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Pakistan witnessed a slowdown in headline inflation for the first time in seven months. According to the Pakistan Bureau of Statistics (PBS), the inflation rate dropped to 20% in June, offering temporary relief to the economy. This positive trend comes as a welcome development for the Pakistan Democratic Movement (PDM)-led coalition government, which has been working towards addressing the issue of soaring inflation ahead of the upcoming general elections in October.
Abu Dhabi’s AD Ports Group has recently signed a 50-year concession agreement with Karachi Port Trust (KPT) to oversee the development and management of the Port of Karachi in Southern Pakistan.
The real estate market in Islamabad is experiencing a remarkable surge. Over the past decade, average property prices have skyrocketed from under PKR 5000 per square foot to over 30,000 per square foot.
Real estate has always been considered a secure investment option. In line with current property trends, 2023 is the year of luxury. With the economy on the rise and affluent investors in search of the highest returns on their investments, luxury property is flourishing more than ever before.
Here are some reasons why luxury real estate is the best investment right now:
The Capital Development Authority (CDA) has auctioned the most expensive plot in the history of Islamabad. The plot is situated in the well-known commercial centre, Blue Area and measures 5,952 square yards (10 Kanal). It has been sold for PKR 1.435 Million per square yard, bringing in a total of PKR 8.54 Billion.
A three-day auction of plots was held in different sectors of Islamabad where the former Chairman of CDA and Chief Commissioner, Captain (r) Muhammad Usman Younis stated that a total of four plots had so far been sold, with a value of PKR 11.95 Billion.
The plot’s prime location of Blue Area makes it ideally suited for a high-rise development or a shopping mall. It is expected that the plot will generate a very high ROI. Furthermore, the administration received a total of PKR 11.95 Billion by selling four plots at the auction.
In addition to this, a total of PKR 1.3 Billion was received for two plots in I-14 Markaz. Similarly, another plot in I-8 Markaz with PKR 1.2 Billion market price is likely to bring in PKR 1.5 Billion at the auction.
The auction of these plots is supposed to continue for three days at Jinnah Convention Center where a large number of investors are actively engaging in it. Various categories of residential and commercial plots are put up for auction.
In order to complete several ongoing development projects, the CDA has decided to auction off numerous plots situated in various developed sectors of Islamabad. It was praised by the chairman CDA and other political figures.
The successful bidder may pay the plot price to the government in three to five years, as per the bidding rules. Furthermore, a 10% discount will be given on the total amount if the bidder pays as lump sum.
The auction is supervised by a committee headed by the CDA member finance. Other committee members are Member State, DG Law, Member Planning and Design, DFA-II, Director Finance, Director Public Relations, Director Regional Planning, Director Urban Planning, and Director State Management-II.
