Comparing performance of Karachi, Islamabad and Lahore real estate sectors interest all property investors and agents in Pakistan since the buying selling trends seen in major housing societies of these city define the overall picture of Pakistan’s property market. In this regard, Zameen.com has been preparing market reports that are circulated both online and in print media.
To analyse the performance of Islamabad, Karachi and Lahore property sector during the 4th quarter of 2013 and beginning of this year, I have browsed Zameen.com’s extensive data. The data does not show any sharp rise in price of houses in the 3 big cities of Pakistan and the reason behind it is the year-end’s slow activity. Interestingly, the marginal percentage rise and drop noticed in the value of houses of different sizes in Islamabad, Karachi and Lahore is not the same or even comparable. It simply suggests that the property buying selling trends of these cities should be seen in their respective scenario.
According to Zameen.com’s findings, sale price of 5 marla houses in Karachi, Islamabad and Lahore varies greatly. Among these cities, Lahore houses the cheapest 5 Marla residential units at average sale price of Rs. 7,889,338. To buy a 5 Marla house in Islamabad, you would require an amount of Rs. 8,715,640. In Karachi however, you should at least have an amount of Rs. 13,319,347 to buy a house of 125 square yards. In addition to house price, percentage rise seen during the last quarter of 2013 for 5 Marla residential units in Karachi was the highest at 6.92%, followed by Lahore at 2.73% and Islamabad at 2.11%.
Sale price of 10 Marla houses (250 square yards) in Karachi, compared with that of similar houses in Lahore and Islamabad, is the highest. However, the percentage rise seen in sale prices of these houses during the 4th quarter 2013 was the highest for Lahore while in Karachi and Islamabad, value of 10 Marla houses dropped 2.45% and 3.40% respectively. The situation was somewhat same for 1-Kanal (500 square yard) houses.
The most startling aspect of this entire finding was that despite the fact that 125, 250 and 500 square yard houses are the most expensive in Karachi, Islamabad houses the most expensive 1000 square yards abodes in Pakistan. Compared with average asking price of Rs. 93,396,419 and Rs. 72883280 in Karachi and Lahore respectively, average sale price of 2-Kanal houses in Islamabad is Rs. 114473077. This means that buying a 2 Kanal house in Islamabad will cost 22.6% and 57% more than it would respectively in Karachi and Lahore.
Do you think now is the time to reap profit from the huge investments made in Islamabad real estate sector? Or waiting for little while promises bigger gains?
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Really nice and comparative analysis of current property trends across Pakistan
As you people are the experts when it comes to land investments in Pakistan. I wanted to know what reviews you guys have regarding Park View Society on Multan Road Lahore.
I am as usual a misinformed client of such societies. Who got scared when LDA first launched news regarding illegal societies, having Park View’s name in the big list. The answer they gave me is as follows:
Sir it’s not your problem that LDA has declared us illegal. It’s not them who will do the construction over here, we are! And you see this cat and mouse chase is not new to this country. Such renowned societies once were also declared fake by LDA but look at them now (Johar Town, Faisal Town etc.)
We will sort this all out once the elections are done. You see our Chairman / Owner is a good friend of Imran Khan and has joined his party and as you know this is Zardari’s government, that is why they are making all this nonsense propaganda. You don’t have to worry as already we have a build and complete blocks in which people are already living. If you still have doubts take your money, we will not deduct a single penny!
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Well all this relaxed me and kept on making payments for the plot, now as per their rules the coming March 2014 i will be handed over the possession and I am coming to find out that the plot which I paid does not exist on this planet earth!
Now they are saying that it will take another 6 to 8 months as we are having some problems with LDA!
As i am already a person who had a miserable experience with a society called Eden Abad, this is also becoming another nightmare for me..
I want to know what you guys think of all this Thank you
Dear Rizwan,
I can understand how terrible you must be feeling right now. Please visit Zameen.com’s Forum since such queries are very well addressed there. Copy this comment and post it on there, concerned agents as well as real estate experts will address your question right away. My prayers with you Kashif Sahb, Allah ap ki investment ko mehfooz rakhay, ameen.