Increasing Demand for Apartment Living in Pakistan

The global real estate world is evolving swiftly; why is Pakistan's real estate pressing its speed accelerator steadily? All around the world, people are demanding and attempting to purchase apartments for a tranquil living. While in our country, the majority of general folk have a mindset that buying land in the air is like a wild goose chase. Nevertheless, this primitive mindset has changed a lot with time, especially in metropolitan cities like Lahore, Karachi, Islamabad, etc. Moreover, real estate developers have started setting up high-rise apartment buildings in response to the increasing demand for apartment living in Pakistan.

Many factors like skyrocketing land prices, lack of living space in the cities, affordability- convenience- foolproof security in apartment buildings, adults' tech-savvy mindset, urban population surge, and many more are increasing the demand for apartment living in Pakistan.

Adults Tech-Savvy Mindset

Less area means minor disorder; less disorder means less time spent doing household work like dusting, sweeping, etc. Millennials, also called Generation Y, are famous for their tech-savvy and e-type methodology.

As per?the United Nations Development Programme?Report, Pakistan falls on the list of those few countries with a large proportion of millennials in its population. Millennials, also known as Generation Y, are now triggering changes in the real estate market with their tech-savvy game plans.

Easy-To-Maintain?Apartments

Often considered a 'lazy' generation, millennials prefer an apartment over a house. Life is like a race in contemporary times, so they believe that home should be easy-to-maintain.

Affordability

The skyrocketing real estate prices are deemed the second most significant factor increasing the demand for apartment living in Pakistan. The outbreak of the COVID-19 pandemic has pushed a great many people into the trench of underemployment and unemployment. It is now a daunting task for the adult population to purchase plots and build homes on them.

If we talk about the rental trends, the rental prices of apartments are also lesser. For instance, the rent of a?2-bed apartment in Bahria Town Lahore?ranges between 20K PKR and 55K PKR per month only. That is why they now prefer apartments in high-rise buildings, as their final prices are relatively lower than the houses.

All-Time Foolproof Security

Similarly, the availability of all-time foolproof security in the towering building backs the increasing demand for apartment living in Pakistan. Unemployment, inflation, and poverty are increasing, so crimes are growing in the country as well.

If we look from this side of a triangle, it is easy to provide people living in apartments with the security that they require to the utmost. Security cameras are usually installed at various building locations, which hinder theft, robbery, and other criminal activities. So, it is safer to live in apartments under the aegis of 24/7 security surveillance.

Urban Population Surge

One more factor escalating the increasing demand for apartment living in Pakistan is the rapidly growing population. The predominantly urban surge has pushed Pakistan into a state of anxiety and pressure. Pakistan, the 5th?largest country in terms of population, has the?3rd?largest population growth rate, i.e., 2 percent.?

The rapid growth in the population has also pushed the country into the list of most polluted countries. For example, Lahore is among the top 10 polluted cities in the world. Additionally, there exists now less space on the peripheries of the megacities for expansion. Thus, the growing urban population is stimulating the demand for apartment living in Pakistan, without a doubt.

Convenience

The communal facilities and amenities are nearby for the people residing in the apartments; on the other hand, the scenario may differ in societal life. In most apartment buildings, the commercial market is inside the building or nearby it.

Gym, cafes, food shops, laundry shops, offices, parking facilities, etc., are usually available. So, convenient living in apartments is an excellent option with all basic facilities in your easy access.

Pakistan's Vision for Vertical Cities

The previous government of the country unleashed its maximum efforts to fulfill its vision for vertical cities in Pakistan. The ex-PM Imran Khan is a staunch proponent of this communal idea. Last year during the launch of the State Bank's finance policy for low-cost housing in Islamabad, he had said that?the sky is the limit.

The incumbent government is also pursuing the same track and leaving no stone unturned to achieve the state vision for vertical cities. Predominantly, working on this vision is at a faster pace in Islamabad, Karachi, and Lahore. It would help the country better utilize land and free up more land for green spaces.

For more information, you are welcome to knock on my inbox.