Are you dreaming about a luxurious life? Ah, the perfect home where everything is exactly the way you want. But the concept of a luxury home is different for different people. While some say it’s about owning a unique yet elegant home that no one else has, others are simply concerned about the location. And for the third category, it’s all about having access to modern amenities.
However, according to the property agents, luxury real estate is more than a spacious, high-end property in a prime location. For them, it’s also about the price. In fact, luxury homes in a particular city are those valued in the top 10% of the local real estate market.
If you’re interested in investing in luxury real estate in Pakistan, then this guide is for you. I’ll highlight key factors to consider before purchasing and tips on how to find the right one.
But first, let’s examine some of the benefits of buying high-end properties.
As children grow up and get married, adequate housing space isn’t always available to accommodate expanding families. As a result, many people shift to flats. Moving into a luxury complex with countless high-end amenities like Chapal Skymark can support a very comfortable life.
Some people demand more privacy. So buying a luxury property in a gated community like Chapal Luxury Villas with access to multiple leisure activity spaces may be a better option. Besides facilities for a better lifestyle, these bungalows are an embodiment of luxury living, from splendid architecture to modern fittings.
In May, the annual inflation rate of Pakistan rose to 37.97%. Not surprisingly, people are looking for effective ways to protect their wealth. Since investing in real estate is a great hedge against inflation, more and more people are turning to high-end property investments. This is more evident in affluent buyers who are less susceptible to affordability. They are simply looking for feasible ways to protect their wealth.
Luxury real estate buyers know that they are investing in properties that have a great potential to appreciate over time. In other words, they know the value will increase due to the quality of the lifestyle they support, the scarcity of supply, and their desirable location.
But besides this, luxury properties are often located in high-end neighborhoods that have good schools and other amenities. That means they can generate high rental yields.
Investing in high-end properties can help leverage your equities portfolio by balancing your investment. Moreover, it can help mitigate the risk from other volatile assets, such as stocks and bonds. For instance, the stock market can become an unstable environment for investment, investors can take refuge in real estate since it’s a tangible asset with greater security and stability.
You’ll be investing a lot of money in a luxury real estate property. So you need to ensure you make a smart decision. So consider the following factors before signing any papers.
The reputation of a real estate builder is one of the most important factors to consider before investing. A reputable developer with years of experience building high-quality projects is someone you should definitely consider.
The next aspect you should look into is their portfolio. Have they developed a luxury project before? Look at existing developments to gauge the quality of their construction standards, structure, design, fittings, etc.
When looking at luxury real estate projects in Pakistan, choose the right location. Some cities are more developed than others.
However, even within a city, certain areas are more high-end than others. For example, in Karachi, just the name Clifton and Defense renders a level above everyone else. Not only is the standard of living better and the areas are more developed, but the price of real estate is also higher.
So the key is to invest in a property that is being developed in a prime location of the city. Pick locations that are in high demand, have a more developed infrastructure, cater to a better quality of life, and offer easy access to the city.
Luxury properties come with a hefty price tag. And since investing in real estate means a long-term schedule of monthly payments, you need to consider the total cost of owning the property. Besides the down payment and monthly installments, factor in hidden costs such as closing costs, legal fees, and fees to transfer the property to your name.
A luxury home most likely has a list of extensive amenities. Even though clean water and electricity 24/7 are considered luxuries in Pakistan, you want something more than the basics.
Find out what features of luxury real estate the property you are interested in is offering. For example, Chapal Skymark, the standout 50-story luxury residential tower offers amenities such as CCTV security systems, multilevel car parking, elevators, filtration plants, fire fighting systems, health clubs, senior citizen’s lounge, kids play area, etc. Choose a property that offers the amenities you need.
Before purchasing any luxury real estate in Pakistan, check whether all the relevant legal documents are in order. More importantly, ensure they are authentic.
Some essential real estate documents you should verify are:
If you’re ready to purchase a luxury real estate property, here are some tips to help you get headed in the right direction.
Recently, the investment trend in Pakistan has shifted to more profitable ventures. More people are now investing in luxury real estate rather than empty plots. And since the prices of property have skyrocketed over the past decade, this trend is expected to grow.
Study your investment options and find the most profitable one. You could invest in a luxury flat in a highrise building with high-end amenities. Or you can consider buying a luxury home with a design and layout that surpasses the ordinary.
One of the biggest factors you need to consider when choosing a luxury home is its location. Some areas of the city are more developed than others, so they have greater potential in increasing in value. Consider the surrounding neighborhood, the infrastructure and accessibility to the property, and the availability of amenities to determine if the money you are investing is worth it.
When you’re looking at luxury real estate, you need to keep $$$ in mind. But that’s no reason to shy away from a beautiful residential property. Most developers will ask for a 30% down payment with affordable monthly installments. However, you may be able to get a discount by making additional payments upfront.
Research the price of luxury real estate in nearby areas. Compare the size of the property, amenities offered, etc., and gauge whether or not you’re getting a good deal. Once you’ve done your homework, don’t be afraid to negotiate the price.
People are taking advantage of investing in luxury real estate in Pakistan. It’s time you did too. However, to make the most of investment opportunities, partner with a reputable property builder like Chapal Builders.
We have a variety of high-end properties to align with your investment needs and budget. Talk to one of our representatives for more information about our luxury real estate properties. Your luxury home is on the horizon.