Karachi is the financial capital of Pakistan and the world’s fourth largest metropolitan city. With a population of approximately 14.9 million, according to the 2017 census, it is the highest populated city in the country. It is regarded as the backbone of Pakistan as it contributes to nearly half of the country’s economy. The Quaid’s city is not just confined to a single community rather, it is a conglomerate of different ethnicities, cultures, cast, and creed. World’s largest Ambulance Service, Edhi Organization, is also based in Karachi. It also holds the distinction of having Bahria Icon Tower as the second tallest building in South Asia while the Lucky One Mall as the largest shopping mall in the region.
As most of Pakistan’s trade and industrial sector is based in Karachi, people from all across the country, and sometimes even across the borders, come here in order to have better job opportunities and raise their standards of living. It is, for this reason, that Karachi’s real estate has witnessed a booming rise in the past few years. Those who know the real value of this land, are investing in properties of Karachi which can be highly profitable in the future. Although Karachi’s land is full of big and small lavish bungalows, flat complexes are more popular among the citizens due to their affordability and high-end security. Whether you belong to a high or low-income group, flats in Karachi comes in a wide range as per one’s budget.
Types of Flats in Karachi
When looking for a flat, location and amenities provided in the area are the primary factors which make it worth buying. As the population of Karachi is a mix of upper, middle and lower-middle-class, you will find a number of flat types, ranging from luxurious high-rises to outer city low-rise apartments. From studio apartments to 2-, 3-, and 4-bed apartments, flats in Karachi comes in a variety of sizes with respect to one’s requirement.
Areas like Bahria Town, DHA City, Clifton, DHA Defence, etc., are the posh societies of Karachi, brimming with exquisite apartment complexes which feature state-of-the-art infrastructure and world-class facilities. Flats for sale in Bahria Town Karachi and DHA Defence comes with a higher price tag as they have wide carpeted roads and are well-equipped with basic utilities. Proper sewerage system, 24/7 elevator service, and electricity back-up are also available. Contrary to this, catering to the needs of the low-income group, flats for sale in localities like Gulistan-e-Jauhar and Gulshan-e-Iqbal have an array of high-rise and mid-rise apartment options which are budget friendly yet comfortable and stylish, having a short commute to nearby markets, schools etc. Some of the flats in these localities don’t even have the load-shedding issue.
Sale Price Trends for Flats in Karachi
Apartments are not only the ultimate solution in accommodating the increasing population of the metropolis city but also a major contributing factor in the success of Karachi’s real estate business. Due to increasing popularity, the sale price of flats in the city has increased to a great extent during the past few years. Considering the importance of apartment units, many builders and developers have embarked on awe-inspiring apartment projects, giving more investment and living options in Karachi.
Those interested in buying a 2-bedroom flat in Karachi should keep in mind a budget of PKR 7 lakh to PKR 62 lakh while the sale price of a 3-bed apartment starts from as low as PKR 10 lakh. However, with the top-notch facilities and luxurious lifestyle provided in some locales, the cost of the apartment can reach up to PKR 50 lakh or even up to 1 crore. Similarly, the price will go higher with the number of beds available and the area covered by a flat. Feasible payment plans are available in different areas when it comes to buying a flat in Karachi, you can either buy a flat in cash payment or can avail the easy monthly or yearly instalment plan.
Schools, Universities & Hospitals in Karachi
Karachi is home to some of the best educational institutions, both in the public and private sector. At primary level, schools like Karachi Grammar School, Mama Parsey, Habib Public School, Hamdard Public School, and Army Public School, among others, are providing high-quality education to the children while numerous options are available at the intermediate level too. Administered by the government of Pakistan, Karachi University is the largest university of Pakistan that provides top-class education to the students and helping them to achieve their goals.
Karachi is home to some of the best hospitals in the country. The city’s healthcare is administered by both the public and the private sector. Some philanthropic organizations are also very active in providing free medical care to the people. Hospitals like Agha Khan, South City, and National Medical Center are some of the top privately run hospitals that are providing international level health care to the patients while public sector hospitals include Civil Hospital, Jinnah Postgraduate Medical Centre, National Institute of Cardiovascular Diseases etc. are also there to provide tertiary and primary care to the patients at very low rates.
Facilities & Security in Karachi
The city is well known for its glamorous and lively nightlife, which is not found in any other part of the country. The law and order situation of Karachi, which was once deteriorating, is now much improved and under control. Law enforcement agencies and Rangers have succeeded in restoring the peace of the city and have returned the glory of the city of lights.
Karachi is blessed with beaches such as Hawke’s Bay, Sea View, and Sandspit, where one can enjoy camel-riding, biking, horse-riding, etc. You can also experience the joy of marine sports like snorkelling, scuba diving etc. at Charna Island located near Mubarak Village. The city is also full of amusement parks and museums like PAF Museum, Maritime Museum, Aladin Park, Sindbad etc. which are the perfect spot for kids to spend their leisure time.
Shopping & Restaurants in Karachi
Karachi is famous for its delicious food. From local roadside tea shops to huge lavish dine-ins, one can find all sorts of eateries in the city. One of the famous food streets of Karachi is Do Darya where people wait for hours in queues to have mouth-watering food, which includes both Pakistani dishes and international cuisines, while cafes like Chai Shai, Chai Wali, Chaiology, etc. are the new modern editions in the ‘dhaba’ culture. Karachi is heaven for shopaholics. From the local markets to huge contemporary styled shopping malls like Dolmen Mall, Lucky One mall, Ocean mall etc., one has a vast range of choices to buy from, that too in budget-friendly range.
Reasons for Investing in Karachi
Be it education or employment, Karachi has always been a city of opportunities due to which flocks of people have migrated to the city from across the country and thousands more continue to do so. This has increased the value of real estate of Karachi, especially that of flats. As buying a house or a bungalow in Karachi is not an affordable option for many, people prefer buying flats to buying houses. Apartments are more economical and have flexible payment options, which also speeds up the process of getting possession of one’s property. The sale price of flats is rising day by day due to the ever-increasing demand. Investing in areas like Bahria Town Karachi, DHA City, Jinnah Heaven, and Clifton will give you a guaranteed better ROI, as they have a number of amenities such as 24/7 electric supply, generator and lift back up. that are not found in any other locality of Karachi. Moreover, due to the affordability of flats, you can invest in multiple properties in different areas, making your profit margin double. So, if you are planning to get a flat in Karachi, you are making the right decision.
