New Delhi: Taliban’s takeover of Afghanistan has started to play havoc with the country’s economy. And now, the real estate industry is showing clear signs of a downturn. The real estate prices and house rent in Afghanistan’s capital city of Kabul have plummeted in the past few days.
Property dealers in the city suggest that the property rates and rent have fallen by as much as 50%, according to a report by Afghanistan-based media outlet Tolo News.
The dealers also point out that the business has decreased dramatically, with not many citizens showing interest in buying new houses. People either don’t have money to buy a house or they’re fleeing to some other nations, dealers noted.
According to a Kabul-based property dealer who is in the business for about 13 years, house rent prices have fallen by 50 per cent.
“House rent prices have fallen approximately by 50 per cent. If before this a house was rented for 20,000 Afs, now its rent is 10,000. The prices will fall further because people are migrating and are not interested in living in the country,” the dealer was quoted as saying by Tolo News.
However, some residents are welcoming the decrease in the rent prices, as housing will become affordable for many who haven’t received their salaries since the shift in power.
On the other hand, property prices in Delhi NCR saw a modest increase in real estate prices in the last decade. According to property consultant Anarock, property prices in Delhi NCR grew by 19% between the 2010-Q1 2020-Q1 period.
Overall, property rates in India grew by around 38% on average across seven major cities in India in the last decade. Pun witnessed the maximum increase in real estate prices at 67%, followed by Bengaluru at 49%, and Hyderabad at 45%. Also Read: Tired of working from home! 72% Indians want to return to office, says survey
Real estate prices in Kolkata and Mumbai Metropolitan Region (MMR) saw a jump of 44% and 33%, respectively. Also Read: 100% FDI for Telecom sector; read the major announcements of Modi govt here