March 13, 2021
Karachi’s Unprecedented Increase in Property Prices (Houses)
Karachi, Pakistan’s economic backbone, is a financial epicentre and an industrial base that generates 25% of the national Gross Domestic Product (GDP). It was recognised by the World Bank as the most business-friendly city in the world in 2007. The city provides the stimulus for Pakistan’s economic growth by producing wide-ranging exports such as textiles, steel, cement, machinery etc. The port city also offers access to the warm waters of the Arabia sea and acts as an important hub for the fishing industry. However, South Asia’s second-largest economy is facing a housing crisis with a shortfall of 10 million units. This is the result of the burgeoning population...
