The stagnant real state sector has started to rise again after lifting of lockdown in the city. 10 to 15% increase in residential and commercial property has been recorded in Karachi, said property dealers on Tuesday 12th October 2021.
The dealers said that the recent uproar of inflation, COVID-19 restrictions and improvement in law and order of the city has deeply affected the prices of residential flats, houses, and bungalows in different parts of the city. Property dealers have claimed that the buying power of the people has been greatly affected due to COVID-19.
"Improvement of law and order situation in the city has resulted in increase in property rates across the city" said Secretary DEFCLAREA. People are selling their existing expensive property to shift in new areas which is also resulting in increase in property prices, he added.
The revision of rates of immovable property in urban centres by The Federal Board of Revenue (FBR) is huge step to bring it to market price. Areas under circular railways and SC orders lack substantial buyers. The rates have remained static in elite areas such as Defence, Clifton, PECHS, Sindhi Muslim, Dhorajietc, as prices are already exorbitant. However, other areas including Gulshan-e-Iqbal, Gulistan-e-Johar, Scheme-33 andScheme-45 etc have witnessed remarkable increase in property prices.