With the announcement of good number of projects specially the North Gwadar Free Zone, the real estate in the overall Gwadar city likely to meet positive prospects. The Prime Minister of Pakistan Imran Khan himself unveiled also the plaque of Gwadar Fertilizer Plant, Gwadar Animal Vaccine Plant, Henan Agricultural Industrial Park, Hengmei Lubricants Plant and Gwadar Expo Centre.
Mainly recognized for the Gwadar Port – the leading venture of China Pakistan Economic Corridor – Gwadar is destined to become a vibrant port city and the hub of world trade. With Gwadar Port being fully operational now and inauguration of the Gwadar Free Zone Phase 1 by Imran Khan, a bundle of economic activities of around $10 billion per annum and thousands of new jobs are likely to be generated.
Real Estate in Gwadar
Naturally that also has to attract a lot of investors seeking real estate ventures and related property businesses. The Gwadar Development Authority launched development of various residential and commercial areas in the city. This in turn increases demand of the real estate with largely four diverse kind of Gwadar’ properties available for investments, residential, commercial, industrial and even raw land.
Despite bright prospects, the Gwadar real estate market has been a bit slow and static owing to the undeveloped basic infrastructure and ongoing global pandemic situation. There are roughly 75 residential real estate societies under Gwadar Development Authority with NOCs available. But the GDA has not yet provided the infrastructure required to operate housing societies in Gwadar. There are only two societies with some infrastructure i.e. Sanghar and New Town, while other societies are just barren lands with zero development.
It is said at present the priority of the GDA is working on development of the port, airport, expressway and other Government infrastructure required for the working of the port. The development of housing societies might be was not feasible in the past, however now when the port is operational and Gwadar Free Zone has developed, people would start migrating to Gwadar, the GDA should focus more on housing societies. “Soon after the completion of GFZ, a lot of manufacturing and trading activities will start, cargoes will move, and transshipment activities will increase,” says retired Lt Gen Asim Saleem Bajwa the Chairman of CPEC Authority.
Notwithstanding, as an investment point of view housing societies are not bad as they offer very cheap plots even now.
Gwadar Free Zone II
However with the latest industrial developments, more importantly the ground breaking of North Gwadar Free Zone, commonly known as GFZ Phase II, scenario is likely to prosper again. As compared to the first phase of the Gwadar Free Zone, which comprised 60 acres of land, the second phase is a huge project comprising 2,200 acres. Federal Planning Minister Asad Umar said the free zone in the north of Gwadar is “35 times bigger than the phase 1 industrial zone of Gwadar”.
Besides the above projects launching the agreement of installation of a desalination plant in Gwadar with a capacity of 1.2 million gallons per day and solar generators provision were also signed to solve the problems of Gwadar related to water and electricity.