As a middle-class buyer, I feel completely helpless when seeing the current property market value. I feel it is a game for big fish with bigger investments. There is no project announced by any developer that is aimed at the middle class and solving the housing crisis. I wonder if this real estate development bubble was just for investors.
@isloo1 @yousafnoor
hey @nauman.ahmad_1 its not like that. its just that high-end projects usually have higher marketing budgets which is why you may only know about them.
if you can share the details of your investment size, type of property and city etc., I’m sure people here on this forum will definitely add more to your knowledge.
not every developer has funds to launch a high-end project every time. there are still many builders who have reasonable economical projects on offer.
I had a house loan of 7 million and some 2 million from savings, and I searched the whole of Lahore to find a decent spot for a small family, a 5 marla house that is LDA approved, and I could not. Either they were far far away from Lahore or not near to urban centers, and if i did find, then they were no less than 20 million,
@nauman.ahmad_1, Construction cost is skyrocketing, a 5 marla house is not less than 15 million anywhere in Lahore. Check some options along raiwind road, such as Bahria Orchards, Icon valley and Al Kabir town. These are gated communities, safe and secure and well maintained. Plot prices are still very low.
If you buy a possession plot and build yourself, then you can save some 2 to 3 million, plus you can use material of your own choice and satisfaction.
Ready-made houses by contractors and builders are extremely poor quality. I have seen some expensive Bahria houses in Orchard, they look like ruins after few years use.
A 3-marla ready house in Al-Kabir phase 2 will cost you 8 to 9.5 million.
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I see this, the loan amount I got approved (although now more like unapproved with the latest change in interest rate), I tried finding a land . in Alkabir town 5 marla is around between 3 and 4.5 million and the DBP is also putting conditions that if you have to build it yourself then make it in three steps and complete it like in approved house plan.
i read this article: https://propakistani.pk/2022/08/04/construction-industry-of-pakistan-latest-trends-and-opportunities-as-per-pacra/
may be this will also help you in understanding the latest trends.
Plot prices and construction costs will continue to rise. You can not stop it unless you jump in now to buy or build.
So do whatever you can to raise funds, borrow from family, sell your other assets (car, jewelry, etc.), take bank loan, whatever, but once you own the house, its cost just freezes there, now you can pay back loans and buy back other assets at your own time and comfort.
Hope you get my point. Break the “paralysis by analysis” syndrome, make your first move and then everything will be sorted out. Just one word of caution, don’t fall in “investment trap”, that is, to invest in property with the aim to raise capital to buy home in future. You’ll never catch up !
Just a humble advice.
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There is a new project Al Kabir Orchard @nauman.ahmad_1 . I think you will be able to secure a place there. I also think Marina Sports City is a viable option if you want to build a home for yourself. You are right about the prices in Lahore of course, however, it is still time to secure land even if its somewhat on the outskirts of the city.