By the end of 2022, we took stock of the year just gone and discussed potential outcomes for key macroeconomic indicators in Pakistan and the housing market in 2023. More or less, our opinions have evolved, though we must acknowledge that we're still getting our bearings as we look at actual numbers to spot trends.
We thought we'd take a moment to consider where things are at the moment and where we might go from here as we head toward 2024 now that nearly half of 2023 has passed. Read this article to learn more about Pakistan's real estate market's present position and anticipated trends for 2023–2024.
What is the current Market Status?
In the coming years, it is projected that the Pakistani real estate market would grow dramatically. Pakistan's real estate industry employs more people than any other sector, second only to agriculture, according to a recent World Bank study. Pakistan's real estate market is also expected to grow by 2.3% in 2023, according to the report.
This study and collection of information for various popular investment data were done to better understand the most popular real estate websites in Pakistan. So, the results of this poll are unquestionably good news for buyers, sellers, and investors.
Current Market Status in Pakistan
| Cities | Projects | Avg Sale Price Plot size (5-Marla) |
Change in price (10 yoy) |
| Lahore | Bahria Town | 77.72 Lakh | 624% (Increase) |
| DHA | 98.22 Lakh | 437% (Increase) | |
| Al-Noor Orchard | 26.62 Lakh | 9% (decrease) | |
| Tricon Village | 1.97 Crore (7-Marla) | 20% (Decrease) | |
| Bahria Orchard | 46.11 Lakh | 877% (Increase) | |
| Karachi | DHA | 13.84 Crore | 510% (Increase) |
| North Nazimabad | 1.7 Crore | 73% (Increase) | |
| Bahria | 41.32 Lakh | 133% (Increase) | |
| Malir Cantonment | 2.2 Crore | 133% (Increase) |
| Islamabad | Bahria Enclave | 82.82 Lakh | 142% (Increase) |
| Capital Valley Islamabad | 36.01 Lakh | 43% (Increase) | |
| Gulberg Greens | 41.15 Lakh | 79% (Increase) | |
| Multan | DHA | 30.56 Lakh | 20% (decrease) |
MOST POPULAR AREAS WITH PLOTS FOR SALE IN LAHORE
In accordance with the total number of searches made on ilaan.com for the Lahore real estate market in 2023, Bahria Town came in first place on the top ten most sought-after neighborhoods in Lahore with property for sale.
Genuine purchasers prefer DHA Lahore because of its proximity to Phase 6's prosperous commercial district and quick access to the Lahore Ring Road. Also, some blocks of Phase 8's residential plots are ready to be given over in terms of possession. As a result of its ongoing growth, Phase 9 Town is regarded as a prime location for long-term investment.
It is significant to note that the cost of plots in each phase varies depending on the square and location. Also, you can see in the earlier.
Most Popular Property Trends in Pakistan 2023
There are certain real estate trends in Pakistan that are noteworthy. One trend is the rise in popularity of gated communities.
The security and comfort people feel in gated communities make them a popular choice for homebuyers. Another pattern is the rise in demand for commercial real estate, particularly in urban areas with active business communities.
On the other hand, the real estate market is expected to grow by 2.3% in 2023, according to forecasts. This increase is attributed mainly to the growing demand for affordable homes and foreign investments. Real estate in Pakistan also benefits from government programs such as the Naya Pakistan Housing Scheme and the Prime Minister's Building Package.
Most Popular Trends in Pakistan
Apartments
The variety of hotels and serviced apartments available has increased in the hospitality industry. This trend is being driven by the rising number of vacationers and business visitors as well as the increasing need for short-term housing options. For brief visits, hotel/serviced flats offer convenience, comfort, and a number of services.
Houses
Homes are becoming more and more common, especially in cities. These multi-level homes strike a compromise between the comfort of a small living area and the room and solitude of a solo home. Common areas and shared amenities can be found frequently in housing projects.
Commercial Plots
Another pattern is the rise in demand for commercial real estate, particularly in urban areas with active business communities.
Upcoming Real Estate Projects in Pakistan in 2023
A number of significant real estate developments have begun in Pakistan as of 2023. Bahria Town Karachi is one of them; it is now the leading real estate development in the nation and will provide its residents with a lifestyle, services, and services of a worldwide caliber.
Lahore's real estate industry is also booming right now. The fast formative evaluation is currently underway for a number of new projects, including Lake City, Mid City Housing Lahore, Park View City Lahore, DHA Lahore Phase 13, and Capital Smart City Lahore.
In terms of residence and business, Islamabad is also a prosperous city for purchasers, if we talk about the real estate market there. Prospective homebuyers and investors can now visit a number of brand-new housing societies, including Park View City Islamabad, Blue World City Islamabad, Moreno Enclave Islamabad, and Capital Smart City Islamabad.
New real estate developments in Rawalpindi, such as DHA Peshawar Phase 4 and Bahria Town Rawalpindi Phase 9 Extension, are also growing in popularity with both domestic and international buyers and investors.
Investment Opportunities in Pakistan's Property Market for 2023
Investors interested in Pakistan's real estate industry can choose from a wide range of investing options in the country's property market. The housing sector presents one of the biggest prospects, as there is a rising need for inexpensive dwellings. Construction is a lucrative industry for investment because of government incentives including tax breaks and subsidies.
Read More: Best Cities in Pakistan for Real Estate Investment 2023
Ask From Ilaan Expert
According to ilaan analysis report on real estate, the market is facing a downfall during July 2023. Our expert suggests this is the best time to invest in properties.
Published in Dawn, The Business and Finance Weekly:
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“Until wednesday last, the stock market was already down by 25pc from the peak attained on May 25 and provided a negative return of 15pc to investors year-to-date. Individuals who were unlucky to have invested in some high-valued shares have seen almost half of their wealth wiped off.” |
Via mutual funds, which are frequently run by experienced fund managers, novice investors who lack expertise and expertise can access the equities market. The number, size, and various classes of funds have increased enormously in recent years because they frequently aim to maximize investors' profits while reducing the risk associated with market volatility.
According to Saad, head of research at ilaan.com, the market is predicted to increase once more by the end of September.
See our site for more suggestions on where to put your money in Pakistan. If you're wanting to invest in real estate right now, our web also includes thousands of property listings from all around Pakistan.
