Performance highlights of property in Lahore

Lahore, the cultural heart of Punjab, is also the second largest city in Pakistan. Due to its importance as a political, entertainment, economic, political, and educational hub of Pakistan, its real estate has always meant big business for local realtors and owners of land and/or property in Lahore. During 2011, it was reported that the prices of the Pakistan Real Estate have remained unchanged for some years because the number of the sales and purchase transactions is very low. Despite the bleak condition of overall Pakistan real estate, Lahore Property market is the only regional real estate that has shown excellent performance during the previous year. rnThe prices of Lahore real estate in its posh areas like DHA and Bahria Town are not stagnant but rising rapidly. During May 2011, it was predicted that the prices of the properties in Lahore would remain under pressure for the next three months. Despite that prediction, several property dealers in Lahore confirmed the upward trend in property prices stating that the price of one canal plots in DHA had inched up to Rs 3 million during three months time in drastic contrast with the prediction. The reports also highlighted that the value of the Lahore real estate has inched up to 30% during the same year, since the better law and order situation of the city is forcing people from Karachi to migrate and settle over here. rnBesides that, it was noticed that the residents of the Peshawar and other cities are also migrating to Lahore because the city offers healthy lifestyle to these troubled people, who face deteriorated law and order situation in their native cities. Along with the better law and order situation, better education and entertainment opportunities, the better infrastructure of the city is also responsible for the constant increase in property prices in Lahore. The modern lifestyle and high quality of living in the various societies of Lahore such as the DHA, Bahria Town, Wapda Town Society, UET Society, PU Society, Gulberg etc offer high quality of living complete with spacious houses and magnificent lawns that is adds value to Lahore real estate. rnIn terms of prices, although property in Lahore is performing quite well as compared to the other real estates in Pakistan, yet some factors are posing threat to its future performance. Lahore real estate market seems to be poorly regulated and there is a greater chance of tax evasion in the market as compared to other realty markets of Pakistan. The mushroom growth of housing societies across the metropolitan is spoiling the charm of the historical city. This is because these societies are poorly planned and thus resulting in an irregular expansion of the city. They are not built according to the specified rules and regulations and do not conform to residential and environmental standards. rnDespite the irregular expansion of the city and the number of the underdeveloped schemes on rise, the future of Lahore real estate seems to be bright. This is because the potential this sector holds in it has helped it to perform even better during bad times. Lahore Government is taking strenuous actions to develop the city and its infrastructure, since it believes it would tremendously add to the value of its real estate.