Property millionaires are increasing in Pakistan
Any person who owns a property of worth one million dollars or more is considered as property millionaire. Massive property boom in the last decade has created many property millionaires throughout the world. Expensive properties can be found in the world’s top cities like Beijing, Chicago, Hong Kong, Istanbul, London, Melbourne, New York, Paris, Shanghai, Sydney, Tokyo and many other cities. Limited space, good employment opportunities and better living facilities make these cities most desirable to live in, which ultimately increases the property prices. High property prices in turn increase the number of property millionaires.
Property millionaires in Pakistan
Pakistan has its own list of property millionaires. Massive property booms of 2003-2005 and 2010-2013 have created many property millionaires in Pakistan. Majority of property millionaires in Pakistan can be found in Karachi, Lahore and Islamabad, as expensive properties are located in these cities. Due to the limited land and fast developments, land is becoming more and more expensive, and property millionaires are increasing in these top Pakistani cities.
Who are the property millionaires in Pakistan?
There are three types of property millionaires in Pakistan. In first category are the home owners that have expensive homes. People who own 2 Kanal or bigger houses, farmhouses or more than one house fall in this category. In second category are the people who own commercial properties in Pakistan. People who own shopping centers, restaurants, marriage or banquet halls, commercial plazas, hospitals, theaters, cinemas, private schools, private colleges, private universities and factories fall in this category. In third category are the people who own agricultural and farm land in Pakistan.
Rising property prices in Pakistan will create more property millionaires
Pakistan real estate sector is once again booming and property prices are constantly increasing. This increase is due to the record low interest rate at 6.0% and better financial situation as a result of direct foreign investments. China has recently invested $46 billion in Pakistan for the completion of Gwadar Port and Gwadar-Kashgar Economic Corridor. Gwadar will be one of most important financial centers of the world. Like other world financial centers, real estate in Gwadar would be very expensive that will create many property millionaires in Pakistan. Similarly, we will see increase in the number of property millionaires in Karachi, Lahore, Islamabad and many other cities of Pakistan due to the limited space, rising population and increasing property prices.