Are you looking to invest in the real estate market but have no investment guide for overseas Pakistanis? Worry not!!!
As we have a complete guide for you on the real estate market, current real estate trends, and expected returns for potential investors.
The overseas Pakistanis face many challenges and obstacles when they wish to invest in the real estate sector on many fronts. This is why the people living abroad fall into the trap of sham projects, ultimately losing money for nothing.
Overseas Pakistanis and foreigners’ property developments and interests have grown in real estate for many reasons. One of the reasons is the favorable government policy to provide financial freedom and tax amnesty to provide ease-of-doing-business in Pakistan.
INVESTMENT GUIDE FOR OVERSEAS PAKISTANIS
So, let’s begin our investment guide for overseas Pakistanis who wish to invest in Pakistan’s economy by earning higher returns. So, it is a win-win scenario for the government and the overseas Pakistanis.
REAL ESTATE MARKET IN PAKISTAN
Pakistan’s real estate market is on boom due to the recent developments in the sector. The main reason is the growing population of Pakistan. The current population of Pakistan is 228 million, according to the statistics of the world meters in March 2022.
And, 65% of the people consists of young people who need new houses to live in. The current house deficit is 10 million, which needs to be eliminated by constructing new homes. Moreover, the researchers have estimated that this deficit will worsen and reach as high as 13 million houses by 2025 if the government does not pursue practical actions.
So, we can say the real estate market is untapped and have opportunities for investors to make higher returns. Moreover, many people migrate to metropolitan cities to make a living and get themselves out of poverty.
Only the developed real estate projects could accommodate these people by providing the necessities in urban areas. Karachi, Lahore, Islamabad, Faisalabad, and other metropolitan cities still have a shortage of houses.
So, if overseas Pakistanis invest today in the real estate market, they can earn huge and handsome returns in the future as the demand for houses is expected to grow in the upcoming years.
OVERSEAS PAKISTANIS FOUNDATION
Developed in 1979, the Overseas Pakistanis Foundation aimed at providing convenience to overseas Pakistanis. The welfare of the people of Pakistan who live is at the heart of this organization. Moreover, this government organization aspires to provide hassle-free services to the people living abroad when they seek help.
OPF is currently providing the following services to Pakistanis living in other countries:
- Airport Facilitation
- Ambulance Service
- Foreign Exchange Remittance Card (FERC)
- Financial Assistance
- Pakistani-German Facilitation and Reintegration Centre (PGFRC)
OPF provides services to those investors who plan to invest in the real estate sector to save them from any financial hurdles and scam housing schemes in Pakistan. So, if overseas Pakistanis use the platform of OPF to purchase property, they can invest in safe real estate projects.
You can become a member of OPF by paying a minimal fee of Rs.2000 only. However, you can remain an OPF member as long as you reside abroad.
Moreover, the investors can invest in OPF residential apartments. With only 10% down payments and three years of quarterly installments, you can become the owner of luxurious apartments in the heart of Islamabad.
REAL ESTATE INVESTMENT AND TAXES
To mitigate the financial hurdles, foreign investors can open an account in Pakistan, and the Roshan Digital Account is an excellent initiative. Moreover, the investors are no longer required to submit file returns before investing in real estate.
However, the real estate sector has been revamped with many favorable initiatives to encourage property investment in Pakistan. So, the investors can invest in this sector without the need to whiten the money and show their assets. The government is still providing loans and other financial assistance to the developers and the house buyers to give a boost to the investors.
So, this is a ripe time for investors to start buying property and earn higher returns. If they invest today, they can reap the benefits of their investment years later when the market will reach at its peak.
Finally, here are the steps the overseas Pakistanis need to follow before they invest. So, if you are still confused about the investment and feel a fear of being dodged by the scammers. Here are the best Investment tips for overseas Pakistanis
- Define your investment objectives
- Evaluate your investment options
- Conduct deep research, or hire the services of a credible realtor
- Always choose those housing societies or real estate projects approved by the development authorities of any city. Examples include Capital Development Authority, Rawalpindi Development Authority, Karachi Development Authority, and Lahore Development Authority.
- Receive complete documentation to claim ownership of the property from the relevant developers—registry and Allotment letter.
- Clear all the dues using legal channels
- Maintain the record of each communication and transactions
In sum, investment in Pakistan real estate is no more a complex process. The government has provided many incentives and lucrative tax amnesties to attract investment from abroad. So, it is high time for real estate investors to invest in housing projects as the housing crisis is rising due to population pressure.
This article provided a property investment guide for overseas Pakistanis. Moreover, suppose you invest in real estate using the platform of the Overseas Pakistanis Foundation (OPF). In that case, you are more likely to invest in safe property projects and will follow the legal, and financial channels.
On the other hand, they can conduct personal research about the real estate projects or hire the services of a trustworthy and professional realtor to provide the best real estate projects, matching their objectives and budget.
In that case, they must invest in secure and legal projects that have the NOC from the relevant authorities. Follow this complete investment guide for overseas Pakistanis, and you will invest in the right project at the right time.