Gwadar property market is cooling down
Gwadar is the coastal city of Pakistan located in the province Balochistan. Gwadar has come to prominence due to its deep water sea port called as Gwadar Port. China wants to use this port for import and export of goods. China has heavily invested in Gwadar Port and other infrastructure projects like China Pakistan Economic Corridor (CPEC).
Gwadar real estate boom
First CPEC shipment was launched from Gwadar Port on 13th November 2016. Since then property activities have increased in Gwadar. Gwadar property prices have doubled in just 4-5 months. This is due to the massive influx of capital from investors and property dealers. People are flocking to Gwadar to secure hot properties and land to get high profits in the near future. Massive investment has resulted in high property prices in Gwadar. Average 1125 square feet plot price in Gwadar before shipment was PKR 400,000 but now it is PKR 800,000.
Now Gwadar property market is cooling down
Heavy investment in Gwadar real estate sector has created a bubble similar to that of 2003-2005 and results are same. Investors and property dealers are returning from Gwadar as once again property bubble is bursting. There are many reasons of this meltdown. First major reason is that many societies or new projects have no NOC’s or approval as these projects have no on ground land. Second reason is the development work in Gwadar. Gwadar has no infrastructure at all and it will take at least 10 years to develop airport, railway network and other infrastructure developments. Third reason is the frauds & property scams in Gwadar. Many societies and projects have no NOC’s. It’s highly recommended to stay away from risky investments. If you want to buy property in Gwadar, you should get complete details of society from GDA; Gwadar Development Authority.