COMMERCIAL PROPERTY ON THE RISE IN PAKISTAN
Pakistan’s commercial real estate stock is fast becoming a booming part of the property market as reported by Lamudi.pk. The property portal reported a 78 percent increase in the total number of commercial property searches, conducted on the platform since January 2015.
The majority of these searches were reported from Karachi, followed by Lahore and then Islamabad. This indicates the rising interest of investors in commercial properties. Moreover, the recent launch of Pakistan’s first real estate investment trust (REIT), at the Dolmen City Mall, played a fundamental role in boosting interest of investors in the commercial property asset class.
Saad Arshed, Country Director of Lamudi Pakistan said: “Pakistan’s commercial property sector holds a bright future. With Western-style retailing, such as shopping malls becoming more popular and REITs being launched on these shopping malls, commercial property stock has a long way to go.
Apart from these shopping malls, Lamudi has also registered an increase in demand for office spaces, especially virtual offices. Moreover, with the security situation improving in Pakistan, which contributes to increased investor confidence, especially that of international retailers, the commercial property market has plenty of room to expand and grow.”
Commercial areas in Lahore, Islamabad, and Karachi have attracted the most funding from investors for new projects. However, smaller cities such as Gujranwala and Faisalabad are not far behind and have new commercial projects springing up such as the Saremco Center, Model City etc.
Lamudi continuously strives to improve the user experience. Keeping in view, the increase in demand for commercial properties, it launched the “New Developments” section, which features both residential and commercial projects and makes it easier for users to find their dream commercial property online.