Blue Area is the commercial heart of Islamabad, known for its prime location and thriving business environment. If you’re considering investing in commercial property here, you’re making a smart move. But the process can be tricky, especially if you’re new to real estate. Don’t worry, though. This guide will walk you through everything you need to know, from understanding the area to finding the perfect property for your needs.
Blue Area Speciality
Blue Area is located along Jinnah Avenue, right in the centre of Islamabad. It’s surrounded by important landmarks like the Parliament House, the Supreme Court, and some of the top hotels and banks in the city. This strategic location makes it an ideal place for businesses of all sizes.
CDA Approved?
Yes, Blue Area is a fully approved commercial zone by the Capital Development Authority (CDA), which is the governing body responsible for urban planning and development in Islamabad. This approval ensures that all properties here comply with the legal requirements and that there are no issues of encroachment or illegal development. This adds a layer of security to your investment.
Why Invest in Commercial Property in Blue Area?
- Prime Location: Blue Area is the hub of Islamabad’s business activity.
- High Foot Traffic: The area is always bustling with activity, ensuring visibility for your business.
- Well-Developed Infrastructure: Modern buildings, well-maintained roads, and access to public transport.
- Appreciating Property Value: Over the years, property values in Blue Area have consistently risen, making it a solid investment.
Different Types of Commercial Properties in Blue Area
There’s a wide range of commercial properties available in Blue Area. Let’s break them down:
Office Spaces
Many local and international companies have their offices here due to the central location. Office spaces are available in various sizes, from small units to entire floors.
- Average Price: Office spaces start from PKR 1.5 crore per 1,000 square feet, but prices can go much higher depending on the building’s location and amenities.
Retail Shops
If you’re planning to open a retail outlet, Blue Area is a great spot due to the high foot traffic. From fashion stores to electronics, the area is home to all kinds of retail businesses.
- Average Price: Retail shops can range between PKR 2 crore to PKR 5 crore depending on size and proximity to major roads.
Commercial Buildings
For large-scale investors, buying an entire commercial building might be an option. These buildings often have multiple floors that can be rented out or used for business purposes.
- Average Price: Full commercial buildings can cost anywhere from PKR 20 crore to PKR 100 crore or more depending on the size and location.
Steps to Buying Commercial Property in Blue Area
Buying property in Blue Area requires a few steps, and it’s important to follow them closely to avoid any legal complications.
1. Define Your Budget
Before you even start looking, it’s crucial to set a budget. Commercial property in Blue Area can be expensive, so knowing what you can afford will save you a lot of time.
2. Choose the Right Type of Property
Are you looking for a small office, a shop, or an entire building? Make sure you have a clear idea of what type of property suits your business needs.
3. Find a Reputable Real Estate Agent
Working with a knowledgeable real estate agent who specializes in Blue Area can make the process smoother. They’ll have insider knowledge about the best properties and can guide you through negotiations.
4. Check the Property’s Legal Status
Make sure the property you’re interested in is free of legal disputes and is fully approved by the CDA. You can request the seller to provide the property’s No Objection Certificate (NOC) from CDA to confirm this.
5. Evaluate the Property’s Market Value
Before making an offer, compare the property with similar ones in the area to ensure you’re paying a fair price. A real estate agent can help with this, but you can also research online or ask around for current rates.
6. Negotiate the Price
Once you’ve found the right property, it’s time to negotiate. Don’t be afraid to push for a lower price, especially if the property has been on the market for a while.
7. Hire a Lawyer
It’s always a good idea to have a legal expert look over the contract before you sign anything. This ensures all terms and conditions are clear and protects you from any future disputes.
8. Finalize the Deal
Once all the paperwork is in order and both parties agree on the price, you can finalize the deal. Make sure to keep a record of all transactions and agreements for future reference.
Current Prices of Commercial Properties in Blue Area
- Small Office Spaces (500-1,000 sq. ft.): PKR 1.5 crore to PKR 3 crore
- Large Office Spaces (1,500+ sq. ft.): PKR 4 crore to PKR 10 crore
- Retail Shops (100-500 sq. ft.): PKR 2 crore to PKR 5 crore
- Commercial Buildings: PKR 20 crore to PKR 100 crore
What to Consider When Buying Commercial Property in Blue Area
Location within Blue Area
Blue Area is a long strip, so some locations are more desirable than others. Properties closer to major intersections or landmarks like Centaurus Mall may be pricier but offer better visibility and access.
Building Condition
Check if the building is well-maintained and has modern amenities. Older buildings might require renovations, which could add to your costs.
Parking Availability
Parking can be a challenge in Blue Area, especially during peak business hours. Make sure the property you’re considering has sufficient parking space, or nearby parking options.
Accessibility
Ensure the property is easily accessible for both customers and employees. Being near public transport routes, such as the Metro bus stations, can be a big plus.
Resale Value
Commercial property is a long-term investment, so it’s important to consider how the property’s value will appreciate over time. Blue Area’s property values have historically risen, but certain locations within the area might offer better returns than others.
Financing Options for Buying Commercial Property
Not everyone can afford to buy commercial property upfront, so you might need to explore financing options.
Bank Loans
Most banks in Pakistan offer commercial property loans. You can get financing up to 70-80% of the property’s value, but it’s essential to have a good credit history and a solid business plan.
Private Investors
If you’re looking for an alternative to bank loans, private investors might be an option. In exchange for financing, they might want a share of the profits or a stake in the property.
Government Schemes
The government sometimes offers financing schemes for commercial properties, especially if they’re part of a business development initiative. Keep an eye out for any such opportunities.
Top Real Estate Agencies in Islamabad
If you’re looking to buy commercial property in Blue Area, these real estate agencies can help:
- Zameen.com – One of Pakistan’s largest real estate platforms.
- Star Marketing – Known for offering a wide range of commercial and residential properties.
- Sky Marketing – Specializes in commercial property in Islamabad.
Conclusion: Is Blue Area Right for You?
Investing in commercial property in Blue Area can be highly lucrative, but it’s essential to do your homework. Consider your budget, and the type of property that best suits your business, and ensure everything is legally in order before making a move. With the right approach, you can secure a property in one of Islamabad’s most prestigious business districts and watch your investment grow over time.
