Karachi, Pakistan 11/21/2007 10:20:18 PM
CaymanMama Reports - Pakistan in Crisis - Real Estate Market in panic amidst Political uncertainty
President of Pakistan promises to bring the country to its normal state
Karachi, November 20, 2007: (CaymanMama) Prices of estate and property in Pakistan crash as the political crises in the country continues. Local buyers and investors are viewing the country’s uncertain future with grave concern. With pressure of panic sales, the prices of real estate in all major cities of the country have crashed to the record low levels.
As the President of Pakistan promises to bring the country to its normal state as soon as the country regains stability and the general election being held in January 2008, developers and estate agents are of the opinion that this is the best time to invest in the real estate market.
“There is no need to panic, investors must hold on to their investments as this is a temporary situation which will end soon. Foreign investor and Pakistani nationals living abroad must make the best use of this time and invest now” proclaim Mr. Faiz, a prominent real estate agent here in Karachi.
The property rental still has maintained their high levels as the demand for homes, apartments and shops have shown a rising trend. With more people coming out of low lying and troubled areas of the cities the demand for accommodation on rent has maintained an average peak level of Rs. 35,000/- i.e. US$ 584/- for an apartment containing 3 bed rooms with attached bathrooms, dining and living room and a kitchen.
The real estate agents maintain that people should take advantage and invest now. If they are not seeking immediate returns, people can build an addition, regular income stream by way of renting out their properties giving them double advantage i.e. the regular rental income and price appreciation.
Investors who are looking for safe investments should invest in buying land and buildings as prices are touching low levels now. These prices will show rising trend as soon the country comes out of its current crises.
