PESHAWAR: The prices of properties and rent of housing units in Khyber Pakhtunkhwa have witnessed downward trends following the repatriation of more than 200,000 illegal foreigners to their home countries via the Torkham border.
Hayatabad, a posh township of the city where a five marla house was sold between Rs2.3 crore to Rs2.5 crore prior to the repatriation of illegal immigrants, has been slashed to about Rs2 crore while rent of the same house, which was earlier available on Rs45,000 to Rs 50,0000, was now being rented out between Rs35,000 to Rs40,000, according to APP.
Wisal Khan, chief executive officer of Sunrise Marketing, said on Wednesday that a notable decrease in rates of properties and rent of housing units was being witnessed in Peshawar and other big cities in KP following the repatriation of illegal immigrants that was started from 1 November 2023.
He said the prices of ten marla house at Hayatabad that was earlier available at Rs55 million to Rs60 million was dropped to Rs50 million while its rent went down from Rs70,000 to Rs60,000 owing to repatriation of illegal foreigners.
Property rates in other areas
Likewise, in Rasheedabad and Faqirabad areas of the city, the price of 5 marla house that stood at Rs1.5 crore earlier was dropped to Rs1.4 crore while the same house that was previously rented out on Rs 30,000 went down to Rs24,000 per storey.
Wisal Khan said the rates of housing units in other areas, including University Town, Tehkal, Gulbahar, Charsadda, Jhangirabad, and Dalazak Road, besides Wapda Town Peshawar, were also considerably decreased.
With the completion of the repatriation process of all illegal immigrants, particularly Afghans, he said rates of properties and rent of housing units would be further dropped in days to come in the province, especially in Peshawar.