When it comes to residing in Pakistan, Lahore, being the country’s second-largest city, is a highly popular option. People are attracted to spending lazy summer afternoons in the crowded streets of the city and enjoy taking trips to Old Lahore to revel on cold December evenings. Considering this, it is not news that Lahore’s population is constantly on the rise, with people willing to live in pretty much every nook and cranny of this city.
In Lahore, the rental prices in 2014 were more or less stable. According to the rental search trends provided by Zameen.com, the top real estate portal in Pakistan, Defence Housing Authority (DHA) was the most sought-after location in the city in 2014. This beautiful housing society is expanding very quickly owing to the fact that living here is comfortable in every way, with its immaculately kept properties, wide and clean roads, peaceful neighbourhoods and lush green parks.
Within DHA, Phase 5 was the most desirable sub-locality. In DHA Phase 5, the rent for a 5-marla house ranged between PKR 40,000 and 46,000, while a 10-marla house had an average rental value between PKR 60,000 and 67,000.
Lahore Cantt was the second-most popular locality for rental accommodation in the city per Zameen.com’s search trends. This comes as no surprise given that security around the country took a serious hit over the last few months of 2014, and Lahore Cantt acted as a safe haven for many. In Cantt, the average rental price of a 5-marla house in 2014 was between PKR 35,000 and 37,000, while a 10-marla house cost between PKR 56,000 and 60,000 to rent.
Ranking third on the portal’s search trends was Gulberg, which is one of the oldest and most upscale residential areas in the city. A 5-marla house in Gulberg had an average rental price between PKR 35,000 and 38,000 and a 10-marla house averaged between PKR 60,000 to 70,000.
Gulberg attracts tenants from all parts of the city primarily because it is the city’s shopping, business and entertainment hub, with lots of high-end restaurants, shopping centres, corporate offices and schools.
Johar Town came in fourth on the list with an average rental price of around PKR 30,000 to 35,000 for 5-marla houses and PKR 50,000 to 59,000 for 10-marla houses. Johar Town is a highly popular suburb of the city that enjoys a great location as well as decent amenities and facilities.
In fifth place was Model Town. A very sophisticated community that dates back decades, Model Town has been attracting tenants for a long time now. Everything from schools to lush green parks, trendy cafés to hospitals, and business centres to entertainment opportunities is available in this part of the city. On average, the rental value of a 5-marla house in this locality was between PKR 30,000 and 35,000, while a 10-marla house went for PKR 55,000 to 60,000 per month on average.
These trends show that even though 2014 was a difficult year for Pakistan in general, the rental market still saw considerable demand in centrally located areas which offer good security.