It wasn’t until the mid-2000s that high-rise apartments and modern housing societies started to emerge in different parts of Pakistan. A large number of people who had been living abroad for many decades came to Pakistan during this time because of numerous reasons that caused a major shift in the real estate market. As the demand went up, developers and other stakeholders started coming up with new ideas to sustain the boom.
Property Trends in Pakistan Introduced In the Last Ten Years
Well, if you are a resident of any of the famous cities in Pakistan, you would be familiar with the basic trends of sought-after properties in Pakistan. Most of these features were recently incorporated and they have, it appears, considerably contributed to the progress of the country’s real estate market.
The new real estate trends in Pakistan are introduced to match and fulfill the ever-changing lifestyle and housing needs of the people, especially Pakistanis living abroad. In March 2018, Rana Muhammad Afzal, then-minister of state for finance and revenue, stated overseas Pakistanis invest “at least $8 billion in local realty sector”every year. This is a major reason why developers keep coming up with new real estate trends in Pakistan to modernize housing in the country. Sure, these features come usually with a heavy price tag, but it’s worth it.
Find out all about the latest property trends in Pakistan below:
One of the most popular property trends in Pakistan is exclusivity. A gated community, also known as a walled community, is a housing estate having secure and controlled entrances. Such projects mostly have their own management that looks after facilities, security and sanitation. In terms of area, the size of these communities is not restricted to any particular measurement. They are sometimes spread across hundreds of square miles, while in other cases they only span up to a few square miles.
In case of a larger gated housing estate, residents are provided with necessary facilities like markets, public parks, hospitals and educational institutions within the neighbourhood so that their daily requirements can get conveniently fulfilled. One of the finest examples in this concern is of Bahria Town; developed in Lahore, Rawalpindi and Karachi, it has earned the status of being one of the most popular modern housing projects in Pakistan.
High-rise Apartment Buildings
Karachi has witnessed rapid developments in its real estate market over the past two decades. One of the main reasons behind this expansion is population growth. As the population in Pakistan continued to increase at an unprecedented rate, vertical communities became all the rage in Pakistan, especially Karachi.
High-rises can accommodate way more people than, let’s say, single-story units. Mostly going from 10 to 30 floors, these tall residential buildings are found in almost every famous area of the city. Most of these structures now contain elevators along with standby generators for the ease of residents. Following in the footsteps of Karachi, other popular cities of Pakistan have also adopted a similar trend of constructing high-rise apartments with standby power backup and covered car parking.
Luxury apartments have now become one of the most sought-after properties in Pakistan. Cities like Karachi, Lahore, Rawalpindi and Islamabad have many established and under-construction apartment projects that feature luxurious amenities such as spacious floorings, ultramodern built, cutting-edge facilities, elevators with private entrances and beautiful balconies. All these features, of course, affect (read: increase) the price of an apartment. Location is also considered a key factor when labelling a particular living space as a luxury apartment. After all, quick and easy access to important neighborhood facilities is also a luxury in a crowded city like Karachi
When it comes to the latest property trends in Pakistan, an obvious entry is studio apartments. Ideal for an individual, a studio apartment, also known as a studio flat, is a small unit that comprises a bedroom, living room and kitchen, often without walls. These kinds of apartments are mostly found in major Pakistani cities where people come in search of better job opportunities. This trend has also picked up the pace and popularity in recent years. Studio apartments are mostly considered ideal for renting purposes, so if someone owns a studio apartment, they are likely to find more people interested in occupying their property on a rental basis rather than buying it.
Existing property trends aren’t going anywhere
Granted, Pakistan’s real estate sector is embracing new developments, however, that doesn’t mean developers are abandoning conventional housing entirely. Every newly incorporated property trend simply adds to the existing system. The market based on properties in Pakistan is evolving, thereby providing more variety in options to prospective buyers.