Among the real estate markets of prime cities in Pakistan, the signs of recovery are more apparent in Islamabad. Property agents from the capital city also confirm this and they attribute the improvement in property transaction volume to the price drop seen during the second half of the year.
The stagnancy that prevailed in the market after the announcement of the new tax regime on July 1, 2016 has rather set positive norms in the market. Speculative trading came to an end with prospects of paying a higher percentage of property tax on each transaction. In addition to that, the involvement of genuine buyers in property-related affairs has also given strength to solid, on-ground real estate developments. So clearly, there is limited room left for property flipping in the current scenario.
Real estate agents from Islamabad also find the present market situation conducive to steady growth in property prices. These agents are of the view that anyone who buys or sells property in Islamabad can reap good gains in the long term, leaving little room for speculative trading. Getting such feedback from agents surely is a positive sign and it indicates that a large percentage of people who have a stake in the property sector, aren’t fond of extreme highs and lows in the property trade volume.
The societies that failed to register an increase in rates didn’t see any stark drop either. The value of real estate in Sector E-11, B-17, Gulberg Residencia, and Bahria Town increased marginally, while a nominal price drop was recorded for plots in DHA Islamabad and Sector F-11 during the month.
From the price trends recorded in December, it can be safely deduced that Islamabad’s real estate sector is now on track to establish solid ground for future trading, backed by genuine buyers and long term investors. We also hope to see a better 2017 and expect to see some positive developments in DHA Valley too – a project where plot owners have been waiting to be given possession for years