Karachi, Pakistan’s economic backbone, is a financial epicentre and an industrial base that generates 25% of the national Gross Domestic Product (GDP). It was recognised by the World Bank as the most business-friendly city in the world in 2007. The city provides the stimulus for Pakistan’s economic growth by producing wide-ranging exports such as textiles, steel, cement, machinery etc. The port city also offers access to the warm waters of the Arabia sea and acts as an important hub for the fishing industry.
However, South Asia’s second-largest economy is facing a housing crisis with a shortfall of 10 million units. This is the result of the burgeoning population that has crossed the 20 million mark with the majority of its working-class being white-collar workers. The city needs to construct houses of around 700,000 every year to meet its growing population demands. Hence, it is not a surprise that there has been a price hike in an unprecedented move with house prices increasing by 50% to 100% over five years. It is expected to follow a similar pattern in future.
Graana.com has shortlisted five residential areas in Karachi to oversee the price changes in houses over a period of five years, from 2015 till 2021.
| Area | Type-1 | Price in 2015 | Price in 2021 | % Change | Type-2 | Price in 2015 | Price in 2021 | % Change |
| Gulshan-e-Iqbal/ Gulistan-e-Jauhar | 120 Yd² | 12,000,000 | 23,500,000 | 96% | 240 Yd² | 20,000,000 | 37,500,000 | 88% |
| PECHS | 240 Yd² | 25,000,000 | 60,000,000 | 140% | 400 Yd² | 35,000,000 | 90,000,000 | 157% |
| Clifton | 250 Yd² | 47,500,000 | 57,500,000 | 21% | 500 Yd² | 110,000,000 | 125,000,000 | 14% |
| DHA | 300 Yd² | 50,000,000 | 70,000,000 | 40% | 500 Yd² | 75,000,000 | 120,000,000 | 60% |
| Nazimabad | 133 Yd² | 8,500,000 | 16,000,000 | 88% | 216 Yd² | 15,000,000 | 30,000,000 | 100% |
Gulshan-e-Iqbal and Gulistan-e-Jauhar are mainly populated by the working class of Karachi. The settlement has many Kachi Abadis but has a secure supply of basic amenities such as water, power and gas that makes it a lucrative place to live.
A comparison of the property prices for the said time period shows that:
Check out houses for sale in Gulshan-e-Iqbal and Gulistan-e-Jauhar
Malir town residency and Bahria Town Karachi is also one of the famous societies in Karachi.
Pakistan Employees Cooperative Housing Society (PECHS) is an ideal society to live in Karachi. PECHS was formed in the 1960s to provide affordable housing to middle-class people. Excellent road network, public transport access and health facility and educational facility availability make it a terrific place to own a house.
The property trend is given below:
Check out houses for sale in PECHS
Clifton is Karachi’s posh area with some of the city’s most expensive real estate. The area was developed initially under colonial rule but now harbours a network of top-of-the-class amenities, making it a profitable choice for homeowners.
An overview of the prices is shown below:
Check out houses for sale in Clifton
Defence Housing Society Karachi is one of the most developed societies in the city. Society has an independent source of water and electricity. The front of the society overlooks the serene ocean giving a peaceful ambience for its residents to enjoy.
The price trend between 2015 and 2021 is as follows:
Check out houses for sale in DHA Karachi
The centrally located society is easily one of the most populous societies in Karachi. It is fairly developed and has all the facilities required for comfortable living in the metropolis.
The price trend for Nizamabad is as follows:
Checkout house for sale in Nazimabad.
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