Market Report: Islamabad
Apart from Sector B-17 and Gulberg Residencia, most areas of investor interest in the capital city indicated stable price trends.
In Sector F-11, which has been fully developed for several years now, there are hardly any plots left for purchase. On the other hand, the location’s rental market has shown good results in terms of the letting of both residential and commercial units.
The prices of 10-marla and 1-kanal plots in the sector remained stable. The situation was quite similar in Sector E-11 where the prices of 10-marla and 1-kanal plots recorded stable price progression.
The highly populated Bahria Town also did not register any changes in plot prices – with its rates of 10-marla and 1-kanal plots still positioned at stable points.
In recent years, Sector B-17 has done well (from the market activity standpoint) due to its ongoing construction work and offerings of good investment opportunities. This trend continued with a significant price appreciation recorded for 10-marla plots, and a moderate increase for 1-kanal units.
Gulberg Residencia showcased a similar pace of market activity. Its prices of 10-marla plots increased moderately however, the prices of 1-kanal plots remained stable.
Market Report: Lahore, Karachi, Gujranwala, Faisalabad, and Multan
In Lahore, the major areas of investor interest remained stable (in terms of prices). These locations included DHA Phases I-IX, Bahria Town, Bahria Orchard, Wapda Town, and LDA Avenue-I;although the reasons for this observed constancy differed from project to project.
For genuine buyers, DHA Phase VIII amounted to being an affordable option for property investment. Meanwhile,the rates of 1-kanal units in LDA Avenue-I were seen to jump moderately as a result of their affordability.
Karachi’s main localities, including DHA, DHA City, and Bahria Town, also recorded stable prices. In addition, Scheme 33, Scheme 45, and Gulshan-e-Maymar proved to be good options for people lucrative investment opportunities.
The market conditions recorded for both Gujranwala and Faisalabad were quite similar – indicative of stable trends due to the lack of any new developments. In Gujranwala, plot prices in DHA, DC Colony, Citi Housing, and Master City did not change noticeably.
For Faisalabad, plot prices remained stable in FDA City, Wapda City, Citi Housing, and the Punjab Government Servants Housing Foundation scheme.
The pace of development in Multan’s property market remained slow. Investor interest was found to be lacking too, but genuine buyers were seen to gravitate towards the Punjab Government Servants Housing Foundation due to the availability of its plots in the secondary market.
Furthermore, a moderate appreciation in the prices of 10-marla plots was recorded for the city’s ‘Dream Gardens’ project.
The country’s real estate marketplace was seen to attract more genuine buyer activity than investor.
The government recently introduced a number of policy changes (under the aegis of its budget) concerned with the methods used for conducting property valuations, as well as other regulations affecting the general workings of the real estate sector.
Investors, therefore, are currently waiting for all these changes to take root in the marketplace, and are keen on holding their property stakes until conditions become more conducive to the pursuit of profitable selling.
Zameen.com CEO Zeeshan Ali Khan said, “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.”