Bahria Town, an emerging name in the real estate market has seen a substantial increase in demand for owning a plot in one of its towns, be it in Lahore, Islamabad or Karachi. In Bahria Town, one can enjoy the feeling of having an elite lifestyle in Pakistan.
Prices of a one Kanal plot are the highest in Islamabad, with the biggest price increase, over the first three quarters, seen in Lahore. In comparison, the highest price of a one Kanal plot in Islamabad has crossed the 14 million mark. Even though Islamabad is considered the most expensive city in Pakistan, the highest increase in property price was seen in Bahria Town, Lahore. Average prices of a one Kanal plot in January this year, were around Rs 10.3 million, which rose to above Rs 12 million in October.
According to data collected by Lamudi.pk, residential plots in Bahria Town, Islamabad have seen a 10 % increase in price over the first three-quarters of 2016, while Lahore has seen an almost 12 % increase in prices, and most surprisingly, Karachi has seen a price decrease. In Karachi, according to the data, prices fell from Rs. 6.8 million to Rs. 6.3, which is a total reduction of 7% for a one Kanal residential plot. A one Kanal residential plot is the equivalent to 500 yards of land, in each territory.
The report from Lamudi.pk further explained that the prices of plots in Bahria Town, Karachi are less than half the price of a 1 Kanal plot in Islamabad, showing a gap of almost Rs. 7 million.
The increase in prices in Islamabad has added a 100% gain, compared with prices in 2013, due to the presence of a boom in the real estate market. Reasons for such an increase in price can be attributed to an increased demand from foreigners, due to the kind of facilities being offered, as well as the very successful marketing strategy adopted by Bahria Town. In Islamabad, the construction of the new airport Islamabad has boosted prices, while in Lahore, the Ring Road pass and online registry of plots have made traveling easy for the residents and ultimately affected the prices of the land. Above all, they are expected to increase in the future. Karachi has been facing a continuous downfall as far as real estate is concerned, which is due to the prevailing security situation in the city however as crime falls in Karachi, property prices jump.
