Overseas Pakistanis residing in the UAE are eager to buy properties in major cities back home as the security situation improves in the country, according to a report released by a real estate portal.
The report shows that nearly 93 per cent of Pakistanis expats in UAE want to purchase property back home.
Speaking to Khaleej Times, the portal’s CEO Zeeshan Ali Khan said a lot of overseas Pakistanis find Pakistan’s flourishing real estate market the ‘best bet’ for investing capital.
Data reveals that overseas Pakistanis remitted $3.19 billion in the first two months (July and August) of the current financial year 2015-’16; a year-on-year growth of 5.42 per cent and a major portion of this amount was received from the Gulf countries including $483.29 million and $319.15 million from Saudi Arabia and the UAE, respectively.
“With remittances going up steadily, more capital is likely to be pumped into the property sector. As always, a large chunk of this investment is expected to come from the Middle East. In fact, more than 60 per cent of the $18.4 billion remitted last year came from Pakistani workers in the GCC, particularly in the UAE and Saudi Arabia,” Khan said.
Based on the number of inquiries, the data reveals that Bahria Town Lahore and Defence Housing Authority (DHA) Lahore are the top two preferred locations for Pakistani expatriates in UAE, followed by Bahria Town Rawalpindi and DHA Islamabad, which are then followed by DHA Karachi and Bahria Town Karachi.
Fifty-four per cent of Pakistani expats prefer to invest in plots and 37 per cent prefer to buy houses whereas 9 per cent show interest in buying apartments only, the data revealed.
On average, overseas Pakistanis are willing to invest Rs6.21 million in Bahria Town Lahore whereas DHA Lahore and Bahria Town Rawalpindi received enquiries based on an average price of Rs 14.56 million and Rs 4.45 million correspondingly.
“With a lot of private developments coming up, including an array of DHA projects in cities such as Gujranwala, Multan, Bahawalpur, Sialkot, Peshawar and even phase 9 in Lahore, we could see an overwhelming response from overseas Pakistanis who have an eye for top-notch projects across the country,” Khan said.
Speaking about the stability of the market in 2015, Khan said that the market has been stable in terms of rates, the overall growth has been slow in Lahore and Islamabad, However, Karachi has seen impressive growth, especially DHA, he added.
“Overall, the market activity has picked up since Eid Al Fitr and it could last until the end of the year. But we are not expecting any major price increments, like ones we saw in 2013,” Khan said.
Pakistanis residing in the UAE contributed $4.23 billion, or 23 per cent, to the total remittances in 2014-’15 while expatriates in Saudi Arabia remitted $5.63 billion and remained on top of the table.
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It's no secret that real estate agents earn high commissions. Although the commission is usually paid by the seller, the cost may be indirectly passed on to you. And real estate lawyers charge exorbitant hourly rates. This raises the question — do you need a real estate agent or attorney to help you buy a home?
My shoes were all muddy, so before I walked in my friend's house I sprinkled grass clippings all over my feet and said, “Excuse the mess—I just stepped in real estate.” While the value of my words wasn’t like 2007 prices, it was still worth enough for him to let me in without making me take off my shoes.
The buyer needs to have a valuation and an inspection report to ensure that the property is worth the asking price, as well as land and council searches to ensure that there are no rezoning issues likely to cause lifestyle problems in the future.
Whenever you go on a trip to visit foreign lands or distant places, remember that they are all someone's home and backyard.
Buying or selling a home is a personal endeavor. Working with someone you trust who will keep your best interests in focus is vital to a successful experience.
Our home is our castle, our sanctuary, our haven of safety. It is where we can just be, create, and enjoy the pleasures of life. Jewel Star
Pakistani's starting investing in pakistan since 2014 but now after the new taxes they will again move their investment to dubai.
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