2013 brings new hopes, aspirations and boom for Karachi realty sector
Most of the investors believe that Karachi real estate market has lost its charm but the truth is that there is no lack of demand of high quality properties over there. Despite political turmoil, a rise in demand of residential properties in Karachi is being observed. 2013 has also brought new hopes and aspirations for the city’s realty sector, which shows that local and international investors are still interested in buying properties there.
Real estate has ever been believed to be the most risk-free, profitable and Halal business investment in Pakistan. Few performance reports indicate that property prices have been stagnant for over five years but they also mention that real estate activity is gearing up in the major cities. Karachi may be attributed as the worst living place due to political unrest but the fact remains there that it is always touted as the real estate capital of Pakistan. The city has been badly hit by the crises over the past few years but experts believe that city’s realty market has still much in store.
The number of transactions, which took place during the second half of 2012 and Q1 of 2013, show that there is no lack of demand for properties in Karachi. This shows the worth of Karachi in Pakistan real estate market.
Karachi – An Attractive City
Being the largest city with seaports, Karachi is the business hub of Pakistan and no one can deny its importance and contribution in economic growth of the country. The recent span of political turmoil and unrest in Karachi has given a shock to its business and realty market. It has urged many industrialists to migrate to other major cities. The situation is certainly favouring other property markets within country but the trend is not positive. However, seeing the previous year’s performance, it is clear that people are still intending to invest in offices, shops, villas, homes and apartments for sale in Karachi as compared to properties in Faisalabad and Rawalpindi. It shows that city has not lost its charm for realty investment but the activity is slowed down just.
Bodha Island Karachi – An International Investment
The overall situation of Karachi real estate is certainly not that encouraging but the international investors are willing to invest in Karachi properties. Thomas Kramer, the US real estate tycoon, has recently signed a deal with Malik Riaz, the CEO of Bahria Town for Pakistan’s first ever Island City, Bundal & Buddo Islands Karachi. The project is spreading over 12,000 acres of land and will be developed in 5 to 10 years and the residential communities will start being handed over to the owners in 2016. Bundal & Buddo Islands’ project will mainly comprise of world’s tallest building, world’s largest shopping mall, Sports city, Educational and Medical city, International city and a Media city. The project will be equipped with the world class facilities and amenities along with the most advanced infrastructure.
Segmented Real Estate Boom within City
Karachi is the largest city of Pakistan and holds numerous investment business and real estate options for the potential investors. Investment in properties like villas, homes, offices and apartments in Karachi is considered as a long term investment option and as the city expands, it will make more room for investors and buyers. Even currently, some sanguinity was witnessed in the residential property sector of Karachi. However, increase in the real estate activity in Karachi is limited to selective and high-end areas only like Defence Housing Authority (DHA), Clifton, Gulshan-e-Iqbal and Gulistan-e-Jauhar. Locals prefer buying or renting properties in these areas because these areas are considered relatively safer and are equipped with most of the world class facilities and amenities. The trend of migration within city has resulted in an increase of the activity and residential property price hikes.
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ABOUT THE AUTHOR
Iftikhar Anjum is the Marketing Analyst at Zameen.com. He has been sharing his expertise on Pakistan real estate and apartments in Karachi for many years.