Pakistan remains to be a sovereign country in the South Asia, stretching across an area of 796,095 km² and housing a population of 179.2 million within. Likewise to house its nation, the country has developed many cities and housing societies. The ever growing population called for new cities and thus vigilantly planned and securely guarded housing communities were constructed.
The interesting thing about the real estate market of Pakistan is that that it has cities which have a property market which dates back to 400 BC and the houses developed in those cities are an archaeological wonder themselves. The property market of Pakistan in divided in two sectors. First is the ancient part of the city where the houses stand tall and the streets are narrow. The second is the planned development sector where the houses are of two stories and the streets broader with designated commercial areas.
People’s Interest in Real Estate
The property market of Pakistan has been quite silent in the first but since the last twenty years people have been witnessed to be taking an alarming interest in the property investments. Newer housing societies are springing up by the day and the residential units are being sold almost immediately after their launch. According to a few experts of Zameen.com , it has been observed that people are buying residential property as a means of securing their savings because of the basic reason that Islam prohibits interest therefor people refrain from investing in bank.
Most Popular Development
By far the most popular residential society in Pakistan is the defence housing society. Also known as DHA the community has emerged to be the most favourite among the nation and the developer has adequately developed housing communities in the most prominent cities of Pakistan like Lahore, Karachi and Islamabad. The prices in the said housing community are reaching for the sky and people are still craving to buy a home in DHA.
Most Promising Development
Coming in the second position and confirming to reach to the top is the Bahria Town developments. Though a very young residential community, coming from an equally young development company, Bahria has established quite a name and desire in the property market of Pakistan. Being the most carefully developed and uniquely planned development the Bahria town has developed residential communities in clear reflection of London’s Trafalgar Square and the ancient Egyptian architecture. The developer has been the first to understand the basic needs of the Pakistani nation a
nd has thus provided them with their precise needs. Perhaps Bahria Town is the only place in Pakistan where you can get a 24 hour uninterrupted access to local electricity.
Government’s initiatives in Property Market
DHA and Bahria are the two main developers operating in Pakistan. There are others as well but they are not on the same level as these two communities. Recently the Government of Pakistan has planned to construct a twin city of Islamabad and that has been greeter rather greedily by people. It is a fact that most of the people in Pakistan are rather poor and it’s really hard for them to make the two ends meet let alone buy a property but that fact is actually increasing the tenants in Pakistan. So the rich keep buying properties and putting them on rent while the common man buys them and pays the rent throughout his life.
Apart for the major cities like Islamabad, Lahore, Karachi and Peshawar the secondary market of Pakistan is almost the same when it comes to prices. Property in Multan, Sialkot, Quetta, Hyderabad, Faisalabad and similar cities is also reaching for the sky and the only difference through which it is shrouded as a secondary market is that there are not enough luxuries available there or there is no adequate planning of the residential communities.
The commercial market of Pakistan is a Titan itself when it comes to prices. A mere 24 square feet space in the old celebrated commercial plaza might cost you $60,000. And that’s not it, when it comes shops in markets the price may escalate to $3 million. And that’s not a big lavish shop but a humb
le little shop which promises you guaranteed profit of returning your investment in just a year!
There are complete sectors of markets and great plazas which are dedicated to a particular category of business. Like if you want buy anything related to electronics in Lahore you can go to Hall Road Market. If you need clothes you got the Panorama, Anarkali or Liberty Market. Similarly for food there are proper food streets which are laden with all sorts of cuisines. There are separate markets for wholesale, toys, spectacles, utensils, cutlery, vehicles etc.
The markets of Pakistan are laden with opportunities and business flourishes with the slightest bit of investment, thanks to the over growing population. The Residential market is a diamond on its own and things get better and better for people with money as the market keeps presenting investment opportunities as time goes by.