Land Prices Double in Karachi ‘Exciting’ Financier Habib
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A digger operates at a construction site in Karachi, Pakistan. Land prices in the nation’s financial capital surge amid rising demand and an improving security situation.
Photographer: Asim Hafeez/BloombergPakistani financier Arif Habib’s bet on Karachi’s real estate is paying off as land prices in the nation’s financial capital surge amid rising demand and an improving security situation.
Prices for Habib’s development in a 1,300-acre property at the northern tip of the city have more than doubled since 2012. Habib’s Javedan Corp.’s project called Naya Nazimabad offered plots for 6,800 rupees ($65) an acre four years ago, at a time when regular bomb blasts killed and maimed city residents. The plots are now selling for 20,000 rupees, Habib said. In Mumbai, India’s financial capital, property prices rose just 19 percent in the period.