2013-03-04 09:14:51 - There is a glut of new residential real estate developments in Lahore which may have created a housing surplus in the city. Because of this and many other reasons 5 marla houses have maintained stable prices throughout much of the provincial capital in 2012. The data released by Zameen.com also supports the claim.
No matter what you hear or read about Pakistan real estate sector, yet the truth is that real estate sector is flourishing in all cities of Pakistan. One can relate it with the growing number of residential and commercial developments in all the major cities. For instance, in Lahore several new housing societies have been launched over the course of the last five years. Most of the societies are introduced for middle income group and comprise of 5 and 10 marla houses.
However, upon closely examining the numbers and statistics of previous year, one thing is made clear that the glut of new residential real estate developments has created a housing surplus in the city. Despite the increasing numbers of
developments, the property prices, especially the prices of 5 marla house in Lahore for sale remained stable in 2012 throughout much of the provincial capital. There was no hike in the prices of 5 marla houses in Lahore throughout 2012 and it can be supported by the data released by Zameen.com.
Zameen.com, the largest online real estate portal in Pakistan, has released data on the average prices of 5 marla houses in Lahore( www.zameen.com/Houses_Property/5marla-sale/Lahore-1.html
) during 2012. Data suggests that the average price of a 5 marla house in Lahore has been stable throughout 2012. The start of 2012 was promising for 5 marla houses, as they recorded an average price of Rs 4,982,823 that was a bit high in comparison to 2011 sales prices. In February, 2012, the average price rose to Rs 5,159,507 but the difference in prices was not so significant.
A similar trend was observed in the 2nd quarter of 2012 when the average price for 5 marla house in Lahore for sale was Rs 4,982,314, Rs 5,107,197 and Rs 5,232,824 in April, May and June respectively. The average price in June was the highest value recorded in 2012 for a 5 marla house in Lahore. At the beginning of quarter 3, the average price was back to Rs 5,178,873 which further decreased to Rs 5,065,583 in August. The holy month of Ramadan was observed in August, 2012 during which every activity tends to slow down. However, September also did not bring good news for property sellers as the average price fell down to Rs 4,947,810 for 5 marla house in Lahore.
The 4th quarter remained somewhat good for sellers as the average price of 5 marla house increased to Rs 5,057,788 in the month of October and Rs 5,135,870 in November 2012. However, the year ended with a slight fall in the average price which was Rs 5,115,252, the lowest value of the last quarter. Analysing the yearly prices, it can be said that average prices remained somewhat stable throughout the year and did not show any remarkable increase or decrease throughout the provincial capital.
A real estate expert at Zameen.com said, “The data does not paint an attractive picture for buyers since the prices are stable yet the existing property owners of 5 marla houses in Lahore did not face any loss in real terms.” 2013 is expected to break the monotony and bring some remarkable changes in Lahore real estate sector.
For more information, please visit: www.zameen.com