The prices in real estate in Lahore, in the Punjab region have had a strong fall in the last couple of months. The real estate prices for second hand homes have gone through a strong fall in this city.
The price per sq.feet in Lahore has had a strong decrease during the last 6 months. In March, the average price per sq.feet was Rs. 21,094. In the following month the price per sq.feet increased considerably to Rs. 29,944. The price for the following two months in (May, June) had a considerable decrease of 75 with regard to the prior two months. The price per sq.feet has had a considerable deflation of 25 % 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. 22,361 to Rs. 5,597.5 during July, and August.
Based upon to the price in Lahore (cities), these have remained the same in the last 6 months. The average price during our first sample month during March, is Rs. 1.11 crores. During April the price went through a considerable rise reaching Rs. 1.29 crores. During the following two months (May, June) the average price fell 87 % with regard to the previous two months. During the last two months, the average price has pretty much remained the same with regard to the previous average values going from an average value of Rs. 1.12 crores and Rs. 1.08 crores between July and August.
The graph displaying the average price for bedrooms illustrates that those properties with 1 bedroom are the cheapest ones. At a price of Rs. 1.2 crores they are 65 % more affordable than the average price for Lahore. The properties with the highest average price have 4 bedrooms, Their price is 49 % more costly than the average. After that we have properties with 2 bedrooms priced at Rs. 1.26 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. 6,566 / sq.feet, with an average Rs. 3,949 / sq.feet price in Lahore. The properties with the highest average prices have 2 bedrooms. They are 150 % more expensive than the average followed by properties with 4 bedrooms with a price at Rs. 8,377 / sq.feet.
The graph displaying the average prices displays the property type "Residential Plot" as the most affordable one. At an cost of Rs. 1.2 crores it is 10 % cheaper than the average price in Lahore. "Apartment" is seen as the second most affordable property type. The dearest property type is "Building" followed by "Land". At a price of Rs. 4.94 crores it is 680 % more expensive than the average price.
According to the average cost per sq.feet, the cheapest property type is "Residential Plot" at an average cost of Rs. 3,096 / sq.feet followed by "Land" priced at Rs. 6,358 / sq.feet. "Building" is the most costly type of property with a Rs. 35,504 / sq.feet cost followed by "Commercial" with an average price of Rs. 26,303 / sq.feet.