
Urban gentrification is the process of revitalization and modernization in semi-urban neighborhoods into vast luxurious and posh residential societies to increase property prices and attract more affluent residents. It is an emerging issue in Pakistan, impacting property markets in most large cities like Karachi, Lahore, and Islamabad. Similar factors that influence gentrification in other nations — such as urban revitalization initiatives, real estate investment, and shifting demographics — also apply in the case of Pakistan. One of the key challenges of gentrification is the displacement of lower-income residents because of rising rents and home prices.
Rapid urbanization in Pakistan has been a key phenomenon over the past few decades, with the country experiencing a consistent rise in its urbanization rate. According to the population censuses of 1951 and 2017, the share of Pakistan’s urban population increased from 17.8 percent in 1951 to 36.4 percent in 2017. But, in terms of absolute numbers, the urban population increased from around 6.02 million in 1951 to 75.6 million in 2017, showing a compound annual growth rate of around 3.9 percent per annum. … Read Full Article.