The real esate sector of Karachi is seeing a period of resurging prices following years of political and security imbalances that forced many residents to flee the metropolis for safer cities.
Replete with investment opportunities, Karachi is regaining the spirit that it was once known for. According to stats compiled by Zameen, property in Karachi presents a promising future as displayed by a stellar performance in Q3 2015.
With prices on the up in Karachi, home sellers and buyers are actively seeking opportunities to make short-term profits. And a promising long-term outlook makes real estate investors and developers much more eager to participate in the sector. Pointing towards an influx of residents, the trend of both buying and renting houses is rising steadily.
While average prices of plots went up by 12.35%, 11.74% and 11.65% in DHA Karachi, Gulshan-e-Iqbal and DHA City Karachi, respectively, rental yields of 500-yard2 houses went up by 4.4% in Gulistan-e-Jauhar. For a clearer picture, here’s a look at top localities trending for renting and buying in Karachi in Q3 2015.
- Gulshan-e-Iqbal Town
Gulshan-e-Iqbal Town topped both the buying and rental search trends for all the right reasons. Situated along the University Road, and only minutes away from the Shahrah-e-Faisal, the town enjoys easy access to the city’s main airport, Jinnah International Terminal and other commercial zones lying along the two main roads. While abundant houses and apartments and reasonable rates are vital considerations for potential residents, the presence of Karachi’s favourite recreational offerings Safari Park and Aladin Amusement Park add to its favorability. The town’s proximity to Karachi University in the eastern end also adds to families’ list of likes for the area.
- DHA Karachi
Securing the second position in buying trends and fourth in renting, DHA Karachi, once again, showed its popularity among the people of Karachi. Relatively young, the locality guarantees the highest degree of security and safety to residents, as well as full-fledged commercial zones and purpose-built recreational areas. While the high-end commercial hub, Zamzama, is central to the society, the sea-viewing phase adds exquisite value. Along with Clifton, DHA Karachi is the place for a posh lifestyle in the metropolis. A number of shopping malls and food and beverage outlets of both local and international brands perfectly compliment the high-end living of residents. The society is thus preferred for its pleasant ambiance and easy accessibility through Do Talwar and Teen Talwar roundabouts along the main Shahrah-e-Iran.
- Gulistan-e-Jauhar
Another urban city centre, Gulistan-e-Jauhar is one of the most favorite residential areas of Karachi. Ranking third in both buying and rental trends, the town is a desirable residential area across classes because of a myriad of facilities within. While the area’s close proximity to University Road and Shahra-e-Faisal ease the accessibility to Jinnah Airport and Sadar Town junctions, its nearness to leisure parks, the PAF Museum, Expo Centre and National Stadium make it commercially viable as well.
- North Nazimabad
Another highly sought-after area of Karachi, North Nazimabad secured the second position in rental and fourth in buying popularity index of Zameen.com. Spacious avenues, tree-lined roads and numerous commercial areas make the town a perfect place for taking up residence. It has a horde of noted eateries, hospitals and branches of a number of local and international banks. While Karachi’s favourite Dolmen Mall and Haidri Bazaar add to the town’s commercial vibe, the presence of excellent schools, health facilities, marriage halls make up for the town’s dense population.
- North Karachi/Federal B Area
Securing the fifth rank on buying trends for houses in Karachi was North Karachi. Densely populated, the town is a haven for apartment-styled living. Connected to the rest of the city through Super Highway, North Karachi offers lower average prices for residential units.
On the other hand, ranking fifth on rental popularity scale was Federal B Area. Offering a secure living environment due to its dense population, the town’s full-of-life spirit is an emblem of Karachi. With a number of local bazaars and lower rental rates, the town offers a cost-effective housing option to the population of Karachi, justifying its favored status in the real estate of Karachi.
With the clearance operation by Sindh Rangers restoring state’s writ across the once troubled financial hub of the country, business activity is starting to gain momentum. Restoration of law and order has done away with land grabbing, extortions and swindling to a large extent and the future holds immense promise. Karachi is well on way to recovery and so are the fortunes of the people associated with it.
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