The metro bus system has contributed to the increase in prices along its corridor, according to new research by a leading real estate website of Pakistan.Mining data through its extensive database, real estate experts reported increase in property prices of residential areas along the metro routes in Lahore and Islamabad, where this transport system operates.
Analysing Lahore’s trends, depicts a positive trajectory in prices of the newly constructed housing schemes near the Gajju Matta metro bus station. These include the Central Park Housing Scheme, which experienced price gains of about 15 to 20 percent.
Similarly, LDA City and Bahria Nasheman have both witnessed price gains of about 30 and 15 percent respectively, after the construction of the metro bus system. The property rentals have also increased in these areas surrounding the metro. The same trend has also been observed in Islamabad, where the metro bus became operational about three months back. The rental prices of residential sectors: I-9 increased by five to seven percent, whereas for I-8 increased by 10-12 percent. There was also a slight increase noted in sale prices of sector I-8.
Saad Arshed said: “Real estate along the metro routes in Lahore and Islamabad have been positively impacted. This was clearly evident for the residential localities near the routes, as reported by our portal.” It is not long before the commercial and office spaces will also depict the same trend. Investors are well aware of these changing trends and are investing in properties near these stations to reap huge profits in the coming future.”
Overall, metro has had quite a positive impact on real estate prices in both the cities it operates. This was more visible in Lahore where it has been operational for around two years. However, it is only a matter of time, before the same percentage increases are visible in Islamabad’s residential and commercial property stocks as well, he said.