Pak realty dealers see strong surge in prices

Most of the real estate dealers are claiming that it was the right time to make investment in the Pakistan property as the prices are on the lowest side and there are strong chances of upsurge in prices at the end of this calendar year.

The real estate dealers said that the political situation is expected to improve in next two to three months that would encourage investment in this sector, leading to improvement in prices, Pakistani newspaper The Nation reported.

The dealers said that at present the Pakistani stock market was facing the worst recession and the best way to make investment was the real estate sector.

Yunus Rizvi, representative of United Defence Clifton State Agents said that the people who were making investment in Gulf countries and Malaysia might lose the chance of earning a handsome profit expected from investment in real estate in Pakistan in coming months.

He pointed out that the UAE based mega real estate entities, Emaar Properties, Al Ghurair Giga, Creek Land and Damac Property had undertaken real estate development projects in Pakistan as they expect boom in this business in the years ahead.

These companies make planning on the basis of their 10 to 20 years assessment and their hectic involvement was a strong evidence of improvement in real estate business and prices, he added.

Chief Executive Fazaiya Estate Hidayat Ali said that the newly-introduced DHA Valley Scheme in Islamabad has attracted an overwhelming response from the investors that was an indication that the people still wanted to make investment in real estate, but they prefer only credible housing projects and schemes.

He said the prices of plots and houses have declined by 30-40 per cent in most of the urban areas during the past one and a half years and this was the right time to buy plots and homes.

Ali hoped that the political situation would improve in the country in next two to three months as a result the property business is expected to take-off gradually with appreciation in prices.

Another dealer said that the big investors were still reluctant to buy stake in the real estate because of instable political situation. Currently, he said, the major investors were making investment in Dubai and showing least interest in Pakistan because of over a year-long political mess.