Karachi sees unprecedented hike in property prices

798063 5501436 property updates
Picture exhibiting Karachi’s skyline. Photo: File.

KARACHI: The costs of property within the metropolis have skyrocketed with an unprecedented enhance of 100 per cent. 

According to a report revealed by Geo.television, the worth hike has made it unattainable for the widespread man to personal a property. What is extra, owing to an acute dearth of inexpensive housing, the variety of slums have additionally elevated within the metropolis.

In the current previous, property costs rose from 50% to 100%. Areas of the town the place shopping for and promoting of property are on the rise embody Shah Latif Township, Northern Bypass, Surjani Town, Scheme 33, Malir, and Jinnah Avenue Road, the report mentioned.

Prices of properties have doubled in areas the place primary amenities like uninterrupted water, electrical energy, and gasoline provide can be found.

Apartments on Jinnah Avenue Road are price greater than Rs10 million, whereas bookings for under-construction tasks additionally value as much as Rs10 million. The worth of a 120-yard plot in legally steady and well-equipped societies or business tasks on the Northern Bypass is Rs1 million.

Meanwhile, the inhabitants of the town is quickly rising because of the inflow of individuals from different components of the nation. Per the report, the lack to search out inexpensive housing is rising the variety of slums and encroachments on properties.