Pakistani real estate industry’s development over such a short span of time is quite a marvel! With all of the new property projects swiftly coming on the rise, it is quite impressive how this sector has developed itself to be a strong backbone of the economy. What was initially being done in order to accommodate for the supply of property has now become an industry that provides state of the art projects that are making people rethink the idea of luxury living.
Bahria Town, DHA, Gulberg are some of the most popular examples known countrywide to be most modern and up to par housing societies. Alongside these there are tons of other property type that are also quite crucial to the property market of Pakistan. Be it the low cost housing projects that are accommodating people who cannot afford their own property, mixed used developments, commercial properties or the aforementioned gated communities that might even include high rise apartment style buildings within them are present for investment.
In this article we will take you over some of the most commonly invested property types in Pakistan and how are they shaping the real estate industry of our country. So without further ado let us get started!
High rise buildings:
One of the most prominently rising trends in the real estate industry of Pakistan includes the rising number of high rise buildings. High rise buildings are become the center of a new construction trend as they use up less land space and are capable of holding much more people as residents. This trend is obviously quite prevalent in some of the highly populated cities of Pakistan. You can see tons of high rise buildings in the big cities like Karachi, Lahore and Islamabad.
Another reason why high rise buildings are increasing in popularity is because that they are offering apartments for people. Property only a few decades ago was thought to be a luxury. Although it still is made in tens of lacs to crores; property rates in Pakistan and for Pakistanis are becoming a lot more affordable. Moreover the younger generation and entrepreneurs find living in apartment buildings more comfortable. After all apartments are easier to maintain and cost lower than a full house. The high rise buildings in conformity to provide the best living standards also have in built facilities in them which is another reason high rise apartment style buildings are becoming an investment trend in Pakistan.
High rise buildings create more job opportunities for construction companies and those dealing in raw materials making the market flourish. High rise and apartment style buildings also make rental business of apartments hassle free for landlords holding multiple rental properties at once.
Mixed use buildings:
Another one of the property types that are quickly becoming popular in the property development sector are mixed used buildings.
Mixed used buildings are the ones which host commercial facilities and residencies under 1 roof. This means that it could be primarily a mall with apartments on the top roofs. This marriage of commercial and residential facility means convenience to many individuals of the modern day. Say that a mixed-use building has both apartments and an office you are hired at; you can save so much time and money on daily travel to your job space. Moreover for someone who wants commercial facilities to be at an arm’s reach; living in such buildings could not be a more ideal situation.
Major cities of Pakistan have also started to develop their own mixed used buildings seeing how attractive such property types are becoming. Usually a property was thought to be a lone standing home but in the modern time where people need convenience and save their money and resources mixed used buildings is the trend shaping market demands. Lahore, Islamabad and Karachi being some of the most important cities all have remarkable examples of mixed used buildings to the convenience of residents. Zameen Ace mall located in phase of DHA Islamabad and dozens of building like it in Lahore are also providing mixed use buildings for investment.
A luxury living experience is no longer being defined by the glitz and glamour that a property has, the quality of life and provision of convenience is the new need of the modern day.
Gated communities and planned societies:
To anyone who knows about the property market of Pakistan this should not come as a surprise that gated communities are still trending in Pakistan. Gated communities are providing the vision of luxury living at its finest. Gated communities alongside all of the opulence they provide are also in confirmation with the culture and traditional thought of living in safe and sound closed in communities. Community living is Infact one of the biggest aspects of how planned societies win over property investors in Pakistan.
Gated communities most noticeably ill provide the promises of security most noticeable examples like Bahria Town and DHA which are spread over multiple big cities in Pakistan are providing amazing security facilities. Have marked boundaries, providing 24/7 security surveillance, CCTV footage, patrolling guards and check posts are present in such societies to ensure safety of life enhancing the living experience.
The gated communities are extensively planned in every aspect to provide the highest standard of luxury. Think about the strategically placed housing plots in close proximity to the in built commercial sector, moreover a lot of such gated communities are also purposely built near commercially important regions to attract investors who want to save daily time and costs on commute.
The gated community might also have in built clubs, restaurants, spas, gyms, parks, parking spots and more facilities from the construction to provide the best to residents. No wonder why houses located in gated communities continue to be one of the most invested and sought after property types in Pakistan.
Apart from DHA and Bahria Town’s gated communities, examples of Etihad Town in Lahore as well as Etihad Garden in Rahim Yar Khan, Gulberg in Islamabad are all stunning examples.
Low cost housing schemes:
Pakistan’s population is on the rise and supply of needs to meet the demand. Apart from the rising population putting stress on all types of resources such as food and healthcare facilities, the stress on property market is also noticeable. With the naturally slow pace of development of traditional real estate, the supply of property is slower.
Even at this impressive rate of property development that Pakistan has put out with amazing speed and number of new projects, the supply is not approachable for everyone due to affordability. The real estate projects might provide luxury that meets the demand of population but the population cannot afford it. This is why low cost homes are much more desirable for those not able to afford houses or apartments in the high end property developments
Thankfully the government of Pakistan under the leadership of Prime Minister Imran Khan has launched Naya Pakistan Housing Project abbreviated as NPHP. This project has aimed to construct five million housing units that is affordable to people in the labor class and lower middle class who are unable to afford bigger homes. This project does not only meet the ever increasing demand for property, but also solves the issue of affordability.
The idea of prefabricated homes; which are the ones being built in factories and transported on site is being introduced to further meet the rising demand. This has solved the time and labor efforts taken to construct properties. Lowering the price of construction helps to sell off the property at much more affordable rates.
Low cost properties that are built much faster as compared to other property types are a very smart and effective solution to Pakistan’s population and issues with property affordability. This is why such property is also becoming a trend in Pakistani real estate.
Conclusion:
Pakistani real estate is one of the most impressive developments Pakistan has made. As we all know that real estate industry is subject to change and trends, the current popularity and trends of the market play a huge role is shaping which way the market rolls. The popular property types are much more valued which can create a shift and call off what is a more beneficial investment.
In the past few years people have gravitated more towards investments in high rise buildings and mixed use buildings both of which are provided a array of facilities with apartments. Such lifestyles are the new luxury for the younger investors due to the convenience in living this provides. On the other end the developments categorized as gated communities are as popular as ever on the real estate market due to those who enjoy class and community living. For those who cannot afford luxurious and high end homes; low cost properties are quickly becoming the trend. The time and cost taken to make these low cost homes are much more efficient when it comes to meeting the ever increasing demands.
We hope this article was informative for you!
