The prices in real estate in Lahore, in the Punjab region have had a strong rise in the last couple of months. The real estate prices for second hand homes have gone through a strong increase in this city.
The price per sq.feet in Lahore has increased strongly during the last 6 months. In May, the average price per sq.feet was Rs. 8,554. In the following month the price per sq.feet increased considerably to Rs. 28,968. The price for the following two months in (July, August) had a considerable increment of 152 %. The price per sq.feet has increased 114 % in the last two months compared to the average price for the previous four months. This was obtained by comparing the first four months of the period going from a price per sq.feet of Rs. 23,667.25 to Rs. 26,952 during September, and October.
Based upon to the price in Lahore (cities), these have remained the same in the last 6 months. In our first sample month during May, the average price is Rs. 1.23 crores. In June This price remains at Rs. 1.22 crores. In the following two months the average price has remained the same with regard to the previous two months from Rs. 1.22 crores to Rs. 1.21 crores. During the last two months, the average price has reduced with regard to the previous ones. To be precise it has gone down 92 %, going from Rs. 1.22 crores to Rs. 1.11 crores in September and October.
The graph displaying the average price for bedrooms illustrates that those properties with 1 bedroom are the cheapest ones. At a price of Rs. 1.12 crores they are 71 % more affordable than the average price for Lahore. The properties with the highest average price have 4 bedrooms, Their price is 58 % more costly than the average. After that we have properties with 3 bedrooms priced at Rs. 1.02 crores.
With regard to the average price per sq.feet , those properties with 1 bedroom are the most costly ones at a cost of Rs. 55,036 / sq.feet, with an average Rs. 27,604 / sq.feet price in Lahore. The properties with the highest average prices have 2 bedrooms. They are 237 % more expensive than the average followed by properties with 4 bedrooms with a price at Rs. 75,404 / sq.feet.
The graph displaying the average prices displays the property type "Apartment" as the most affordable one. At an cost of Rs. 1.12 crores it is 39 % cheaper than the average price in Lahore. "Commercial" is seen as the second most affordable property type. The dearest property type is "Land" followed by "Commercial Plot". At a price of Rs. 3.31 crores it is 386 % more expensive than the average price.
According to the average cost per sq.feet, the cheapest property type is "Land" at an average cost of Rs. 7,362 / sq.feet followed by "Commercial" priced at Rs. 27,921 / sq.feet. "Commercial Plot" is the most costly type of property with a Rs. 2.88 lakhs / sq.feet cost followed by "Apartment" with an average price of Rs. 2.67 lakhs / sq.feet.