My question is regarding property prices in rwp/isb. Is the property increase everywhere or some specific areas are seeing price hike in property? What could be the prediction for 1 year time in future?And also I wanted to know about Karachi, will in future property prices increase there as well?
Hi Shumaila,
Property prices are increasing in select few areas of Islamabad where the development work is underway. Some of the societies & sectors in Islamabad where prices are on the rise are B-17, Bahria Town, G-11, F-16 etc. It is expected that the prices will increase further once the airport completes in the capital city.
As for Karachi, it is generally an under performing city but a few of the projects there are doing well. DHA Karachi is the prime example. Other than that, property prices in the city are somehow, directly proportional to the law and order situation in the city.
Price change in islamabad is almost every where with different ratios, however genuine sectors got a big boom, prices will increase more inshallah specially after eid ul fitar and near to eid ul azha inshallah
Karachi, it has good road infrastructure. In one and half hours you can cover as bigger a distance as there is between karachi port and port qasim. Relatively speaking, in karachi there is no area which is too far away from the city center or karachi air port. If karachi has a secure future then, areas considered at the outskirts of the city... Like areas around nust at national highway towards port qasim and areas around new sabzi mandi on superhighway towards toll tax plaza will see a considerable price hike.
Islamabd, pwd society, national police founation 0-9(10 months ago the price of a 10 marla plot was around 3 million and now it is at 5.5 million). Naval anchorage(10 months ago the price of one kanal plot was around 3 million and now it is at, at least 5.5 million and, likewise happened in the case of 5 marla plot which was at 1.2 million and it is
Now at 2 million).
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Allah na kerray k prices increase hoon syed ibrahim ap ko kya ghariboon ka kohi khyaal ni hum ghareeb log kahan jien ap logoon to sirf apni investment ki peri hoti hi Isi terrah prices cherti rhi to shahid he kohi gharib banda bachey. Allah ki lannat ho investerroon per jo logoon ki majboori ka galt faida utta rahay hien
Sir u cannot blame anyone for this boom in prices as business just dont move forward with our choice or choice of investors.Business always follow market trend and if ur rupee keeps on having a nose dive as compared to dollar,not only the property instead the price every commodity will keep on inflating.Sir i think our govts should realize this because u are right that if things keep on like this,i will cause a disaster.
Whatever 'heloo' said, i have been thinking same thing for almost an year. Isn't it like buy a plot, hold it, and wait to make a profit, is exactly same as buy a sugar, hold it, and wait for price increase in market? This is called zakira andozi.
The only difference between sugar zakhira andozi and plot zakhira andozi is that, the development on the area makes the plot price increase also (not just zakira andozi).
I think a geniune scholar can give better answer.
Sir in most of the cases,land prices do not appreciate if development work does not takes place…Because demand never increases for undeveloped area…But i agree an islamic scholar can portray exact situation…
Thank you so much for valuable comments. I think there is nothing wrong in investment in property for protecting your wealth for old age. Business is not forbidden in islam. Whats forbidden is keeping your wealth stored in banks and taking interest. It can not be compared to sugar which is a necessity and people dont let it reach to other people to create shortage and artificial hike in prices and sell it in profit. They manipulate the commodity price, while protperty price can not be manipulated like that. It can go up or down as well. Rest allah knows. My question is can any one provide some info regarding which of the society in isb/rwp could be better for investment/making own home in future? Im looking for an on ground plot of any size in any society. Budget is 60 lac, and can be increased, also investment in karachi is in my mind because currency devaluation should have had effect on property there as well which is not seen yet.
When people invest in real estate property, this investment does not create jobs and it does not help pakistan's economy. So it is not a good investment for the country. If people invest in manufacturing business for example garments, that is good for the country because it creates jobs, increases gdp, tax revenue and earns foreign exchange for the country.
But why should i invest my savings on a business even as small as a bakery when there is no electricity, no gas, no security in the country and no purchasing power of people. However, people can live without cake and biscuits but they need a house. So they will save money instead of spending money on luxuries and invest in a plot to build their house. Also, population is increasing and more and more people need houses.
In this situation, i can only invest in real estate to save my money against inflation, devaluation and depreciation. If i invest smartly, i can also make some profit. At least i am investing my money in pakistan when i can easily invest abroad in international stock markets. At least when overseas pakistanis invest in real estate of pakistan, they send foreign exchange to pakistan and the government uses this to pay for imported oil and other things.
When people talk against investors of real estate they forget these things. Many of these investors are supporting the economy of pakistan by investin inside pakistan instead of taking their money to foreign countries which will help others not us.
Pakistani people living abroad, all over the world, sending money to pakistan on average around $3 billion monthly (not yearly). If people who have good amount of money, rather than saving in banks or buy plots and plots they should do a business (more than a shop business) so that money start revolving in the country and people get jobs. Islam prohabits the freeze/hold of money, but favors the money rotation in the economy. There is a need of planning and policy so that the money can be rotated effectively in the country rather frozen.
Sir how can a person run a shop when there are no basic facilities for business men???They are not safe,their investment is not safe…
Islam does’nt prohibit property holding, instead it encourages it. The proof is that there is no zakat on property of your own living or rented property, only property for investment purpose has zakat on it, while there is zakat on accumulated money in banks and gold. Bussiness is encouraged, but not everyone has the mind to do bussiness.
Property is great. Without going into any debate, I'd like to point out that it's halal, which is perhaps the biggest encouragement any one could ask for, and as compared to business, it does not even involve any risk.
Other than that, for the most part, I would have to agree with Pk1 when he says that property investment is not exactly the best for your country. Yes, you create an asset and all that but for the most part, you do not do anything for the welfare of the fellow Pakistanis at large.
Shumail: you may consider bah encl islamabad as one of your option. Take a visit and then decide. Nice place and nice development. Regards
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Hopefully property lovers like this news Have a nice time
Mmmmm hmmmmm good article.
Nicely written by javaid chaudhry sb…