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Lahore Real Estate Market Witnesses Significant Rise

Lahore: The real estate market of Pakistan is experiencing significant growth now a days. The last month started with a positive note especially for the market of Lahore and Karachi. Islamabad’s real estate market also did not show decline but progress of Lahore and Karachi was far better.

Lahore is gaining significance in the real estate sector and the housing scheme including DHA’s new phases (VII to IX), LDA Avenue I and Bahria Town turned with substantial output.

Islamabad showed stability in prices while Lahore real estate market performed well in last month and its localities are showing controlled growth trend.

DHA Lahore Phases VII to IX experienced a modest rise of 0.98 percent, Bahria Town also gave positive performance and witnessed rise of 1.07 percent, while LDA Avenue I displayed rise of 2.90 percent in the 1-kanal category and 5.45 percent sharp rise for 10 Marla plots, because construction work on houses is underway in this location. Wapda Town also showed minor rise of 0.43 percent. Overall, Lahore real estate market went with reporting no decline.

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Real Estate DHA Lahore – Investor Attraction

Do you really want to invest in real estate in Pakistan? Well, for this purpose, most likely you have to choose a city to invest your assets. Give us a chance to help you in such manner. The city perfect and wonderful, with the end goal of putting assets in real estate, is none other than the spectacular city of Lahore. However, while talking about Lahore, you can't overlook DHA. DHA Lahore is one of the best and luxurious housing societies of Pakistan to live your fantasy life. There are several reasons why DHA Lahore is best area to invest in real estate; let’s have a look on few of them.

Peaceful and Luxury Area:

Law and order is the main thing a speculator searches for while choosing the city of venture. A perfect law and order circumstance guarantees wellbeing to the life of financial specialist furthermore gives a good forecast about the benefit of the speculation. In spite of a few issues of lawfulness in nation, DHA Lahore is an exceptionally serene and quiet zone, with no danger of terrorism or other peace issues. The powers of the DHA have figured out how to guarantee a peaceful, comfortable and quiet environment, to guarantee that there are no issues in regards to lawfulness and individuals can live a normal life free of any fear. So don't stress over the lawfulness issue as DHA Lahore is one of the quiet and peaceful regions of the Lahore.

An Impeccable Housing Society:

Talking about housing societies in Lahore, you can't deny from the fact that Real Estate DHA Lahore is an astonishing lodging society to live in. You can appreciate each and every solaces and sumptuousness of life inside of your living sector in DHA. Whether, it's about shopping centers, fitness club, hostels or restaurants, parks, educational institutes, hospitals; each and everything is available in DHA for their residents.

Suitability for businessmen and Landlords:

No doubt, Lahore is the heart of Pakistan. In fact, Lahore is the second biggest commercial hub of Pakistan and this welcomes many individuals in the city. Lahore city has mammoth business volume, which envelops various business sorts like Entertainment, Textile, Fashion, Food, Automobiles, Infrastructure and obviously, Real Estate. The individuals who are associated with such organizations, like to live in DHALahore, as compared to other local urban communities. These actualities make a lot of golden opportunities for the real estate investors as rents turn out to be a general wellspring of salary for the speculators. The landowners of the villages have begun to move to DHA Lahore inferable from the way that their organizations have spread in Lahore and their kids are considering in premium foundations of Lahore. Proprietors certainly want to stay in immense bungalows in head lodging societies and this makes venture open doors for the land speculators. Every one of the reasons set above suitably demonstrates DHA Lahore as an ideal and safe investment chance for the real estate specialist.

Why You Should Rent a Home Instead of Buying In DHA Lahore

Buying property in DHA Lahore can yield big money returns for investors.  There are many options to buy. Land is available for development. Commercial ventures are high and continue to grow. Home ownership is another option many people look into. DHA Lahore has some of the most desired properties on the market. Everyone from high powered military personnel to overseas investors bought homes in DHA Lahore.  However for the potential homeowner there may be more costs involved than just a purchase price. While there are homes geared at lower income individuals, it is not always feasible for those people to buy. So it sometimes becomes a question of whether or not to buy or to rent first.

Before the decision is made to buy there are a few areas to look at if a buyer doesn’t have a large income at their disposal for investing.

Review Property Prices:

Home prices can vary no matter what area you are living in or looking to buy in.  Lahore has a vast range of home available for purchase.  The more desired areas will have higher prices. The homes will be of various sizes and designs as well.  Even locations where homes are yet to be built can come with large price tags. There are costs associated with development that often get mixed into the total costs of some homes. Depending on your income levels or available cash flows, some home purchases may be out of the question.  You need to review all prices (DHA property rates) carefully before you buy anything. Be sure there are no hidden costs that can raise the prices even higher later on.  For those looking to move into certain urban areas and are cashed locked, it may be better to rent a home first until they can afford a home.

