2013-09-06 09:03:50 - With property tax in place for 5 Marla houses in posh localities and higher taxes for bigger houses, buyers and investors are now more inclined towards smaller houses in less prominent locations. Zameen.com offers more stats in this regard.
Both demand and value of 5 Marla or smaller houses in Lahore has increased. The major factor contributing to this rise is the exemption of smaller houses from the tax net. Since the houses in posh localities of Lahore real estate as well as other major cities of Punjab are subjected to property tax, their demand and value seem have halted for the time being.
The budget 2013-14 affected the realty market in quite an apparent manner. Pakistan real estate sector experienced a prominent drop in the property transactions that took place in the budgeting month. As soon as the budget was announced, the property market reacted to different aspects of the year’s financial plan by staying somewhat stagnant for
the time being.
Zameen.com, the leading property portal of Pakistan, helps the property buyers, sellers and investors with its market reports and assists them in making the best investment decisions. As per the portal’s data, rate of 5 Marla house in Lahore has increased 31% since January this year. This value increased gradually till May with average month on month appreciation of 2.5. In the budgeting month of June alone, their price increased 6.3%.
In July 2013, just when the investors thought that it was time to reap good returns on their investments, sale price of 5 Marla houses in Lahore increased another 11.4%. According to Zameen.com’s data, the average price of these houses (as of July 2013) has well crossed the mark of Rs. 7.5 million.
With 5 Marla houses in posh localities getting subjected to property taxes, it looks that now is the time for the less posh areas to face high demand for smaller houses in Lahore real estate sector. The rising search volume for 5 Marla and smaller houses in secondary areas of Lahore and their spiking value indicates the same trend. For smaller investors, these houses now promise even bigger returns.
For more information please visit: www.zameen.com
This press release is originally published on: blogs.thenewstribe.com/blog/69317/demand-of-smaller-houses-rises ..