Srinagar, Oct 31 (KNO): Two years after COVID-19 pandemic rocked the world, Kashmir’s real estate market is experiencing a remarkable resurgence.
As per news agency—Kashmir News Observer (KNO), the region is witnessing a surge in property demand and investment, marking a significant recovery from the economic setbacks caused by the global health crisis.
The real estate sector in Kashmir, like many other parts of the world, had been grappling with uncertainty and stagnation during the height of the pandemic. Lockdowns, travel restrictions, and economic uncertainties had led to a slowdown in property transactions and development projects.
However, for the last one year, there has been a notable revival in the real estate market.
As per the real estate agents, investments have been coming in this sector at a good rate for the last one year now.
“People have now again started investing in this sector. For the last few years many new colonies and societies have emerged in city outskirts," Manzoor Ahmad, a real estate agent, said.
He said certain areas of the city are growing as a real estate hub.
“Parraypora area of Srinagar has attracted good investments in the recent past,” Bhat said.
Irfan Ahmad, another real estate agent said the local government has introduced various policies to boost the real estate sector, including streamlining the approval process for construction projects.
“Post covid-19 investments in real estate are coming in good numbers. From plots to structures, everything is in good demand. As the demand for properties in Kashmir continues to grow, property prices are appreciating. This is increasing the confidence of investors and creating a positive feedback loop, further stimulating the real estate market,” he said.
Irfan said the investment in real estate offers a good return to an investor.
“Real estate is one of those industries that provides profits to consumers regardless of times, even though inflation has been rising quickly. As a result, real estate is currently regarded as one of the top long-term investment diversifiers,” he said—(KNO)