Actually there is greater supply of plots than the amount of money people can pay or are willing to pay.
There was a shortage of housing land so anyone and everyone poured their savings into plots to multiply their money.
This became more attractive than other businesses. So even industrialists and many other business-owners switched their investments to housing schemes for example Lake City Lahore to make easy return on investment.
Then eventually there was more supply of plots compared to number of genuine buyers who could afford to buy in high standard developments.
Also DHA and Bahria introduced massive new schemes in many cities such as Bahawalpur, Multan, Gujranwala, Peshawar etc. Now there is Naya Pakistan Housing Program which will increase the supply even more.
So naturally prices will not increase in real terms especially if you compare the increase with the devaluation of rupee against the dollar. Even if rupee price increases, the investors in plots will end up getting less number of dollars if they had simply held on to foreign exchange.
So in fact prices dropped. On top of that there are new and increased taxes on property transactions plus people are being questioned about source of their funds.
All of the above has resulted in a situation where even if you just hold dollars, you will end up in a better position than buying property. And remember, even dollar is always depreciating in value based on inflation in the USA i.e. US consumer price index. So if your investment in pakistan property is not even keeping up with dollar, and the dollar itself is dropping in its buying power, then imagine how much loss you are really making!