Consider Maintenance Charges:

A benefit of renting a home is that maintenance issues are covered by the owner or manager. You do not pay for anything that may potentially break and require repair.  However as a home owner that option is not there.  A homeowner is required to pay for everything that breaks. The costs can add to an already high mortgage note.  Extra costs such as utility bills, repairs, yearly maintenance upkeep and insurance fees can be excessive. So before you own a home, it is best to consider what these extra fees could be.  It is better to estimate these costs first. Then you can factor them into the total of what you would pay overall for a home. 

Property Taxes:

No one likes to pay property taxes. In some areas property taxes can be very high.  A homeowner will have to cover these charges on a yearly or semi yearly basis. This is another financial factor that needs to be considered before buying a home. As a renter you won’t have to worry about this issue as well.  Like maintenance fees, this falls onto the owner or manager of the property.

Flexibility in Renting:

Homeowners usually purchase their homes as long term investments. Some families will go so far as to keep a home in the family and hand it down from one generation to another.  But sometimes life changes such as job changing, increase in family size or a reduction can happen any time.  You may need to move from one place to another. So you either need to sell your home or rent it out if applicable.   This is not an easy process either way.  Depending on the real estate market, selling a home can take a long time.  Meanwhile you may still be liable for taxes and mortgages if it is not paid off fully when you leave.  Renting a home can bring in extra income for you as well as cover mortgage payments. However you would need to look at extra costs such as maintenance and service. You would be responsible for fixing something your tenant needs help with.  If a pipe breaks, then you must fix it.

As a home renter, you don’t need to worry about being stuck with a home you no longer need or paying extra costs.  You simply notify your home owner when you need to leave and then move out.   You are not tied financially to the home.  If you cannot afford the extra costs then it is best to rent first. Younger generations use this reasoning when first moving into a home. Unlike older individuals younger people are prone to move around several times before they settle permanently. 

Pakistan Ranked As Second Top Investor In UAE

Pakistan has been ranked among top three non-Arab foreign investors in United Arab Emirates (UAE). A leading property builder associated with Association of Builders and Developers (ABAD) informed that Pakistanis invested Dh30.64 billion in the real estate market of Dubai in the past five years. Pakistanis’ big investment in UAE resulted in increase of remittances received from UAE by 9.4 percent to $2.1 billion on year-on-year basis. According to the State Bank of Pakistan, UAE is the major remittance-sending country to Pakistan in 2014-2015 as it recorded the largest increase by 26.1 percent and Pakistan received $4.1 billion from overseas Pakistanis in UAE.

ABAD reported that positive investment trend was seen in Pakistan not only in big cities of country (Lahore, Islamabad and Karachi) but also in developing industrial towns like Sialkot, Hyderabad, Faisalabad and Gujranwala. As security situation has been improved in Pakistan after the military operation against terrorists, overseas Pakistanis took interest in making investment in real estate sector of Pakistan. However, Pakistani emigrants in the UAE and Gulf regions in large numbers are preferably making investment in Dubai as it returns good rental product.

Although the real estate industry of Pakistan has improved a lot basically due to investments made by overseas Pakistanis, the trend of investment in Dubai is said to be continued because it gives a healthy output. According to the real estate experts, this trend is in favor of Pakistan as more investment in Dubai will add extra income to overseas Pakistanis which will later return to Pakistan in the form of remittances. So the money will indirectly come to Pakistan at the end and will help the current account balance of Pakistan. For this reason, such investments by overseas Pakistanis should be appreciated as they are in the favor of Pakistan by other means. Read more : Link

Home Buying Tips for First Time Buyers

Home buying can be a daunting and stress inducing process. Potential buyers go through a myriad of emotions when even considering a new home. There is a lot you need to know before you purchase a home. So you want to proceed with caution before you make any long term decisions regarding home buying. Here are a few tips that can help make the experience a whole lot better.

Tip #1 Find the right price range

While dreams of having a big home with a pool and spa may be enticing, they may not be very realistic when it comes to the price tag. You need to take a hard look at your personal finances before buying a home. Home prices fluctuate at a constant rate. The real estate market can be very volatile during certain periods. Fluctuating interest rates may affect what you can afford. So realistically look at every dollar you spend and how you spend it. Just because a bank can finance you at a certain rate or amount doesn’t necessarily mean that is how much you can afford.

The first step is to note down how much income you bring home monthly. Then take into account everything you spend your money on. Besides the basics like rent, transportation and utilities, you may have extra bills such as credit card payments, personal loans and education expenses. In addition you need to look at any extras you spend on such as entertainment and shopping. Once you total it all up you can get an idea of what you are able to spend on a monthly home payment.

Tip #2 Obtaining financial pre-approval

Getting a financial pre-approval is very important. You should look at several different lenders before deciding on one. All lenders have different qualifications and can make you various offers. So carefully review each one then obtain your approval. It is better to get your pre-approval before you go out and start trying to negotiate an offer with a home seller. Your pre-approval letter will give you some leverage to work with when it comes to negotiations. Before you get a pre-approval you will need to get pre-qualified first by a lender. This is basically the lender taking a look at your financial status to see what can be done for you.

Read more tips from : Saiban Blog: Home Buying Tips