I
n Kabul, a city that has endured decades of war and destruction, a new trend is emerging in the real estate market: peace is driving up property prices. Omidullah, a local real estate agent, is selling a stunning nine-bedroom villa for $450,000, a price tag that may seem steep given Afghanistan's economic challenges.
However, offers are pouring in from wealthy businessmen who have made their fortunes abroad and are now returning home to take advantage of the country's improved security. Many Afghans who spent years living and working overseas are coming back, drawn by Kabul's newfound stability.
The city's rulers, the Taliban, have created a more favorable environment for property investment by reducing violence and corruption. Real estate agent Ghulam Mohammed Haqdoost credits the new administration with making it easier to buy and sell properties, which has led to a 40% increase in house prices over the past three years.
For builders like Haqdoost, business is booming. His company employs hundreds of people, including women who deal exclusively with female clients, and he says most customers bring their wives along to viewings because they are the ones who ultimately decide whether to buy a property.
Haqdoost's clients are influenced by international tastes, seeking amenities like central heating, double-pane windows, and elevators in their homes. They also want gardens, gyms, saunas, swimming pools, and guest quarters – reflecting Afghan culture's emphasis on hospitality.
Outside the city, affluent residents have built elaborate homes near Qargha Reservoir, some of which resemble ornate mosques or Bond villain lairs. Arash Asad is trying to sell his uncle's property, a 4,000-square-meter plot with unobstructed views across the reservoir and to the Paghman Mountains, for $800,000.
Asad notes that Afghans value gardens and green spaces, which serve as reminders of their rural past. Despite the country's economic challenges, many Afghans have made their fortunes, either legally or illegally, and are now investing in real estate.
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