LAHORE: The real estate trends for the first couple of months of 2018 remained encouraging; prices did not witness any major dip in all mega cities of the country.
“The markets are relying on genuine buyers since the new tax regime scared investors,” said Mian Bilal Hanif, a Lahore-based expert in real estate markets.
“The government has announced an amnesty scheme and lowered property valuation but the damage has been done,” he added.
However according to Zameen.com, a real estate portal, all four major cities, Lahore, Islamabad, Karachi, and Gujranwala, experienced moderate changes and price stability.
DHA Phases I-VI showed moderate growth for both 1-kanal and 10-marla plots. The price of 10-marla plots rose by 4.24%, and rates of 1-kanal plots increased by 4.74%. These phases have relatively high prices.
Similarly, DHA Phases VII-IX also experienced moderate rates of growth in their prices. Here, both investors and genuine buyers played a role. Prices of 10-marla plots increased 3.20%, while the rates of 1-kanal plots also rose by 4.86%.
For Bahria Town, price of 1-kanal appreciated by 1.05%, and 10-marla plots by 2.35%. The inauguration of the Lahore Ring Road Southern Loop cleared up investment uncertainty.
Due to the high rate of saturation in the locality, Wapda Town remained quite stable for both 10-marla and 1-kanal plots, with rates increasing by 0.96% and 0.20%, respectively.
Islamabad’s real estate market was stable for most societies. DHA Islamabad’s rates remained stable in January, with prices of 10-marla plots going up by 0.39%, and those of 1-kanal plots increasing by 0.70%.
In a similar case, Sector F-11 was quite stable. However, this stability has been constant due to the locality being saturated. The prices of 10-marla plots went up by 0.68%, while those of 1-kanal plots increased by 0.51%. Sector E-11 in the same vicinity also performed the same way. Here, rates of 10-marla plots went up by 0.08%, while those of 1-kanal plots went up by 0.52%. Bahria Town experienced moderate drops for both 1-kanal and 10-marla plots, at 3.86% and 2.20%, respectively.
Karachi’s property market showcased mixed trends, with stability and moderate fluctuations in prices. DHA Karachi’s 250-square yard plot prices experienced a moderate growth of 1.04%, while 500-square-yard plots remained stable with an increase of 0.68%. Smaller plots sizes being more popular is an indication of genuine buyers showing interest in the society.
DHA City Karachi experienced moderate growth for both 250 square yard and 500 square yard plots, whose prices increased by 2.20% and 1.69%, respectively. Relatively newer than other projects, and of interest to investors due to the undergoing development taking place there, the rates here are expected to increase more as the year progresses and construction of houses commences.
Published in The Express Tribune, March 8th, 2018.