Business Insider has reported that prices of houses in Pakistan have doubled since 2011. Increasing population and steady economic growth resulted in huge investment in the real estate market.
Consequently, the prices went up as well as the demand for houses in Pakistan.
Economic Growth and Investment
According to Bloomberg and Business Insider, several international investors are keen on exploring the real estate sector of Pakistan. The main reason behind this is that the investment ensures a return of 10-40% as demand for houses is growing rapidly.
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One such investor is an Egyptian billionaire, Naguib Sawiris, who is set to make an investment of $2 billion on a housing project in suburbs of Islamabad.
1000 houses will be constructed as part of the project. The cost of a three-bedroom house will start from $275,000 or Rs 30.5 million.
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The primary driving factor behind this international investment is the improved law and order situation. Pakistani economy has also seen an annual growth of 5% in the recent years. CPEC projects, which brought-in an investment of around $50 billion, played a significant role in improving infrastructure and economic growth of the country.
Real Estate sector will continue to grow as Pakistan’s urban population is projected to increase by 30 million in the next decade. The mega projects by local builders in the real estate sectors are already underway in major cities of Pakistan.
A lowly common man cannot build a house in this age, even if he works his entire life.