Karachi is the largest metropolitan and cosmopolitan city of Pakistan and the capital of Sindh province. Situated along the coastline of the Arabian Sea, it is Pakistan’s financial, trade and industrial centre. It is divided into six districts, i.e. Central Karachi, East Karachi, South Karachi, West Karachi, Korangi and Malir. The population of Karachi is not homogenous but it’s a blend of multiple cultures and ethnicities. A lot of refugees from other parts of the country, even the world, have migrated and settled here. Karachi hosts the largest number of non-Muslim communities than any other city of Pakistan.
Property in Karachi is in high demand due to a number of facts. The city is home to a number of multi-national companies and industries, a booming trade sector and multi-linguistic population. Karachi’s real estate is multifaceted, as it gives a variety of convenient options for buying a house than any other city in the country. A majority of Karachi’s population prefers flats to houses, as the former are more economical than the latter. However, for those who wish to own a bigger space, the city’s real estate has a wide variety of houses for sale. So, you have quite a lot of options to choose from when looking for the property that best suits your needs. However, buying or renting a house, especially, in Karachi is not a simple task because of the — sometimes extraordinarily — high prices.
The population of Karachi has increased dramatically over the years. Consequently, a wide range of residential communities also emerged to meet the needs of the ever-increasing population. A number of gated communities and individual housing schemes have helped millions of people to buy a house in Karachi. Areas like DHA, Bahria Town, DHA City, Clifton, Zamzama, etc., list among the posh localities of the city where the property is quite expensive. Meanwhile, Gulistan-e-Johar, Gulshan, PECHS, Bahadurabad, etc., are the localities where one can find houses that are relatively affordable. Moreover, there are also towns built on the outskirts of the city like Gulshan-e-Maymar, Gulshan-e-Hadeed, Saadi Town, etc. The ideal size of homes to buy in any of these areas is 120-sq.yd, 250-sq.yd, 500-sq.yd and 1000-sq.yd. You can explore other options as well but these are the standard sizes found in Karachi’s property market.
Most of the new houses have contemporary European architectural design. But the buyer, of course, always has the option of customizing their home. Houses can be single or double-storey or can be built up to four floors if the area allows it. Most houses are double-storey, as renting out one portion and residing in the other is a very common practice in Karachi.
Sale Price Trend for Houses in Karachi
The sale price of houses in Karachi varies with respect to the size, location and the materials used in the construction. Houses are available on cash payment or on a monthly instalment plan. One can either buy a plot and build a house on it or can also invest in an already constructed house. The sale price trend for a small 120-Sq.Yd house starts from PKR 15 lakh and can go up to PKR 90 lakh. Similarly, the price range of a 250-sq.yd house for sale in Karachi lies between PKR 50 lakh to PKR 1.2 crore while a 500-sq.yd house in Karachi can be found at PKR 90 lakh to PKR 11 crore. All these prices vary from place to place as well as other factors, for instance, on the kind and number of facilities available in the area.
Karachi is blessed with some of the best educational institutions in the entire country. Karachi Grammar School is one of the top and the oldest schools of the city. It has produced many renowned businessmen and politicians. Other schools like Pak-Turk International Schools and Colleges, The American School Karachi, Foundation Public School, and many more, are providing quality primary and secondary education to students.
Similarly, Karachi has really good colleges when it comes to higher education in both public and private sector, including Dow University, Aga Khan University Hospital, NED University, Indus Valley School of Arts etc., which are not just known nationally but recognized on an international level too. It also houses Pakistan’s largest public sector university, Karachi University, which is providing top-notch, yet, affordable education to its students.
Furthermore, Karachi is not far behind in quality when it comes to the health sector. It has countless private, government and philanthropic hospitals that provide high-end services to the people. Some institutes like Indus Hospital and SIUT are providing discounted and even free of cost health facilities to underprivileged people.
Karachi, despite its problematic law and order situation, attracts people from around the country and even tourists as it is home to some of the best malls, restaurants, parks etc. It is often called the ‘city of lights’ or the ‘city that never sleeps’ because of its spectacular nightlife. One thing that you can find in Karachi, but would most certainly not find in almost all of Pakistan, is the sea. It is blessed with beaches like Sandspit, Hawke’s Bay, Sea View, etc. where you can go and enjoy your weekend with your loved ones or even for a peaceful evening stroll. The city of Karachi is full of fascinating sights. It also offers kind scuba diving and paragliding activities at Charna Island and Mubarak Village. It is also full of a number of recreational avenues and public parks like park Ibn-e-Qasim, Shaheed Benazir Bhutto Park and water parks like Sunway Lagoon, Fiesta etc. All in all, one can never get tired of Karachi.
The joint efforts of the police, rangers, and army have successfully restored the peace and tranquillity of the city. You will no longer find any ‘no-go areas’ in Karachi now and the city has regained its lost identity of the ‘city of lights’.
From the less expensive Lighthouse in downtown Karachi to the luxurious ‘Lucky One’ on Rashid Minhas Road, one can find a wide range of shopping districts in the city. When it comes to food, Karachi probably has the most trendiest restaurants and cafes in the entire country.
Karachi’s biryani is loved and praised by everyone across the country. It has a wide range of restaurants and 5-star hotels offering an array of food items, ranging from traditional to continental dishes. Be it lavish restaurants or roadside Dhabas, one can find a variety of eateries to satisfy their appetite — which are also budget-friendly.
Real estate in Karachi holds immense economic importance. In fact, the importance is expected to increase even more in the future as the property market in the city continues to expand. Therefore, investing in Karachi can never be a bad idea. The city provides commercial property options too, as it is also an industrial hub of the country. That said, Karachi ranks as one the cheapest cities in the world. While property prices are constantly going up, the city still manages to accommodate people from all walks of life from across the country — even the world.
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