LAHORE: The successful Karachi operation has positively impacted Pakistan’s real estate sector. New developments are expected to increase two to threefold in the future, according to a recent survey conducted by Pakistan’s best real estate website, Lamudi.pk.
According to real estate agents and builders, the Karachi operation has created a very positive environment. The law and order agencies are eliminating the Qabza mafia from the city and people are now getting possession of their homes, plots and files.
It also contributed in increasing the confidence of investors and has resulted in increased Foreign Direct Investment (FDI). Overseas Pakistanis are also seen investing back in their homeland with increased investment directed towards the renowned Defence Housing Authority (DHA) and upcoming real estate hotspots such as Gwadar.
The brokers and developers reported an increase in property prices of Karachi after the operation, especially of posh areas such as: DHA, Clifton and DHA City. The property values of DHA City increased by almost 20 percent in the last two months and this trend is expected to continue.
Saad Arshed, Country Director of Lamudi.pk, commented that: “The Karachi operation has given a great boost to the real estate sector of Pakistan. Not only is the city benefiting from it but trickle down effects can also be seen in form of increased FDI inflows in the property markets of other cities too.
The operation should fully eliminate the Bhata and Qabza mafia and eliminate all such activities from the grassroots level. With Eid-ul-Azha right around the corner, and overseas Pakistanis coming back to their homeland to celebrate, the real estate sector is expected to undergo another jump.”
If the operation continues successfully, property prices will double. This will in turn lead to more construction activity and give a boost to the entire economy of Pakistan by creating jobs for the labourers, architects, engineers and the suppliers of raw materials etc., Arshed said.