KARACHI: Residential plots of Bahria Town Islamabad have seen an increase in their prices by over 80% in the first two quarters of 2013, according to a report by Zameen.com, Pakistan’s largest online property portal.
According to a Zameen.com report, the average price of one Kanal, or 5445 square feet plot in Bahria Town Islamabad crossed the Rs 10 million threshold to reach almost 12 million during the first six months of 2013. This is an 83% increase from the price of a Kanal residential plot in January 2013, which was Rs 6.5 million.
“This reflects an increasing demand which has been playing a pivotal role in pushing plot prices up in the federal capital of Pakistan,” the report said. The report also said that Islamabad is the second most popular city after Lahore when it comes to buying residential plots. Islamabad’s property market has consistently performed well during 2012 and the first two quarters of 2013.
“Bahria Town and the housing societies near the New Islamabad Airport are performing remarkably well,” said Imran Ashraf of IBL Builders, another property portal. The locality’s popularity can be attributed to a lack of load-shedding, rapid pace of development and strict security, according to Ashraf.
The new airport will play a pivotal role in pushing up the property prices in the surrounding areas, according to Rehnuma Builders and Estate Corporation. “Prices of plots in Bahria Town, among other housing societies surrounding the airport, have been steadily climbing”, according to Rehnuma.
Aziz Ahmed of Ahmed Estate believes the popularity of Bahria Town Pindi is the reason why plot prices in Islamabad have doubled during the past few months. “Bahria Town has been successful particularly in attracting overseas Pakistanis with the kind of facilities it offers,” Ahmed said. The rising demand reflects the trust people have vested in this quality project, according to Ahmed.
Published in The Express Tribune, July 19th, 2013.
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