Apartment living definitely has its perks and its downfalls. Many people choose a house over an apartment, while others would rather go for the benefits and the advantage of living in an apartment.

 

Obviously, both options have advantages and disadvantages; and the choice depends mostly on personal preferences and financial situations. 

 

Getting your first apartment is a big deal, and it can be tempting to rush out and try to do everything at once. The trend of buying luxury apartments has increased by nearly ten to twelve percent in Pakistan in the recent years. The number one benefit of living in an apartment is the financial aspect. Buying or renting an apartment is generally cheaper than buying or renting a house. In addition to an overall lower monthly payment, other financial components such as maintenance and utilities are generally lower because of the smaller space and the overall security and other concerns.

 

Increasing Apartments’ demand in Pakistan is primarily due to an expanding demand for secure, well-maintained housing apartments and its quick Return of Investment. Therefore, a quick rise of apartment buildings can be seen in many major cities and tiny towns.

 

Initially, apartment projects were mostly limited to Metropolitan cities, Karachi and Lahore, as cultural preferences in Islamabad, Peshawar, Quetta were for horizontal residential projects. However, with the rapid urban growth, cities have become crowded, land prices are skyrocket, and the apartment living trend in the country swiftly gripping in major cities as well as in small towns.

 

In the last few years, the demand for apartment buildings has rapidly soaring up nearly 35%, which has inclined to an increasing number of newly constructed high-rise apartment buildings in Lahore, Karachi, Islamabad, Rawalpindi, Peshawar and Sialkot.

 

While we feel less burden and responsibility if owning an apartment, this is the favorable time to invest into your future. Choosing a place to live and especially evaluating what apartment complex you afford is always tightly connected to your personal financial situations. Compare all your needs and situations carefully before making any real estate decisions.

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