Property Prices Drop in Karachi: Report

Property Prices Drop in Karachi: Report

Islamabad: Islamabad: The real estate prices in Karachi are observed to have recorded a 5-year low. This trend is recorded in different regions of the city according to a report conducted by the House Building Finance Corporation (HBFC). The report has studied prices in Karachi in comparison with the property prices in cities like Mumbai, Bangkok, Jakarta, Tokyo, Taipei, and others. Karachi observed the steepest decline up to 15% whereas other Asian cities saw a modest decline.
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According to the sources, the downward real estate price trend in Karachi fell sharper than in other Asian megacities. This also shows the vulnerability of the real estate sector of Pakistan and the resilience of the same sector in other Asian countries.

Here are the price trends in other major Asian cities:

• Tbilisi, Georgia: +15% Growth
• Thailand, Bangkok: +3%
• Jakarta, Indonesia: -1%
• Manila, Philippines: -2%
• Mumbai, India: -3%
• Taipei, Taiwan: -3%
• Tokyo, Japan: -2%
• Hongkong: -11%
• Karachi: -15%

A low trend buying price of $131 per square meter has been reported along with the price-to-rent ratio of 18. On the other hand, Singapore and Hong Kong presented $18,632 and $25,133 per square meter respectively.
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The steep downward trend also showcases the vulnerability of Pakistan`s economy and so the real estate industry. Such a trend discourages foreign investors from investing in Pakistan while exporting a negative image of its economy and its image. So far, 2024 has been quite discouraging as there are no positive signs for local and international investors to invest and give a boost to the real estate sector.
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