January carried over the trends from last year, and posted almost the same figures as the previous month – though they were all green. Market activity was stable, similar to how it fared in the second half of the preceding year. Real estate indexes across Pakistan, and in three of the major cities, showed a stable progression. Most of these meters, however, registered a slight upwards trend. But the case was different for the Karachi House Price Index, which again witnessed a decline.
Pakistan House Price Index
The property prices registered a slight increase of 0.63%, as can be observed by the shape of the curve above. This appreciation, however, will likely be nothing out of ordinary – and can actually prove inconsequential in the long run.
The Pakistan House Price Index increased by 1.49 points in January, and currently stands at 236.90 points.
Pakistan Plot Price Index
The situation was largely the same for the Pakistan Plot Price Index, which witnessed a minor 0.5% ascent. A slow, consistent rise can, nevertheless, be seen over the months that follow: a welcome sign. The index points rose by 1.26 points to settle at 253.43 points.
Lahore House Price Index
The Lahore House Price Index has remained surprisingly consistent in its stability. The index was rising in the earlier months of 2018, but its current state has continued since the year’s second half. Whether the market will capitalise, and trend upwards now, still remains to be seen. The index showed a small increase of 0.44%, going down by 0.18% index points. The Lahore House Price Index now stands at 245.93 points.
Lahore Plot Price Index
The prices of plots in Lahore exhibited an increase of around 0.24% in January. Correspondingly, the Lahore Plot Price Index rose by 0.74 index points. At the end of the first month, it stood at 306.52 index points, almost the same point it was two months ago (before a minor dip seen last month).
Karachi House Price Index
Considering the relatively stable state of the market (indicated in full by January’s flat line), the rise in the index observed this month may be interesting. If it continues into the next month with the same momentum, it may showcase an exciting development, considering that Karachi’s market is exhibiting signs of a revival. The house price index experienced an appreciation of 1.31%. It rose by 2.7 points, and stood at 208.73 index points by the end of the month.
Karachi Plot Price Index
Last month, the Karachi Plot Price Index was the only graph that showed a significant increase of 4.26%. This month’s dip of 1.41% is not surprising, considering the state of the rest of the market. However, considering the revival of activity in the metropolis, the next month will reveal the way in which things may turn. The index stood at 230.19 index points after a depreciation of 3.3 points.
Islamabad House Price Index
House prices in Islamabad registered a minimal growth of 0.75%: an increase of 1.34 index points. The Islamabad House Price Index stood at 180.01 index points in January 2018.
Islamabad Plot Price Index
The Islamabad Plot Price Index rose by 051%, as the index recovered 1.61 of the points lost in the previous month. The index stood at 315.17 points by the end of January 2019.
The real estate market has so far continued with its even run. January saw the prices rise generally, but not enough to set the direction of the market. The Directorate General of Immovable Property has started its operations, and other government measures geared towards the documentation of the economy may be expected over the coming period. In the meantime, real estate stakeholders pin their hopes on Budget 2019-20 – expected to be announced later this year.
