HERAT CITY(SW): A number of traders in western Herat province has said that increasing insecurity and a gloomy economic future have led to the fall in real estate value.
They said the prices of furnished houses and property have seen a steady fall over the past 5 months. It is said that a house, which was worth $ 0.2 million now worth around $ 0.13 to 0.15 million.
The real estate agents say the average rent of a house in the slightly posh location of the city a while ago was around $ 600 to $ 700 per month but it has fallen to around $ 300. According to the assessment carried out by Salamwatandar of several key residential areas in Herat, the price of a house in the City compared to the past, has decreased by 40 percent.
The real estate agents believed that many people have lost trust in future. The local traders said that many of them now prefer to invest in foreign countries and are preparing to leave the country.
Some residents believed that the mounting insecurity and lack of a specific plan for economic growth have been the major reasons why people are not generously investing in real estate.
The residents feared if the government failed to address the concerns, situation would get worst causing joblessness and migration.
Habib-ur-Rahman Pedram, a member of Herat Provincial Council, said that the worsening situation in the province was the result of the poor performance by the Government of National Unity. He stressed that the leaders of the GNU have failed to meet people’s demands.
ENDS
