The recent increase in the number of commercial property there. The most sought after properties include retail spaces and showrooms. Prices and demand for these have consequently increased by 15 to 25% in the last three years.
Here are three areas where commercial property is in high demand, and is available within a price range of five to 10 million rupees.
1. DHA has several recently developed commercial pockets. Foregin banks, high-end retail outlets, cafes, restaurants and supermarkets shops and retail space in low-rise buildings that offer amenities including escalators, generators and parking space. Popular commercial areas include: DHA Main Boulevard and Y-Block Market. Shop sizes range between: 100-300 square feet. Price range: Rs 15,000-30,000 per square foot.
2. Garden Town is located near Kalma Chowk – a well-known landmark of Lahore. Several high-rise have been constructed there recently which offer retail space; standalone shops are also available. Although offices, book shops and electronic stores have a presence there, the area is especially well-known for its eateries. Popular commercial areas include: Barkat Market and Main Boulevard, Garden Town. Price range: Rs 15,000-25,000 per square foot.
3. Gulberg is an upscale shopping district; the area houses several high-end boutiques and retail outlets, bazaars , beauty salons, computer shops and home stores, in addition retail space and showrooms in high-rise buildings, in addition to standalone shops. Popular commercial areas include: Liberty Market, Main Boulevard, Gulberg and M.M. Alam Road. Shop sizes range between: 100-250 square feet. Price range: Rs 17,000-35,000 per square foot.
By Syed Wajeeh-ul-hassan Naqvi. Information provided by EZ Real Estate, Lahore.