General Elections 2013 Fail to have an Impact on Property Prices in Pakistan, Reports Zameen.com
The General Elections 2013, which are around the corner, have had substantial impact on the performance of various businesses including the stock exchange
LAHORE, Pakistan, May 9, 2013 /PRNewswire/ -- Pakistan real estate sector has celebrated a very happening 2012 which, as per several renowned agents and dealers listed on Zameen.com, was the best year since 2007 where a lot of genuine buying and selling was noticed. The effects of global recession withered away in 2012 and Pakistan real estate sector was finally back on its feet.
Realty market is going strong
Earlier this year, many people expected that the General Elections 2013 would have an impact on the property prices and realty sector of Pakistan. However, data released by Zameen.com suggests that Pakistan real estate is still going strong where property prices in popular areas have continued their upward journey.
Spike in demand
As per Zameen.com, the site has experienced an increased interest from its members where property for sale in both Lahore and Islamabad claimed the lion's share of the total search volume. During the first quarter (Q1) of 2013, property in Lahore attracted 34.45% of the total number of visitors browsing properties in Pakistan on Zameen.com whereas Islamabad claimed 28.85% of the total traffic.
Property prices continue to rise
As far as the prices of houses are concerned, Islamabad claimed the top spot where the sale prices of 5 marla houses increased by 8.56% during Q1 2013.
Is sale transaction volume shriveling?
Although the site has no way of measuring the actual number of transactions taking place in the market, but its search and price trends help people know as to where the market is headed. According to Rao Aihtesham-ul-Haq of MM Marketing, the realty market is showing some signs of slowing down but there is still a strong demand for property and plots in Bahria Town Lahore and DHA other high end areas.
Zameen.com has released prices of plots in DHA Lahore, Bahria Town Lahore and other popular locations of Lahore, and Islamabad during Q1 2013 which generally show a bullish trend depicting constant demand.
As per Zameen.com, these prices show that Elections 2013 haven't had a noticeable impact of Pakistan real estate sector.
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