The year 2014 was nearly stable for the real estate market of Pakistan. Although experts predicted a stronger display than the previous year, however it did not give substantial gains to stakeholders.
The real estate market of three important cities, Lahore, Karachi, and Islamabad in general showed a slight growth in 2014, however, trend varied from area to area.
According to yearly data compiled by zameen.com, Karachi’s market in 2014 was led by Gulistan-e-Jauhar, where the prices of a one-kanal (605 square yards) plot posted an average growth of 22.19% in 2014, as opposed to 21.96% in 2013.
All other major localities struggled to replicate the success of the previous year. One-kanal (605 Sq. Yards) plots in the Defence Housing Authority (DHA) gained 11.85% in 2014 as compared to 30.02% in 2013, while Gulshan-e-Iqbal rose 7.65% in 2014 as compared to a whopping 65.25% rise in 2013. Same-sized plots in DHA City had gained 27.88% in 2013, but managed a rise of 24.28% in 2014, according data collected by the website.
In 2014, people within Karachi shifted to DHA and PECHS due to better facilities and relatively good law and order situation.
In Lahore, the Lahore Cantonment and LDA Avenue-1 performed well in 2014 and the average price of one-kanal plots in both localities rose by 15.89% and 24.19% respectively, as compared to 2013, which posted gains of 10.52% and 9.73% respectively.
For DHA Lahore and Bahria Town, the situation was quite the opposite. Both localities had a glorious 2013, gaining 31.60% and 39.30%, respectively, but struggled to perform equally well in 2014. In calendar year 2014, one-kanal plots in DHA Lahore on an average gained only 8.96%, while prices of same sized plots in Bahria Town actually dropped to 1.12%.
While for Islamabad, the year 2014 was depressing for the real estate market of Islamabad. No major locality even came close to the gains experienced in 2013, and most registered controlled rises at best.
Bahria Town had an impressive 2013, which saw prices shoot up by an astounding 115.15%, was the only locality to experience an outright drop in prices of one-kanal plots in the neighbourhood lost 22.79% of their value in 2014.
Same-sized plots in Sector F-11 gained only 3.76% in value over the course of 2014 after having gained 46.06% in the preceding year.
The situation was the same in Sector E-11, where one-kanal plots gained only 6.34% in value in 2014 as compared to the 48.25% rise in 2013. Similarly, DHA Islamabad had registered a 91.97% rise in prices of one-kanal plots in 2013, but this growth came down to 12.09% in 2014.
