Importance of Gawadar Port Pakistan for Real Estate:
History of Gawadar:
In 2002, Gawadar Port Pakistan was tendered to the Port Authority of Singapore. Until then, the construction was not initiated.
During the same year, development of port was tendered to Port Authority of Singapore (PAS). PAS was unsuccessful to make Gawadar Port functional.Loss of millions of dollars was caused to the economy of Pakistan.
In the beginning of 2013, the port development was reassigned to China.
Gawadar has strategically important location on the Arabian Sea in the province Baluchistan, opposite to the Gulf of Oman which is significant path for oil tankers destined for Western countries and Japan. It was declared in 2015 that the port city and harbor will be further developed under CPEC (China-Pak Economic Corridor) with budget of $1.62 billion. The purpose is linking north Pakistan and west China to the deep-water-seaport.
Importance of CPEC:
The distance between Gawadar to Central Asia is only 1400 kilometers which is most economical. Pakistan can make millions of dollars from cargo management charges and port charges and freight charges for the import and export of goods through china and central Asia.
The Gawadar Port Pakistan is going be one of the major port cities of the world. Launch of China Pakistan Economic Corridor (CPEC) has unlocked new gates of growth and prosperity in Pakistan. Multi trillion-dollar trade will take place through Gawadar. If the development is done according to the plan, the infrastructure projects of CPEC will would contribute to 17% of Pakistan’s GDP . It will aid as a trigger for the development of businesses such as tourism, retail, hospitality, education and health.
CPEC proves to be a game changer. It has not only provided a trade route but has also benefited the real estate. Due to demand for housing, the property prices have doubled in recent months. With the development of Gawadar deep sea port, the demand for the hotels, resorts and recreational facilities is increasing. It is attracting the exporters, tourists and foreigners. As more Chinese expatriates travel to Pakistan, the more infrastructure development is increasing that allows access to formerly remote areas of natural magnificence or historic importance.
This deep sea Gawadar Port Pakistan will grow into the heart of world trade and is already drawing a lot of investors looking for property investment in Gawadar. Property prices of Gawadar have nearly doubled up in one last year and are persistently growing as the development is advancing.
The infrastructure of Gawadar Port Pakistan is established to hold out substantial developments in near future. Development of residential and commercial zones is being carried out by the GDA (Gawadar development Authority) in Gawadar. It will raise the demand of the real estate in Gawadar. There are basically 3 kinds of Gawadar real estate investments:
1. Residential Societies
2. Marine Drive Commercial
3. Open Land
About 150 residential societies are under the Gawadar Development Authority. Marine drive commercial is the devoted commercial region in Gawadar in which spaces for hotels, shopping malls, restaurants and high-rise buildings are allocated. While planning to invest in real estate of Gawadar, do not forget about Marine Drive. Depending on the location, its cost ranges from 50 Lacs to 200 Lacs per Kanal.
One can also buy an open land in Gawadar. This land can be utilized for different type of investments and projects depending on its locality. If it is adjacent to main road such as marine drive and shore highways, one can develop warehouse or storage facilities there in future. When the port will be fully functional, there will be huge requirement for such facilities. One can also capitalize in raw land a bit away from the seaport. Raw land is very low-priced at some places. It is easy to construct a decent society over 200 acres of land and is a good and affordable investment opportunity near Gawadar port Pakistan.