Property prices in four major cities of Pakistan present mix picture
Gujranwalas real estate market proved to be the most encouraging in February.
(Web Desk) – The property market in February for all four major cities of Pakistan presented a mixed picture of moderate growth and stability, showing the steady recovery of the real estate market from previous events. Very few drops were present, and were moderate. The upcoming elections have investors waiting to see what the economic situation of the country will be, and the real estate market will change accordingly once the elections are over.
According a report prepared by Zameen.com, in Lahore, the market remained largely stable with no significant changes. The 1-kanal plots in all major localities remained stable for the most part, in accordance with the ongoing bearish trends in property. However, 10-marla plots in many societies experienced moderate growth, which shows that genuine buyers seeking to build their homes are the current major players in Lahore’s real estate.
Islamabad’s property market showcased interesting trends with moderate growth overall, and stability in some societies. For the most part, investors were holding off in anticipation of the inauguration of Islamabad International Airport to be held in April. Once the airport is inaugurated, localities around it are expected to perform quite well.
For the real estate market of Karachi, stability prevailed for the most part, with a few notable exceptions where there were moderate rises and drops. Societies where development was being undertaken at an encouraging pace were more popular, whereas investors were still taking a backseat to see how the elections would play out.
Gujranwala’s real estate market proved to be the most encouraging in February, with moderate growth in almost every project. This is due to the currently low prices in the area and the anticipation around the ongoing development in major societies. Ever since the launch of DHA Gujranwala, the property market in the city has been active due to the high potential gains that can be garnered in the area.
Overall, stability and moderate growth were the prevailing trends, continuing the bearish trend of the past few months, with steady improvement being seen as investors anticipate future returns once a clearer picture of the market is presented after the elections.
Overall, the real estate market fared in quite a stable manner, with hints towards steady growth in the near future. Circumstances from last year, and the upcoming elections mean that investors are biding their time before fully participating in dealing with property. As the year progresses, and new developments and mega-projects such as Islamabad International Airport, come to light, the market is expected to perform much better.
It was seen that genuine buyers are still the prevalent force in the current real estate situation, and have kept the bearish trends form the past few months ongoing. In all four major cities, almost all of the projects showcased stability and moderate growth, indicating the slow and steady recovery of the property market. Lahore remained largely stable, with Karachi performing similarly. However, the infrastructural development in Islamabad created buzz in its real estate market, which will be more apparent in a few months. Gujranwala, being a relatively newer and affordable option, has generated quite some hype and interest when it comes to property. Quality projects at the current prices make Gujranwala attractive to investors.
“Pakistan’s real estate has shown encouraging progress in February when you compare it to the ups and downs of the last year. However, we can only see for certain how well the market will perform once the elections are over. The one thing that we know for sure is the need for regularisation has never been greater- with it, we shall see better trends, growth, and overall stability”, said Zameen.com CEO Zeeshan Ali Khan.
