City property prices fall amid Covid crisis

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The Sindh government’s new coronavirus restrictions have left commercial property owners in Karachi worried.

Property dealers have expressed their concerns over the declining rate of property and rent in multiple areas of the city.

“Uncertainty has increased and owners are finding it increasingly difficult to take rents from shops, offices, and food outlets,” a dealer said.

A real estate agent, when contacted, said that the number of commercial property buyers has decreased. “Property owners have been forced to accept rents at lower rates.”

For instance, if they were charging Rs1 million rent for a commercial property before, they now have to make do with Rs0.7 million, which is 30% less for the same property.

Dealers said that those who purchase and rent out commercial properties are suffering the most during the lockdown.

A partial lockdown has been imposed in Sindh from July 31 to August 8 to curb the rising coronavirus cases in the province.

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