding value to the whole real estate scenario of the country making it more welcoming for the investors.

What are the Characteristics of Smart Cities?

So a smart city is a real estate project that is mostly located in an urban setting and is an essence of all the best aspects of technology, infrastructure and thorough planning which promises a reduced carbon footprint and enhanced resource optimization.

The main goal of these cities is to enhance the developments in an urban setting promising a better and enhanced lifestyle for the citizens not only at the cost of more money but also by acting as a driving force for stable economic prosperity.

In a smart city, the used technology is smart, the solutions are smart and the lifestyle is smart – to say the least.

Impact of Smart City on Real Estate

Now in a country where the real estate industry has been the only saving grace for quite some time, the impact of smart cities is loud and clear. Pakistan currently has two smart cities to boost – one is Islamabad Smart City and the other one is Capital Smart City Islamabad.

The impact of these smart cities is not only on the economic condition of the country but these sorts of real estate projects are also helping the citizens to enjoy the perks of high-quality real estate. These types of projects are adding more value to the quality of life and environment. So it’s a win-win situation for everyone.

Here is how the smart cities are affecting the real estate industry of Pakistan:

High Demand for Commercial Place

Now rather than a popular belief, smart cities are not just residential accommodations, these sorts of projects are so much more than just a place to live. Smart cities are offering high-value commercial spaces which are encouraging youngsters from all around the country to gather in one place and explore more international opportunities. One of the best examples of this is the development of Lahore’s smart city Silicon Valley. Inspired by Silicon Valley, this one will boost more employment opportunities for the youngsters boosting their potential to new heights.

Prospects of Private-Public Relations

Smart cities no matter how sustainable require a substantial amount of capital to stand on, this sort of funding can only be produced with the help of strong private and public sector involvement. The bonding is the ultimate need of the hour. Because despite being high on the technical side, these cities still need a humongous capital for development. That is why private entrepreneurs and government officials need to be on the same page in these matters.

Affordable Housing Societies

A lahore smart city should be able to deliver on all the possible fronts. It should be technically sound, thoroughly smart and highly affordable. What good can a real estate project be if people cannot invest in it? And that is why the developers are leaving no stone unturned to procure highly sophisticated solutions which are long-lasting and budget-friendly. Both the smart cities of Pakistan are easy on the customer’s pocket and high on the value.

Promise of Better Infrastructure

Another prospect on which the smart cities and their concept shine the brightest is the infrastructure. The infrastructure is not only urban but it is also contemporary. Smart cities are successfully shedding off the highly stylized and space-occupying concept of traditional real estate and promoting more spacious yet minimalistic solutions for the greater good of the community.

More Green Spaces in the Cities

Last but not least, there is no concept of smart cities without the incorporation of green spaces inside the space. The concept of green spaces is that the developers keep areas designated for lush and vibrant greenery. This will have a good impact on the mental health of the people making them fresh and happy in the morning.

The Bottom Line!

The smart cities are here to revamp the quality of lifestyle which is a 180-degree contrast from the traditional practices. With the right investments and a sound mind, you should also become a part of these cities.

Leave a Comment