The Trend of Flats in Pakistan
It was not until the mid-2000s that modern housing societies and high-rise flats started to emerge in various parts of Pakistan. A large number of people living abroad for many decades returned to Pakistan during this time because of many reasons that caused a significant shift in the real estate market at home. As the market went up, developers and other stakeholders started coming up with new ideas to sustain the boom.
A flat is a small kind of house that contains a kitchen, bedrooms, baths, a lounge, and possibly a drawing-room sometimes. Most of the flats have ample parking space, and they are located in colony type areas. A flat looks like a room from outside, and a building contains several units.
Everybody likes to live in a spacious house that contains huge halls, big bedrooms, lawns, open lounge, etc. But as we all know, Pakistan is a developing country, where most of the people are unemployed or shifting between jobs. As Jobs are less, people searching for jobs are more. Even those who have jobs do not get much salary to fulfill all their needs. In this situation, just the right house is enough for these people. People search for affordable homes, but a separate house nowadays is not at all inexpensive. Even if you build a house by investing your money, it would still be challenging in one way or another. So flats are a solution to this problem. A flat is just like a house, but it is more affordable. It has several other advantages too which attract people to purchase a unit.
The Islamabad real estate sector is ripe with several investment possibilities. These are the main reasons why living in Islamabad is relatively costly, and flats as well as houses in Islamabad boast high price tags. Besides, Expats Pakistanis prefer to invest in the city because of the return on investment and investment security.
This bustling city is no short of commercial property options. Many Islamabad projects offer offices and shops along with apartments and flats.
Recently infrastructure developments in the city have played an essential role in increasing the value of the real estate. The Metro Bus project has played its part in raising the prices of properties situated along its route.
The city is also secure, which is why Islamabad homes, Islamabad plots, and Islamabad flats are sought after among home buyers.
For instance, take an example of flats for sale in Islamabad, as Al-Ghurair Projects like Defence Residency, Defence Tower, Defence tower II, El Cielo, El Cielo Prime, Lignum Tower and many more, have luxury flats offering the best views. The flats constructed on top of malls also provide a facility for underground parking, which is an excellent convenience for the people.
Another benefit of living in flats is the close vicinity to neighbors and it is comforting to know that people reside nearby. In spite of this, flat living is gaining demand because it offers an economical and hassle-free lifestyle, for increasing upper-middle-class households in Pakistan.
Housing schemes like DHA and Bahria Town, which has brought international living standards to the Rawalpindi real estate market, are currently the top areas to live in. Unlike the expensive rates of property, houses in Rawalpindi are affordable and investment-wise, there is a significant margin for growth. Moreover, Rawalpindi is fast developing both commercially and in terms of infrastructure.
Commercially, Rawalpindi has seen significant progress as well. New projects such as Giga Mall, D Mall, Mega Mall, and Emirates Shoppers Paradise aim to provide a first-class shopping mall experience meaning that there is no need to leave the city to buy the perfect new outfit or anything else.
Difference between a Flat and an Apartment?
Generally, a Flat is a British word used since the 19th century to represent a home that covers a whole floor in a converted large Victorian house. Hence, most flats occupy a single storey of a building. The living accommodation is not stand-alone and shares a common entrance from the corridor with other units.
An Apartment is an American word for a Flat. House builders and developers prefer the word apartment as it implies luxury and exclusivity better than the word flat does.
It could also be said that an apartment is a brand new flat, and conversely, a flat is a second-hand apartment, as most estate agents in the UK tend to use the word flat.
Advantages of owning a Flat:
- Increased security – this refers to upper floor flats only.
- Typically much cheaper to purchase than a house of a similar floor area.
- Lower property values result in a lower Council Tax banding.
- Additional facilities may be provided, for instance, a swimming pool, gym, and much more in the complex.
- No garden to maintain and no responsibility for organizing building maintenance.
- Ability to live in an area like a city center where owning a house would be prohibitively expensive.
- Ensured regular maintenance with fewer responsibilities than owning a home.
- More interaction with neighbors.