Karachi sees a whopping 100% increase in property prices
The city's population is also rapidly increasing due to the influx of people from other parts of the country.
- The prices of property in Karachi have spiraled with a 100% increase.
- The metropolis is seeing a surge in the number of slums due to housing shortages and the rising prices of property.
- Prices of properties have increased twofold in areas where basic facilities like uninterrupted gas, electricity, and water supply are available.
The prices of property in Karachi, the former capital of Pakistan, have spiraled with a staggering increase of 100%, making it an unattainable dream for many residents of the metropolis.
According to a Jang report, the number of slums is rapidly spreading in the city due to the inaccessibility of affordable housing and property.
As life returned to routine in Karachi after the COVID-19 lockdowns, property prices rose from 50% to 100%.
Areas of the metropolis where buying and selling property are on the rise include Surjani Town, Shah Latif Township, Northern Bypass, Malir, Scheme 33, and Jinnah Avenue Road.
The prices of properties have increased twofold in areas where essential facilities like uninterrupted gas, electricity, and water supply are available.
Apartments on the Jinnah Avenue Road are worth more than ₨. 10 million, while bookings for under-construction projects also cost up to ₨. 10 million.
The value of a 120-yard plot in legally well-constructed and well-equipped societies or commercial projects on the Northern Bypass is ₨. 1 million.
Meanwhile, the city’s population is rapidly increasing due to the influx of people from other parts of the country.
According to the report, the inability to find affordable housing increases the number of slums and encroachments on properties.
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