Contrary Property Prices

Property stakeholders appear divided over apartment rates in the last three years in Karachi as some claim with confidence about a whooping increase in prices while others suggest declining and status quo situations in the rates in some areas.

Whether the investors take interest or not in real estate, the property market also moves with the help of the huge inflow of workers’ remittances. A conservative market estimate says that over 50 per cent of remittances find their way into the property business as people living abroad prefer investing their life savings in real estate.

Genuine sales/purchases relating to the movement of families to upper-income localities and issues of property dispute within families also keep alive real estate transactions. A decade’s old property of a joint family is sold under some compulsion thus opening new opportunities for family members to own at least low-priced used or new flats or go for a rental apartment.

Overseas Pakistan had sent a record $29.7 billion in 2020-21, up by 27pc over 2019-20.