Karachi property prices fall amid Covid-19 fourth wave

The Sindh government’s new coronavirus limitations have made commercial property owners in Karachi concerned.

Property dealers have stated their apprehensions over the decreasing percentage of property and rent in various areas of the city. “Uncertainty has increased, and owners are finding it increasingly difficult to take rents from shops, offices, and food outlets,” stated a local dealer.

A real estate agent stated that the number of commercial property buyers has reduced drastically. “Property owners have been forced to accept rents at lower rates.”

Whereas it is noticed that, if they were charging Rs1 million rent for a commercial property before, now the rent has gone down drastically and they now have to make deals with Rs0.7 million, which is 30% less for the same property, which was charged double before.

Dealers said that those who acquire and rent out commercial properties are experiencing the most during the lockdown.

On the contrary, a limited lockdown has been enacted in Sindh from July 31 to August 8 to curtail the escalating coronavirus cases in the province.