Property prices in the metropolitan city of Karachi have increased rapidly with an unmatched 100% increase.
Owing to the rise in prices, it is now almost impossible for a white-collar man to buy the property. The number of slum areas and their population has also increased as a result of the price hike.
Real estate prices went from a 50% increase to a 100% rise. Regions of the city where a price hike was observed are Shah Latif Township, Northern Bypass, Surjani Town, Scheme 33, Malir, and Jinnah Avenue Road.
Basic facilities like water, gas supply and electricity are easily available in these areas.
Houses located on Jinnah Avenue Road are priced at more than 10 million rupees, and bookings for under-construction projects are priced up to 10 million rupees. Commercial projects located near the Northern Bypass cost 1 million rupees. A 120-yard plot in well-resourced localities costs the same as the commercial projects located in the same vicinity.
Due to the population increase in the country, it is difficult to find an economical property and as a result, there is an increase of slums and encroachments near or on properties.