LAHORE: The real estate market in Pakistan’s second largest city Lahore, particularly in the Defence Housing Authority (DHA) neighbourhood, is booming again as worried citizens of largest city Karachi and tax evaders are buying property in the city.
The price of a one-kanal plot in DHA has risen by up to Rs3m in the last two months, real estate agents said on Monday. They attributed the increase to two factors: one, people in Karachi, Peshawar and Quetta, concerned about deteriorating law and order, are moving to Lahore as it is perceived to be safer; and two, tax evaders trying to hide their assets from the Federal Board of Revenue’s increased scrutiny are shifting their money to the poorly regulated property market.
Lahore’s real estate market had been performing poorly since the end of the last boom in 2005. There had been price rises, but only artificial ones fuelled by speculators looking to make a quick profit. “Artificial rises are driven by investors who buy on small advance payments and then sell shortly after. Now we’re seeing a lot more regular transfers,” said one agent.
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