balconies, high ceilings, high dust impact, investing in a penthouse, Islamabad, Karachi, Lahore, large covered areas, large windows, luxury homes, Penthouses, privacy, reduced noise pollution, roof gardens, top floor, Uzma Nawaz
Until the early noughties, penthouses were primarily limited to Karachi. However, over the last five years, their construction has increased in Islamabad, and recently in Lahore, due to an increasing annual demand of five to eight percent. No wonder then, penthouses are gaining traction among investors and homeowners alike.
If you are thinking about buying, renting or investing in a penthouse, factor in the following:
- Located on the top floor of apartment buildings, penthouses are positioned as luxury homes; residents enjoy privacy and much reduced noise pollution as they do not share floor space with other people.
- The covered area of a penthouse is substantially higher than an apartment and usually ranges between 3,000 and 4,000 square feet. Penthouses can therefore accommodate higher ceilings and larger windows and balconies than apartments, as well as features such as roof gardens.
- The maintenance costs are relatively higher (five to eight percent) compared to apartments, due to larger covered areas and high dust impact. Penthouses are usually hotter, resulting in higher electricity bills.
- The resale and rental values of penthouses are 10 to 15% and 20 to 25% higher than apartments, respectively. However, due to these higher prices, penthouses tend to take longer to sell.
- Penthouses are available in the following areas in Pakistan: Islamabad – Sectors E-11 and F-10; Karachi – Clifton, Defence, Gulistan-e-Jauhar and PECHS; Lahore – Cantonment and Gulberg.
The prices of penthouses (in rupees) in Pakistan are as follows:
Karachi Number of bedrooms Purchase price ranges Monthly rental ranges
3 20-35 million 60,000-100,000
4 35-55 million 120,000-300,000
Lahore Number of bedrooms Purchase price ranges Monthly rental ranges
3 18-20 million 45,000-80,000
4 21-35 million 90,000-200,000
Islamabad Number of bedrooms Purchase price ranges Monthly rental ranges
3 20-38 million 50,000-180,000
4 39-45 million 190,000-280,000
– Uzma Nawaz Information provided by AE Estate, Karachi.
First published in the Real Estate Section of The DAWN National Weekend Advertiser on November 30, 2014.