Lahore infrastructure projects to boost property market
Lahore is provincial capital and 13th most populated city of the world. Lahore is also the most advanced city of Pakistan in term of infrastructure developments. Road networks and public transportation facilities are much better as compared to other cities. Lahore is the pioneer of Metro Bus & Train Services; Green Line Bus and Orange Line Metro Train.
Infrastructure work is always hailed as booster for real estate sector. Roads developments have mostly resulted in high property prices due to increase in real estate transactions. This is because many remote areas become accessible and people start investing, due to which property prices increase.
If we see the development trends in Lahore, construction of Northern Loop of Lahore Ring Road started the property boom in 2010. People started buying the properties on both sides of Lahore Ring Road and eventually prices started rising. Northern Loop of LLR uplifted the stagnant real estate sector.
Now we can see many infrastructure projects in Lahore like Orange Line Metro Train and Southern Loop of Lahore Ring Road. But unfortunately this time Lahore infrastructure projects failed to boost property market. Property market is stagnant since early 2017 and property prices are declining. The property price fall is due to less investment in reality sector as per;
Political turmoil in Pakistan
Decreasing purchasing power
Crack down on black money
It’s a fact that this time development works have failed to uplift the stagnant real estate sector. Property prices are falling at the moment and will keep falling to the point where honest tax payers’ can afford to buy. If we observe the property market; we can only see sellers but no buyers. Many estate agents have closed their agencies due to record low income.