Nowadays, real estate investment and the notion of living are changing across the country rapidly. The reason behind this is the development of high rise luxury, residential, and commercial buildings with modern infrastructure. Similarly, increasing taxes and construction material has shifted many investors to purchase luxury apartments rather than houses and plots. Luxury apartment buildings deliver numerous opportunities to residents and investors, such as guaranteed high returns on investment, rental service and hotel apartments, fitness, and other facilities.
Luxury apartment communities go beyond luxury living and many advantages tag along with becoming a resident of one. Nowadays, Lifestyles are more personal than ever. Accessibility is the key to all actions. Where ever anyone stays, it dictates the quality of life and the beauty of it.
The market of real estate has seen a reappearance with the luxury market showing substantial growth across the country. Still, the regular apartment continues to be a popular choice with the salaried and middle class. Experts on real estate are incredibly positive about the demand for both regular and luxury apartments. While luxury apartments provide quality, convenience, and comfort, as for regular apartments, they come with their benefits. Survey shows that up to 60% of first-time homebuyers go for regular apartments.
The trend of purchasing luxury apartments in Pakistan has amplified by six to nine percent in a decade. Primarily due to increasing demand for well-maintained and safe housing units. A report on real estate by Graana shows that between 2010 and 2016, regular and luxury apartment prices rose by more than 100 percent, while houses registered at a slower pace as 80 percent.
Moreover, expats and modern families prefer to invest and live in luxury apartments, especially in big cities, like Karachi, Islamabad, and Lahore, because of such massive buildings located on central locations of city centers, from where the approaches to other landmarks are easier. Another factor is security, services, and safety, which are offered by the developer in luxury apartments. Also, houses are getting more expensive every day, even at distant places of the city, which is boosting the buying of flats.
However, take an example of apartments in Islamabad, including Al-Ghurair Giga Projects such as Defence Tower, Defence Tower II, Defence Executive, El Cielo, El Cielo Prime, etc. have luxury apartments comprising of 1, 2 and 3 bedrooms giving the best view.
Kinds of Luxury Apartments
In Pakistan, there are two types of luxury apartment buildings, which categorized as Residential and Commercial. Both offer the same facilities, but commercial buildings are more favorable for investment prospects and living.
Commercial luxury apartment buildings generally located on the prime location of wide main roads, where plots are much expensive compared to the location of residential apartment buildings. Hotel apartments can be used as Commercial apartments, which in turn is profitable for rental income. Apart from a prime location, commercial apartment buildings offer more commercial facilities like food courts, gym, brand shops, dine in restaurants, spa, and many others for their residents.
Residential Luxury Apartments
Majority of residential apartment buildings are situated near residential areas, where the roads are bit narrow, and plot prices are not high as Commercial land prices. These buildings are commonly located in the streets rather than on Main boulevards. Besides, residential luxury apartment buildings also offer some facilities like Gym, Swimming pool, Spa and rooftop restaurants, etc. but the thing is that mostly these buildings do not comprise with food courts and brand shops.
Advantages of Luxury Apartments Living
- Independent homes, where a single house built on a large area of land, and most people in one home are not aware of what is happening over their compound walls. Although the advantages of apartment living is that building friendships between apartment neighbors are quite easy.
- Luxury apartments are Eco-friendly.
- Luxury apartments provide ample amenities like gym, swimming pool, spa, rooftop restaurants, tennis courts, secure car spaces, and much more.
- Security with the latest technology is one of the main reasons that people opt for luxury apartments. One can never compromise on the safety of their loved ones.
To choose a luxury apartment, one must ponder all the facts and figures. Analyze the complete building in terms of location, rental prospects, and amenities. The commercial luxury apartment buildings are much suitable for this purpose. Although Commercial luxury apartments can be altered into a hotel in return, which ensures the highest resale and rentals value. A little price difference between residential buildings and Commercial apartments is justified, as residential land is less expensive compared to commercial building land. Another fact is commercial projects offer more facilities and return on investment purposes.