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The rental markets established within the world’s major metropolises,
including those in the thriving urban centers of Pakistan, are always
booming.
Now a large section of the residents of these big cities is comprised of
students, fresh grads and aspiring (read: jobless) professionals out on
the hunt for good employment opportunities. When trying to find a place
to live, they choose torrent a room or an apartment instead of investing
larger sums of money and making a direct purchase.
The budgets that most people have to work with – alas – limit them to
making do with the rental market; the act of buying, as such,
constitutes
an expensive long-term investment. And this issue is all the more
conspicuous in the case of Pakistan; where high rates of domestic
inflation coupled with a chronically weakening rupee add to the series
of existential, ‘daily living’ woes that a large bulk of the
middle-class population is forced to put up with.
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Technology and Online Platforms: the definitive
real estate‘game changers’
Another reason why renting abounds as the easier ‘residential recourse'
nowadays has a lot to do with the widespread availability of modern
technology – and, more specifically, the internet.
The accessibility of the rental marketplace has increased greatly due to
the proliferation of online property portals (take the case of
Prop.pk: a recent
entrant to Pakistan’s virtual real estate sphere that is fast making
headways against some of the more prominent players in the field).
Through these connective mediums, individuals looking for rental
property in any city can easily explore their options and get an
estimate of their anticipated expenditure – all from the comfort of
their preferred pocket device.
Below, you’ll find apt and fully updated descriptions of the rental
trends currently in swing within Pakistan’s major cultural centers. And
if you haven’t already guessed it, the various internet and mobile
platforms pointed to have played a major role in determining their
specifics!
Karachi
As the largest and most populated city of Pakistan, Karachi’s rental
market is always active – its workings often likened to a perpetual
blur. People travel from all over the country for education and
employment purposes to this economic and commercial national hub.
The city, as such, offers a vast array of real estate choices for
potential tenants to choose from; allowing them to narrow their options
based on such filters as the ‘type of property’ to the‘area in the
city’.
The following are the top three localities for pursuing decent rentals
in the city:
Gulshan-e-Iqbal
Gulshan-e-Iqbal, due to its central location, is the top choice for
people looking to rent a property with easy access to all other parts of
the port city. Additionally, its reputation for being a popular
residential area has prompted the construction of various medical,
educational, and commercial facilities in the neighborhood.
A common choice among tenants in the area is to rent out the upper
portionsof their bungalows, instead of sharing the full accommodation
with tenants.
Gulistan-e-Jauhar
Another centrally located commercial hub of Karachi, Gulistan-e-Jauhar
area offers residents a unique opportunity to enjoy the culture and
ambience of the city to the fullest. This location is dotted with
numerous restaurants and popular recreational facilities, making it the
‘leisure heart’ of the provincial capital.
Another reason behind this residential zone's notoriety is that the
number of apartment units available for rent here is much higher in
comparison to other prominent locations of the city. The area remains
crowded and full of life 24/7 – so if you choose to apply for a rental
gig here, you’ll never be in want for much company.
DHA Karachi
Defence Housing Authority (DHA) Karachi is a popular choice among
tenants owing to the utter (national) recognisability of the brand and
the value accorded to its products and services – factors which make way
for its largely unparalleled investment appeal. People looking to
maintain a lifestyle of luxury tend to look for rental property in this
locality. Some DHA Karachi phases are more common among tenants than
others due to the collective ambience (of parks, beautifully styled
houses, and equally spaced commercial areas) they offer; most
prominently Phases IV and V.
Lahore
The cultural capital of Pakistan, Lahore is also commonly ranked as the
most important educational hub in the country. Students from across
Pakistan come to live here to pursue higher education in its wealth of
historical and prestigious academic institutions. As a result, the
popular choices of residence for rentals here include one-bedroom
apartments and bungalow upper portions of.
The top three rental localities of Lahore are as follows:
DHA Lahore
One of the largest housing schemes in the city, DHA Lahore is widely
seen (and rightly so) as one the most well-planned areas of Lahore. The
high-end facilities the society offers, coupled with its close proximity
to various prestigious educational institutes, has made it the top
rental choice for tenants – with Phases IV and V attracting the highest
levels of tenant interest.
Gulberg
Over the past few decades, Gulberg has steadily evolved into the
economic and commercial hub of Lahore; inundated, as it is, by the
leading restaurants, shopping centers, and corporate offices of the
city. This makes the location a popular choice among renters who want to
remain close to their workplaces, while staying in touch with the
vibrant culture that the Punjabi capital has to offer.
Bahria Town
One of the most popular housing projects in the country, Bahria Town
offers unparalleled housing, commercial and recreational facilities to
its residents. The society fares as the preferred choice for renters
hoping to pursue a serene living experience in Lahore – far away from
the commotion of the city centre, but near enough to still fall within
the reach of its precincts.
Islamabad
The federal capital boasts a flourishing rental market since many people
shift to the city for laying claim to its seemingly innumerable
employment opportunities (many of which are highly paid).
The rental trends recorded for Islamabad seem to take an upswing every
year. This state of ‘perpetual prosperity’ can largely be explained by
the meagre number of natives housed by the city. As such, most people
settled in Islamabad do not originally hail from its metropolis itself,
but are local immigrants from the country’s furthest corners.
And the top three societies in Islamabad are:
DHA Islamabad
The Defence Housing Authority has made its name across Pakistan as a
luxurious housing scheme, making its residential and commercial units
highly sought-after in public circles. Similar to other cities, some
phases in the society are more popular than others among tenants.
E-11
Located in the centre of the city, E-11 figures as one of the top
choices among tenants looking to take up residence in Islamabad. It is
situated in close proximity to the main commercial hubs of the capital
and allows easy access to all of its major locations via several
thoroughfares.
G-11
Another neighborhood made popular owing to its central city location,
G-11 is very similar in its layout to E-11. It is situated near the main
commercial areas of Islamabad (including F-11), and its close proximity
to the city’s economic hubs make it a top choice for potential tenants.
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As has been stated at the outset of this piece, the rental market in the
major cities is always flourishing – owing to the reasons listed above.
This makes it a lucrative choice for pursuing investments by buying
property to rent (particularly in the locations listed above).
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