Back

Apartment Culture on Rise in Pakistan

26/07/2018

apartments-culture-rise

Sky-rocketing property prices across Pakistan has made owning property out of reach of common people, thus making way for apartment culture in major cities of Pakistan. Other than continuously rising real estate prices, rapid urbanization and youth' s mindset are other causes which make apartment culture seep through all leading cities. It is not wrong if we say that migration of people from Karachi also influenced the real estate market trends across Pakistan.

According to a recent survey, an increase of 12% to 15% in the apartment developments along with apartment buying has been recorded. Previously, the apartment culture was only prevalent in Karachi but now we can see a tremendous boom in apartment construction in Islamabad, Lahore, and Peshawar due to surge in demand. Amazingly, these apartment projects are not being designed for middle or lower class but there are a number of luxury apartment projects both in Lahore and Islamabad that have been developed for upper class. These luxury apartment projects are usually furnished, semi-furnished and are equipped with top notch facilities.

When searching for investment options how can one decide between an apartment and a house? Here is a guide to help you with your decision.

Space

Space is one of the most important factors when it comes to buying property for your family. Apartments are usually smaller than homes therefore, bigger families are reluctant of investing in apartments. However, modern apartments are being bigger than previous projects where you can find small green areas or terraces. Apartments become suitable option for small families and newly-wed couples who do not require a bigger space. On the contrary, bigger apartments can cater to the needs of bigger families as well.

Monetary Situation

Whether you are considering buying or renting a living space option, another important factor is how much it costs. In most cases, an apartment costs lesser than a home due to more construction area in the latter. Again, apartments seem to be a preferred choice for people who are short of finances, newly-weds or those who are just starting their career.

Living Preferences

Another important thing that makes a home or apartment a preferred choice is your living preference. Despite having money in account, few people prefer living in apartment for a secluded lifestyle. Living in a home or apartment both have pros and cons but at the end it all depends upon what you prioritize more.

Based on the above-mentioned pointers, make your checklist and see which living option is suitable for you.