Growing Popularity of Shopping Malls in Lahore: What to Look for in 2021
Lahore, the city where traditional street markets were once considered an integral part of the local economy and culture, is now home to some of the most famous shopping malls in the entire country. Over the last few years, malls in urban centres have evolved from mere brick-and-mortar establishments housing department stores into integrated complexes that allow people of various ages to shop, dine, play, and socialize all under the same roof. This rising popularity of shopping malls in Lahore has not only led to a major shift in consumer behaviour but also caught the eye of builders and investors alike.
In other words, if there was ever an ideal time to invest in the commercial real estate market of Lahore, this is probably it.
Evaluating the data accumulated over the past three years, acco.com.pk – the leading property portal in Pakistan – noticed a dramatic hike in the popularity and prices of commercial property in Lahore. For instance, the demand for commercial units in the city increased by 106% between 2018 and 2020, whereas the average per square feet price of retails outlets saw a rise of more than 20% during the same period.
Moreover, as of December 2020, the average rental yield for shops in Lahore stood at an impressive 6.3%. The yield was even higher for retail units located in posh areas, well-known shopping malls, and prominent mixed-use developments in Lahore.
Given the fact that many of these commercial units in Lahore were made available rather recently, these statistics are not just astounding but also highlight the promising investment prospects of commercial developments in the city.
So, whether you are a real estate market entrant evaluating your investment options in Lahore or a genuine buyer looking to earn high capital gains, investing in commercial property may be your most profitable option.
THE TOP AREA FOR COMMERCIAL DEVELOPMENTS IN LAHORE
Gulberg is undoubtedly one of the top areas for commercial investment in Lahore
Keeping in line with Prime Minister Imran Khan’s vision of creating vertical cities to prevent urban sprawl as well as the unprecedented shift in real estate trends from plots to high-rises, the centrally located area in Lahore are increasingly seeing an addition of high-rises. In this regard, the highly sought-after neighbourhood of Gulberg definitely stands out as the epicentre of vertical development in Lahore.
Being one of the most prominent commercial hubs of Lahore, Gulberg has always held major importance in the economy of the city. In fact, according to the data recorded on Zameen.com, the prices of commercial and residential property in Gulberg rose by 50% between 2018 and 2020, with experts anticipating an even higher growth rate in the next two years.
The Lahore Development Authority (LDA) has also introduced several changes in its bylaws to facilitate the construction of commercial projects in Gulberg – including amending the maximum height limits of multi-story mixed-use and commercial buildings well as allowing residential property owners in Gulberg to utilize their premises for commercial purposes.
Owing to the increase in construction activity and development of ultramodern projects such as Grand Square Mall, the area of Gulberg has become the biggest, even more promising business district in Lahore hosting luxurious shopping malls, high-end apartment buildings, exclusive hotel apartments and ultramodern corporate towers.
POPULAR AND UPCOMING SHOPPING MALLS IN LAHORE
Emporium Mall is considered one of the most popular shopping destinations in the bustling metropolis
Shopping malls in Lahore are much more than just a shopping destination. Along with featuring retail outlets of various brands, these commercial complexes are also home to famous restaurants and cafes, children’s play areas, cinemas, food courts, hypermarkets and much more. Today, when people visit a shopping mall, they are looking for more than just a comfortable shopping experience. They look for a place where they can hang out with their friends or family, dine at their favourite eatery, enjoy a movie, and essentially have a great time – all within the same premises and in a safe and secure environment.
Presently, Packages Mall, Emporium Mall, Mall of Lahore, Amanah Mall, Pace Shopping Mall and Fortress Square Mall are some of the most prominent shopping malls in Lahore. All of these commercial developments have turned out to be rather profitable investment options owing to their highly accessible location, exceptional architecture, high-end amenities, and other innovative features.
Some believe these malls have already set unbeatable standards when it comes to luxury shopping and dining experience. However, there are many under-construction projects across the city that are all set to give these existing malls a tough competition with their state-of-the-art facilities that ensure customer satisfaction as well as a high return on investment (ROI). Some of the most notable examples in this regard include City Star Shopping Centre on the main Model Town Link Road, Zee Avenue near Punjab Assembly, Square One on MM Alam Road, Al Hayat Center in PIA Housing Scheme, and most importantly, the breathtakingly beautiful project of Grand Square Mall in Gulberg. These promising premium developments in Lahore are in different stages of construction and will tower the skyline of the city in the near future.
INVESTING IN SHOPPING MALLS: WHAT TO LOOK FOR IN 2021?
There are around 30 high-profile mixed-use projects under construction in Lahore right now. Needless to say, many of these projects are currently in advanced stages of development, which means you can expect their prices to increase manifold in near future. In addition to that, many of these commercial projects will also be launching their second batch of units according to the then market rates to accommodate the growing demand of investors. Keeping in mind the aforementioned statistics for commercial property prices in Lahore, one can easily predict the rates to steadily rise over the next few years.
Therefore, if you want to make the most out of your investment, it is more important than ever to seize this opportunity and invest in an up-and-coming project as soon as possible to enjoy greater returns.
This trend of commercial developments in Lahore is believed to be healthy for both the real estate market and construction industry. Moreover, the prime minister’s construction industry relief package has also played a vital role in keeping the activity intact in construction-related industries across the country.
The package focuses on stimulating economic growth in Pakistan by encouraging construction activities, subsequently offering daily wage labourers better job opportunities. Most importantly, as part of the relief package, the government announced that those investing in the FBR-registered projects would be exempted from disclosing their source of income – making this a perfect time to invest in the real estate sector.
WHICH PROJECT DOES ZAMEEN.COM RECOMMEND?
Grand Square Mall offers a wide range of investment options at rather affordable prices
If you are looking for highly reliable and profitable investment opportunities in Lahore, you don’t need to look any further than the magnificent development of Grand Square Mall, Lahore.
Located in Gulberg opposite Centre Point and Mini Golf Park, this brilliantly designed residential and commercial complex is the brainchild of Salman Developers, a well-regarded real estate developer in Pakistan. Featuring stunning façade, superior development standards, and quality finishes, the high-end project of Grand Square Mall provides buyers in Lahore with a wide range of lucrative investment options – including high-end shops and well-equipped office spaces along with studio, 1-bedroom and 2-bedroom luxury apartments on a convenient payment plan.
The property in Grand Square Mall is available on affordable 36-month instalments and only requires a 30% down payment at the time of the booking. As far as its investment prospects are concerned, the upcoming development guarantees a 5% annual rental yield on its split-level retail units. Moreover, investors can expect 40% to 50% of capital gains in the next three years.
Those interested to learn about the features of Grand Square Mall must check out our detailed analysis of the project.
To conclude, the growing popularity of shopping malls in Lahore and their evolution from a simple compound featuring a collection of retail stores to multi-storey structures housing commercial, recreational and entertainment facilities have opened up new investment avenues for buyers and investors in the city. This paradigm shift in the real estate market is led by innovative projects such as Grand Square Mall, which offer amenities and facilities that are hard to beat.
So, if you want to book a unit in Grand Square Mall, we suggest you fill up the form at the bottom of the page (for mobile users) or on the right (for desktop users) ASAP.
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