Technology in Pakistan’s Conventional Spaces
Utilizing information to revolutionize traditional sectors in Pakistan.
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Information technology and digital literacy rely heavily on the foundational infrastructure required to access information. In Pakistan, network access has remained insufficient for its growing youth population. With long-forgotten promises about 5G service, and other lost initiatives Pakistan’s future in technology remains uncertain. However, a recent report by Data Darbar showed that Pakistan was the fastest-growing market in downloads in 2022. As compared to other countries, Pakistan’s downloads grew by 35% in the last year alone, amounting to over 3 Billion downloads.
Financial apps also saw a remarkable increase in downloads as well, signaling the country’s movement towards technology for making financial payments. Similarly, technology for agriculture and farming is also transforming the sector. Furthermore, recent efforts by the government to use technology for recording real estate also indicate positive news for the country’s construction industry. For instance, the geographic information system being used by SUPARCO to create maps can be used to localize problems and offer quick solutions.
Just like FinTech makes the banking system more accessible, technology can make real estate more accessible as well by lowering the barrier to entry. So far the development in real estate depends on the availability of funds instead of demand. This approach leads to economic problems such as stale money and the housing bubble. In Pakistan, however, people still show the most interest in real estate which is apparent from the expansion of urban areas. The sector is worth over USD 3 Trillion and is bound to grow with further advancement of real estate investment trusts.
The real estate industry has also seen an uptick in technological innovations. Especially, technology focused on making investment more financially accessible. Fractional investments ensure the democratization of real estate and ensure returns for individuals. Furthermore, cutting down transaction costs through a combination of finance and property technology can encourage even more people to invest.
With more money to go around in the form of investment, there is lesser room for inflation and high-interest rates. Therefore, creating a win-win scenario for individuals as well as firms.
Making Real Estate Accessible One Square Foot at a Time
As proven in the world, Web 3.0 and Blockchain technology has immense potential for transparency. If combined with value-based assets such as real estate, the combination can use the best of both worlds to dissolve barriers for new investors. Furthermore, Pakistan's real estate infrastructure relies on manual or physical means for recordkeeping. Digitization and geo-mapping can ensure impunity from fraud, and make records easily accessible.
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About Us: Macro Pakistani is a data-driven research platform that aims to provide a basic understanding of Pakistan’s economy. If you have an interest in contemporary news but are currently overburdened with sensationalism and specialized vocabulary, we are the platform for you.
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Welcome back. Good decision choosing Substack.