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A Brief Comparison Of Real Estate Between Karachi and Lahore

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The Karachi and Lahore debate on various topics linked with the lives of their residents is not something new in Pakistan. But one thing we all can agree upon is that the pace of life in both the metropolises is truly rapid. The significantly rising population of both cities has drastically raised the demand for housing and other related amenities. Both Karachi and Lahore have their own ways to tackle this rising issue, and this is something which creates a difference in the lifestyle of the residents of both cities. Today, we are going to briefly compare the real estate of Karachi and Lahore. We will also try to explore how the real estate trends in these cities affect the lives of their residents.

The world’s seventh largest metropolitan, Karachi, is the largest city of Pakistan in terms of area and population. Karachi is often regarded as the city, that never rests.  Karachi has the legacy of active nightlife, therefore, it is also globally known as the city of lights. On the other hand, Lahore, once famous as the City of Gardens, is the second largest metropolitan of the country. Both these cities have a rich legacy of historical, cultural, and economic value. Both these cities serve as the hub for immigrants coming from the rural parts of Sindh and Punjab. People come here to settle, in search of better sources of income and good standards of living. As a result, both cities saw massive inundation of population.  According to the most recent census in Pakistan, which was conducted back in 2017, Karachi is home to over 16,051,521 people and Lahore has a population of around 11,126,285.

WHAT SETS BOTH CITIES APART IN REAL ESTATE? AND HOW IT AFFECTS THE LIVE OF THEIR PEOPLE

The real estate in Karachi and Lahore is progressing significantly amid the drastic increase in population. Many builders are constructing their projects in short spans of time to overcome the market demand. Interestingly, the variation in real estate options of both cities has created a diversified change in the lifestyle of people living in these two cities.

HOUSES VS. FLATS

One of the major difference between the real estate of Karachi and Lahore is the preference of houses over flats by Lahoris. As the city saw comparatively slower population growth, there was ample land available to entertain people of Lahore regarding their demands for houses.

Meanwhile, Karachites, in most of the cases has no other option than going for flats. The major reason for this impuissant is the overpopulation of the city. In order to fulfill the housing needs of the overcrowded city, the developers in Karachi has no other option than to construct flats and utilize the space vertically. These projects are often 10 to 12-story high, sometimes they go even beyond 15-story. Still, getting home in Karachi is not something impossible, however. If you wish to own a house in Karachi, you need to move a little away from the center of the city, to find the property you’re looking for with a reasonable price tag.

Thus, owning a house without suffering from a hectic phase of everyday commuting is possible in Lahore. But this is not the case for Karachi, people owning a house in Karachi has to travel a long way to commute. At this point, Karachites has a couple of options, owning a house at a distance from the downtown or to opt for an apartment with a shorter route from their workplace. Majority of people opt for the second option. This is not the only reason Karachites prefer flats over a house, there are a number of other reasons as well, we will write about them as well in coming days.

Comprehensively, people in Lahore usually prefer to live in houses with car parking and large open areas for gardening. Overall, while Lahoris are used to living in houses with their own parking and gardening spaces, Karachites are more inclined towards living in a community in apartments, arcades, and complexes with shared amenities and a number of neighbors. People in Karachi are not inclined towards such lifestyle because they prefer to live in communities, instead, the lack of real estate options in the city is something that vanishes out many options for them.

COST & AFFORDABILITY

Despite being the most populated city, the economic and business hub of Pakistan. The cost of living in Karachi is far cheaper than residing in Lahore. According to the survey conducted by the Worldwide Economist Intelligence Unit in 2019, Karachi is the world’s 6th cheapest city to live. Similarly, this also applies to the affordability regarding real estate. Therefore, the cost linked with real estate varies in both cities, so as their citizen’s lifestyle preferences and budgeting.

LATEST TRENDS IN REAL ESTATE OF KARACHI AND LAHORE

As we discussed earlier in the blog, that houses are usually preferred in Lahore. But by the passage of time, the growing population has caused the lack of land in Lahore as well. The shortage of land has led to the construction of apartment projects in some of the major vicinities of Lahore such as Raiwind Road Aand Gulberg. It seems like Lahore is following the same pattern as Karachi. As in Karachi, the growing population has stretched out the city to the outskirts, gated communities, and housing projects far away from the city’s downtown. The major examples are Scheme 33 and Bahria Town Karachi.

All the new and upcoming real estate projects are emphasizing on offering a luxurious standard of living and allowing easy access to a wide range of amenities. This factor is also shaping the lives of citizens of both metropolises. While choosing a property, now people not only look for the required size and preferred location, but a convenient and luxurious lifestyle is gradually becoming an essential parameter for opting a property.

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