KARACHI: The prices of property in the metropolis have skyrocketed with an unprecedented increase of 100 per cent.
According to a report published by Geo.tv, the price hike has made it impossible for the common man to own a property. What is more, owing to an acute dearth of affordable housing, the number of slums have also increased in the city.
In the recent past, property prices rose from 50% to 100%. Areas of the city where buying and selling of property are on the rise include Shah Latif Township, Northern Bypass, Surjani Town, Scheme 33, Malir, and Jinnah Avenue Road, the report said.
Prices of properties have doubled in areas where basic facilities like uninterrupted water, electricity, and gas supply are available.
Apartments on Jinnah Avenue Road are worth more than Rs10 million, while bookings for under-construction projects also cost up to Rs10 million. The value of a 120-yard plot in legally stable and well-equipped societies or commercial projects on the Northern Bypass is Rs1 million.
Meanwhile, the population of the city is rapidly increasing due to the influx of people from other parts of the country. Per the report, the inability to find affordable housing is increasing the number of slums and encroachments on properties.