Lahore: The real estate sector in Pakistan is going through difficult times, and those involved are pessimistic about the recovery of the sector in the near future.
Tariq, a realtor from Lahore, says that after being in a boom for many years, the real estate sector has been stagnant in 2024, but this year there has been no major decline in prices and people who really needed houses continued to run the lifeline of the sector.
According to market stakeholders, the price of plots in Karachi is between 25 million and 100 million, while DHA Lahore prices are stable, with a plot of one kanal ranging from 20 million to 35 million, while the market in Islamabad is premium, with the price of one kanal ranging from 30 million to 50 million.
Lahore realtor Sheikh Ghafoor said that prices have remained stable in Lahore and Islamabad over the past years, while Karachi is still fluctuating. This sector has also been affected by the country’s economic downturn. It is hoped that the condition of this sector will also improve when the economic conditions improve.
UAE-based realtor Ahmed Raza said that overseas Pakistanis have a major role in the boom in the real estate sector, due to whose investment the market accelerated and local buyers were left behind. Prices in prominent areas of the city have increased by 30 to 40 percent. However, the sector has been badly affected for some time and now builders are considering making plans to attract the middle class.
If the government reduces taxes, the real estate sector may pick up again. Experts believe that the introduction of medium-sized housing societies can lead to a medium recovery, but luxury housing societies are subject to the country’s economic conditions.
