The real estate market of Karachi largely indicated a stable trend for plot prices. Here is a brief summary of how the city’s property market fared during the month:
Plot prices in DHA did not show much change. The prices of 250 yd2 plots remained stable, whereas those of 500 yd2 plots remained unchanged. In DHA City, the situation was not much different. Investor interest has been low because society has not announced any significant developments for a while, despite being a new player in the market. Here, the prices of 250 yd2 and 500 yd2 plots remained stable.
The prices remained stable in Bahria Town too, but appreciation is expected soon. The reason is the settlement of a number of ongoing issues. The rates of 250 yd2 and 500 yd2 plots remained unchanged for now.
Gulshan-e-Iqbal, which is almost fully inhabited now, has remained stable for a few years now. But it still remains the top location for seeking rental property in the city. The prices of 250 yd2 plots were stable, and those of 500 yd2 plots also did not budge.
If one is seeking localities in Karachi for investment, then Scheme 33, Scheme 45, and Gulshan-e-Maymar are highly recommendable.
Market Report: Lahore, Islamabad, Faisalabad, Gujranwala, and Multan
Lahore’s major localities, which include DHA Phases I-IX, Wapda Town, Bahria Town, Bahria Orchard, and LDA Avenue-I, showed unchanged prices. However, for different areas, the reasons for the prices remaining stable were varying. DHA Phase VIII came across as an affordable option for genuine buyers, while prices of 1-Kanal plots increased moderately in LDA Avenue-I due to their recent affordability.
In Islamabad, Sector B-17 showed appreciation in prices for both 10-marla and 1-Kanal plots. Meanwhile, only 10-marla plots had their prices increased moderately in Gulberg Residencia. But other major localities in Islamabad, including Sectors F-11 and E-11, and Bahria Town, remained stable.
Both Faisalabad and Gujranwala shared the trend of unchanged plot prices in their most sought-after localities.
Plot prices for Citi Housing, FDA City, Punjab Government Servants Housing Foundation, and Wapda City in Faisalabad did not show any major difference. Meanwhile, as most societies lacked new developments, prices remained stable for DHA, Master City, DC Colony, and Citi Housing in Gujranwala.
Due to an overall slow pace of development work, Multan’s societies indicated waning interest from investors.
However, there was moderate appreciation in prices of 10-marla plots in Dream Gardens given the recent exemplary development work in the scheme. On the other hand, genuine buyers showed keen interest in the Punjab Government Servants Housing Foundation project as most plots are now available in the secondary market.
Market Report: Summation
The current climate of Pakistan’s property market lacks investor activity. On the other hand, genuine buyers have shown more interest. The investors are likely to hold on their inventory until the market becomes lucrative for them. Any activity from them can be expected after the government’s policy changes come into effect. Changes like updated property valuation tables, amnesty scheme, and more are expected to shake things up; forcing the investors to play it safe for now.
Zameen.com CEO Zeeshan Ali Khan said, “This month’s market trends indicate that real estate is primarily a buyer’s domain. Genuine buyers, in particular, can reap many benefits from this situation. Following the announcement of the government’s Budget for FY 2019-2020, and the implementation of its espoused price-correction measures, investors will know how to change tack and innovate their approach towards the sector.”