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Real estate market

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Karachi’s market for real estate was largely stable in all the major areas. This was because of the general market situation, along with some changes expected in the taxation and economic policies of Pakistan. The budget announcement also contributed to this stability, as people were wary of changes that would make them lose out on high returns.
DHA Karachi was reflective of these trends, as its rates remained stable for both 250-yd2 and 500-yd2 plots. The former barely changed, while the latter remained stagnant. Genuine buying and rentals are more popular in this area due to its almost complete state of development.
As for DHA City Karachi, the trends are quite similar, but with many other factors involved. When it was first announced, along with its subprojects such as DHA Oasis, it gathered considerable attention from investors. However, this attention waned over time due to the lack of any major developmental changes. Therefore, the rates of 250-yd2 and 500-yd2 plots here were both stable.
Bahria Town Karachi was in the headlines, albeit for perhaps undesirable reasons. However, with its issues now resolved to a large extent, it is set to become one of the most popular projects in the port city once again. However, the society remained stable due to the prevailing market situation, with 250-yd2 plot prices unchanging, and that of 500-yd2 plots moved negligibly.
Gulshan-e-Iqbal is a historic society that has not experienced brand new development for many years now. Therefore, it is primarily a genuine buyers’ market, with rentals and affordable apartments being dominant in demand. So, the rates of both 250-yd2 and 500-yd2 plots clung to stability.
The major localities in Sindh’s capital might not be that active when it comes to the real estate market, but newer areas such as Scheme 33 and Scheme 45 are proving to be quite popular. This is because of the affordable rates and potential for high returns with investment in these localities.
Market Report: Lahore, Islamabad, Gujranwala, Faisalabad, and Multan
DHA is the first name that comes to mind when people talk about the real estate market in Lahore. The older phases were stable, as homes for purchase and rent are more popular than plots in these areas. The newer phases are also being rapidly developed, especially Phase VIII, and as genuine buying increases, will become more inhabited with time. However, the plot prices all over DHA remained stable. Bahria Town exhibited a similar performance, as there has been little to no new development there for some time now. The same can be said for Bahria Orchard. LDA Avenue I and Wapda Town were similarly stable, but this trend cannot be expected to change.
Islamabad’s market was no different from the trends of the past year or so. Sectors F-11 and E-11 remained as stable as always for plot prices and as active as ever for rentals. DHA Islamabad and Bahria Town performed similarly, as they are developed to a large extent. Sector B-17 and Gulberg Residencia, however, experienced activity due to their ongoing development and the potential for high returns in the future.
In Gujranwala, the rates of plots were stable across the board for the major localities. This includes DHA Gujranwala, Citi Housing Society, DC Colony, and Master City. Faisalabad experienced similar trends, with Wapda City, FDA City, Citi Housing Society, and Punjab Government Servants Housing Foundation all displaying stability.
Multan’s real estate market was similarly slow, as most of its localities, such as DHA Multan, Dream Gardens, Royal Orchard, and Punjab Government Servants Housing Foundation were stable, with rare exceptions.
Final Analysis
The real estate market for Pakistan was no different than it had been over the past year. Genuine buyers dominated the market, and investors were waiting for the government’s economic policies to solidify.
The amnesty scheme and budget announcement also contributed to the slowing down of the market. The Federal Bureau of Revenue (FBR) was also expected to revise its valuation tables, so investors lay dormant.
Commenting on these issues, Zameen.com CEO Zeeshan Ali Khan stated, “This month’s market trends indicate that real estate is primarily a buyer’s domain. Genuine buyers, in particular, can reap many benefits from this situation. Following the announcement of the government’s Budget for FY 2019-2020, and the implementation of its espoused price-correction measures, investors will know how to change tack and innovate their approach towards the sector.”