Impact of CPEC on Real Estate of Pakistan
- Post by: Public
- on: 27-08-20
China Pakistan Economic Corridor is an infrastructural uplift program of Pakistan with joint collaboration of Pakistan and China. Usually referred to as CPEC, the program is a part of China’s mega One Belt, One Road program and is set to be one of the longest trade routes with 3000+ KM. Primarily, CPEC is meant to improve the logistical and transport infrastructure of Pakistan from Khunjerab to Baluchistan. Apart from creating new land and railway routes, the CPEC project includes establishment of economic zones, electricity power plants and fuel pipelines. These projects will be mainly established along specific CPEC routes.
China Pakistan Economic Corridor (CPEC) has influenced the real estate sector of Pakistan in a positive way. Since Gawadar will be the main hub of trade activity, the city has seen a surge in real estate market. Also, along the way, the areas of South Punjab, Sindh, Khyber Pakhtunkhua and Gilgit Baltistan are also witnessing a rise in real estate prices and volume of transaction taking place. According to the real estate experts of Pakistan, CPEC has positively boosted the real estate market of Pakistan at large. For Instance, in Rawalpindi and Islamabad, the property prices that lie along the CPEC route have doubled since the corridor project was initiated. The same case has been witnessed in areas where Industrial Zones are to be established.
Islamabad’s real estate sector is set to gain a lot from the CPEC route. Since the twin cities, Rawalpindi and Islamabad, are set to host the norther route of CPEC; the real estate sector is currently boosting. Real Estate Investors from Pakistan and abroad are parking their investments around the proposed CPEC route site in order to gain the best possible leverage on their investment. The CPEC route will be bisecting Islamabad and Rawalpindi new the current Lahore – Islamabad Motorway. This area, due to inclusion in the CPEC route, has become an investment hotspot. There are myriad of residential and commercial real estate projects that have been announced by the public and private sector of this region.
Currently, Islamabad Smart City location and that of Blue World City enjoys close proximity to the proposed China Pakistan Corridor CPEC route. Both these housing societies are located along the Islamabad – Lahore Motorway with main access from Main Chakri Road of Rawalpindi. The housing societies also share a close proximity to Rawalpindi Ring Road. The Rawalpindi Ring Road was made part of the CPEC recently. Apart from this, these societies also enjoy closeness to New Islamabad International Airport.
Overall, the impact of China Pakistan Economic Corridor has been enormous on Pakistan’s massive real estate sectors. After the inauguration of China Pakistani Economic Corridor, many new real estate companies have been established in the country. These real estate companies are playing a major role of facilitating buying and selling of property along the China Pakistan Economic Corridor CPEC route. Formation of these companies and other businesses has also provided employment opportunities to Pakistani citizens.