Market Report: Lahore
In Lahore, some major property market activity was recorded for DHA Phases I-IX, Bahria Town, Bahria Orchard, Wapda Town, and LDA Avenue-I.
Plot prices in DHA Phases I-VI remained largely stable for the 1-Kanal and 10-marla plot options. These phases play host to several active commercial sectors – a major pull for genuine buyers (who are now seen to flock to the area from their older residential spaces in the pursuit of fully constructed homes).
A few other factors, however, also contributed to this observed pricing dynamic.
Since DHA Phase IX continues to remain underdeveloped, genuine buyers found more feasible (if not affordable) investment options in Phase VIII – accounting for the reason why the latter has been seen to become more inhabited, lately. Overall, the rates in these phases remained stable for 10-marla and 1-Kanal plots.
Similarly, Bahria Town did not break the stable trend curve that it has maintained for some years now. The project is mostly developed and inhabited; issues which have led to a lot of genuine buying activity taking place within its compound. And this trend is expected to continue – unless new development works get announced. The prices of Bahria Town plots sized 10marlas and 1kanal remained stable.
At the beginning of its operational phase, Bahria Orchard attracted a lot of investor interest. But with changing market conditions, it failed to maintain its peak position and returned to a more stable pricing trajectory. As a result, the prices of its 10-marla and 1-Kanal plots remained rooted in a stable trend.
LDA Avenue-I and Wapda Town plot prices also remained stable, but each for different reasons (with market conditions have played a determinative role in this occurrence).
The prices of 10-marla plots in LDA Avenue-I indicated stability while the project’s 1-Kanal plots remained unchanged.
Similarly, the prices for 10-marla and 1-Kanal plots in Wapda Town also indicated stability.
Market Report: Islamabad, Karachi, Gujranwala, Faisalabad, and Multan
While many other areas remained stable in Islamabad, Sector B-17 resumed its trend of being a dynamic locality for interested buyers; featuring a lot of noticeable real estate activity. The prices for both 10-marla and 1-Kanal plots appreciated conspicuously. Meanwhile, the prices for 10-marla plots in Gulberg Residencia were also seen to increase moderately.
Almost all localities in Karachi remained along a stable price-trend curve; including the popular housing developments of DHA, DHA City, and Bahria Town. Construction work has been underway in Scheme 33, Scheme 45, and Gulshan-e-Maymar for some time now; making these areas highly suitable for investment purposes.
In Gujranwala, most societies have not undergone any new developments – a major reason behind the largely stable pricing trend recorded for the city’s real estate marketplace. Plot prices in DHA, Citi Housing, DC Colony, and Master City remained nearly unchanged. The situation fared quite similarly for Faisalabad, where FDA City, Citi Housing, Wapda City, and the Punjab Government Servants Housing Foundation indicated stable price figures.
In Multan, not only has the development work been slow, but the investor interest has been lackluster as well. The plots in the Punjab Government Servants Housing Foundation Scheme have now reached the secondary market; making them the preferred options for genuine buyers to consider. Dream Gardens, which has exhibited an exemplary pace of development, experienced moderate appreciation in its 10-marla plot prices.
In summation, the country’s real estate market was seen to attract more interest from genuine buyers than investors. Real estate investors are waiting for the dust to settle after the government’s announcement of various policy measures concerned with property valuations – most notably under the aegis of its amnesty scheme framework. As such, they are choosing to hold onto their inventory for the time being(to be sold in a later period when market conditions are observed to be more conducive to their profit-making concerns).
When recently asked to comment on the market’s situation, 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 FY2019-2020 and the implementation of its espoused price-correction measures, investors will know how to change tack and innovate their approach towards the sector.”