For first-time travelers to Lahore, the obvious sight is that of a city feverishly engaged in development projects. Between the obvious sights and sounds of modern developments in the form of Metro Bus service, overhead bridges and underpasses, one can occasionally get a glimpse of under-construction buildings slowly emerging on Lahore’s skyline. Once completed, these buildings – some with state-of the-art apartment units – will most likely define the future living trends in the city that has so far not opened up to the idea of living up high.

Home buyers in Lahore traditionally like to live in independent houses, which explains why there are not many apartment complexes towering above the city.But with land prices becoming costlier – web portal Zameen says prices of plots in Lahore rose by 13.64% in the past 12 months – the future could see Lahoris opting to live in shared communal spaces like apartment complexes.

Sensing a change of priorities in the living habits of Lahore’s residents in the foreseeable future, some forward-looking real estate developers have already begun introducing such ambitious projects.

Projects such as T27 Tower, Maisonette and the high-end Mall of Lahore are some structures that have received positive response from investors. DHA’s Penta Square is another such project in the making, while development in Askari 11 community boasts of apartment complexes with units of varying sizes and costs.

Change in the city’s housing dynamics appears inevitable. Let’s analyze a few points that make us guess so.

Population

The estimated population of Lahore is estimated to be over 10 million per unofficial guesses and the growth rate just over 2%, ranking it among the top 50 most populated cities in the world.

Fast-paced urbanization coupled with a large influx of people from different regions of the country has stressed the city’s economy. Meanwhile, most established residential areas in the city have reached a concentration point due to utilizable land becoming scant and expensive. Therefore, development of residential plots is moving to the periphery of this ancient city and many developers are specifically developing apartments on both small and large plots of land. The little land left behind in the city’s main areas is sprouting with apartments which take less space and is a cheaper living option as well.

Cost of Living

The large population of Lahore has increased demand for affordable housing units. On the basis of demand and supply, the prices of basic commodities will keep rising as the demand soars.Though demand for residential units is increasing here, property prices in Lahore are still cheaper than Karachi, the original backbone of Pakistan’s economy.

Affordability is key for investors while purchasing residential units, and apartments provide the benefits of decent living conditions at comparatively lower prices.

Trends

For a person living in Punjab’s capital, owning an independent piece of land is a matter of great pride and a symbol of financial bliss. But as the city transforms into a genuine urbanized zone, developing more apartment complexes will only be a natural step in the right direction. For instance, Karachi’s counts on its apartments to accommodate a constantly expanding workforce that needs affordable housing to sustain themselves. Lahore is presently experiencing economic growth patterns as businesses flourish here. Under these circumstances, apartments will most likely become the cheapest answer to the city’s decreasing space woes and a growing population.

Security and Maintenance

Apartments promote a communal living style which provides a sense of security to residents.Security is now even more important in residential areas keeping in mind the increase in crime rapid growth of a city brings.

Though Lahore is one of the few peaceful cities in the country, there is still need to maintain the best safety standards in most residential areas. In these conditions, apartment complexes provide a secure gated environment for children to indulge in fun and frolic under the watchful eyes of adults.

Another plus point for apartments is that they are easier and less costly to maintain as compared to independent houses. One doesn’t have to take a wild guess to conclude that apartments will become a preferable living options for Lahorites as fast-paced urban life catches up with the residents of this city of gardens.