Islamabad is the costliest city of Pakistan, reports Zameen.com

Nov. 17, 2013 - PRLog -- There has been a general upward trend in property prices in Pakistan during 2013. As per some of the reports of Zameen.com published earlier, property prices remained stagnant (http://tribune.com.pk/story/484523/real-estate-lahore-property-prices-largely-stagnant-over-the-past-5-years/) between 2007-2012 in Lahore and other major cities of Pakistan but since the start of 2013, there has been a sharp rise in not just the prices of plots of also that of houses and apartments.

According to the freshly released stats of Zameen.com , property prices increased sharply across three major cities of Pakistan i.e. Lahore, Karachi and Islamabad. Although there has been a general upward trend in the prices of houses in Pakistan yet the sharpest rise has been seen in the prices of houses in the capital city during 2013. While the average house price in Lahore was at par with the overall average price in the country during the said year, but the figures are higher for Karachi and Islamabad.

Karachi’s increasing population is the reason behind the rapidly increasing property prices in the city. This is also probably one of the major reasons behind the fact that plot prices are the highest in Karachi http://www.zameen.com/Plots/Karachi-2-1.html/ even though the City of Lights falls short when compared to Islamabad in terms of facilities. Islamabad is perhaps the best planned city of Pakistan which explains high property prices.

As per Zameen’s stats and market reports, the average price of 5 marla houses Islamabad during October 2013 was Rs 8,663,953. This number is 1.89% and 7.11% higher than the prices recorded for 5 marla houses in Karachi and Lahore respectively during the same period of time, making Islamabad the costliest city of Pakistan in terms of prices of 5 marla houses.

It is interesting to note that Zameen.com’s report suggests that house prices in Islamabad are not only higher than other cities but they also beat the overall average of the country. The average cost of 5 marla houses in Pakistan is Rs 8,246,735 which is 4.82% less than the prices recorded for Islamabad during October 2013, making the capital one of the costliest cities of Pakistan.