LAHORE (Azka Naeem) : Lahore has entered the fourth quarter of 2014 with rental prices for properties stabilizing in some localities while dwindling in others. On the whole, however, the City of Gardens still sees high demand for rental property. According to the search trends of a property web-site, the leading real estate web portal in Pakistan, Defence Housing Authority (DHA) remains the most sought-after locality in Lahore for rental accommodation.
Being a cultural, economic and commercial hub of Pakistan, Lahore is home to a number of historical buildings which attract tourists from all over the world. While one segment of the city holds immaculate housing societies and posh localities, the other holds colourful bazaars, with fruit and food outlets, narrow streets and a hospitable crowd. This vibrant combination explains why people wish to secure a house for rent in this beautiful cultural heart of Pakistan.
Following DHA, Cantt and Gulberg take second and third place respectively as per search trends for houses for rent in Lahore. These localities are not only renowned but also have a serene environment, ample security and peace, thereby attracting tenants to secure a home there. However, considering the inflation-ridden economy we live in today, having a look at the prevalent rental prices of these three localities is necessary.
Fourth quarter rental prices of the top three localities
Houses for rent in DHA Lahore are high in demand and per stats for the month of December, the average rental price of a 10-marla house in DHA is Rs 80,000, up 9.19 percent from last quarter.
On the other hand, Cantt, which is equally sought-after by tenants, saw a drop in rental prices of 10-marla houses by 3 percent since October 2014. While this is because of the fact that the year is ending in less than two weeks and that the market is facing low levels of activity, Canttis still the priority for many families as it provides extra security and a fine residential location. Currently, the rental price of a 10-marla house in Cantt is Rs 90,000 on average.
Lastly, one of the oldest and best localities in Lahore, Gulberg, saw a 9 percent drop in the rental prices of 10-marla houses, with the average rental price at Rs 110,000 at the moment. The fall in rental prices goes hand in hand with high in demand for houses for rent in Gulberg, as it offers a complete package, including beautiful houses located near the huge commercial centre of the city.
Other prominent localities that follow the top three most-searched-for localities include Johar Town, Model Town and Askari. As the overall market is still getting better and will hopefully enter the New Year with flying colours, the chances of other localities gaining the interest of tenants are also high.
