Vision Tech, a UAE-based tech company, has announced the launching of an online platform, named Shaariq.com, to bridge the digital divide in real estate in Pakistan.
The full-stack model developed by Vision Tech will digitize the process of buying, selling, renting, and managing a property, as well as offer new and unique services such as property registration and online rental agreements.
Artificial price inflation and scams have rationalized Pakistan’s real estate sector. Shaariq.com will list verified and vetted properties, and provide an avenue for buyers to deal with brokerage agents who have been trained and issued a unique registration number, a move that will increase trust between all transacting parties. The company is also in talks to tie up with municipalities, reduce reliance on excessive paperwork and enhance transparency.
“Shaariq.com will bring much-needed digitalization to an extremely fractured industry. Real estate stakeholders have largely operated in a non-transparent, low-trust ecosystem that left much to be desired. Vision Tech hopes to leverage its expertise in an organized market like the UAE to unlock the Pakistan real estate sector’s massive untapped potential. Pakistan’s rapid population growth, high internet penetration, tech-savvy young generation, and government-helmed initiatives have inspired Vision Tech’s big bet.”
Also, the recently passed Special Technology Zones Authority (STZA) Bill in Pakistan complements the entry of an innovator of Vision Tech’s caliber. Mr. Rajab Ali Virani, CEO of Vision Tech, attended the STZA investors event in Dubai, where Pakistan President Dr. Arif Alvi endorsed greater blockchain adoption and urged the developer community to get involved.
Vision Tech is currently preparing to train and register 50,000 real estate agents through Shaariq.com in line with global standards. This is Vision Tech’s response to the global skills shortage, which is expected to leave 85 million jobs vacant by 2030.
The investment by Vision Tech also shows the rise in corporate R&D spending following the pandemic. This year, global R&D spending is likely to reach $2.3 trillion. Pakistan’s climb in the latest report of World Bank’s Ease of Doing Business Index, where it rose 28 places, will add more to its prospects.