KARACHI: The local real estate market is abuzz with reports that some political candidates contesting the national elections have sold their properties in the city to finance their campaigns. Also, some are said to have traded their properties in Dubai.

However, the estate agents and builders, interviewed by Dawn, have shown their ignorance about this kind of activity.

Property prices have surged five to six times during the last five years. Plots purchased at measly rates five years back fetch millions despite the current slowdown.

“Honestly, I do not have any knowledge about contesting from Clifton and DHA areas who are involved in selling properties for campaigning,” Owner of Pak Estate in Clifton, Khan Zubair Shaheen told Dawn, adding that even he does not have any knowledge about property selling in Dubai by political candidates.

“We are actually the first to know about the background of any buyers and sellers but so far we do not have come through this kind of rumors or reports,” he said.

Another estate agent in Clifton, who asked not to be named, said rumors were swirling in the market about property selling by some candidates for election purposes but he could not confirm about any specific case.

“There is a possibility that the candidates, who own property in their wife or children names, might have sold out land or plot, but it is hard to identify the candidate,” he said.

An estate agent in Gulistan-e-Jauhar said he did not have any information about the selling of land and plots by contesting candidates.

Chairman Association of Builders and Developers Hafizur Rahman Butt also said he had no knowledge about any property selling by political candidates.

The estate agents hope that the property prices may rise by 15 to 20 per cent after the formation of the next elected government.