Kashmir's Real Estate Market Struggles Post Pahalgam Attack

Srinagar: In the aftermath of the Pahalgam terror attack, Kashmir’s real estate market has taken a significant hit, with investments plummeting by 50-60 percent. The attack has not only affected the tourism sector but has also had a cascading effect on the real estate industry, where tourism stakeholders traditionally form the core clientele.

Realtors are now leveraging the power of social media to revive their business. Traditionally, tourism stakeholders form the core clientele of the realtors. With the tourism sector taking a hit after the Pahalgam attack, the business deals have come to almost a standstill. Realtors are now turning to social media to advertise plots, buildings, and other properties in a bid to attract buyers.

Across all social media platforms, influencers and realtors can be seen showcasing plots, buildings, and shops to attract potential buyers. Realtor Muzzafar Bhat, who has almost six plots unsold, has now hired social media influencers to endorse the properties for sale. “Our business has suffered for the last six months since tourism stakeholders, who were our primary buyers, stopped investing after the Pahalgam incident. Now, we are leveraging social media to showcase our properties, and it’s slowly helping us regain some traction. We are getting some queries from people, though only a few of them materialise,” he said.

Many realtors are also creating short videos and virtual tours of their properties, allowing buyers to view properties remotely. “Social media has given us a platform to reach potential buyers who reside in faraway places. It has opened up new avenues, especially for local investors who stay in other states and countries,” said Basharat Amin, another realtor.

However, challenges remain. Some buyers are hesitant due to limited funds, and the overall slowdown in tourism and horticulture sectors continues to affect real estate investments. Despite these hurdles, digital marketing is proving to be a lifeline for many small and medium-scale realtors. “While social media cannot completely replace traditional buyers, it has certainly helped us keep our business alive. We are experimenting with online campaigns, influencer promotions, and virtual walkthroughs to stay connected with the market,” Mukhtar Bhat, a real estate agent, explained.

He also noted that the prices of properties have come down after the terror attack. “Even when clients show interest, their offers are very low. Only a few deals actually go through, and in prime locations, property prices have dropped by almost 20 percent,” Bhat said. The real estate market in Kashmir is navigating these challenging times with innovation and resilience, hoping to regain its footing in the near future.