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Posted by admin in CPEC, Investments, Naval Anchorage, Real Estate Development Company on January 24th, 2019
PESHAWAR: Chinese Ambassador to Pakistan, Yao Jing, visited Rashakai Special Economic Zone on Wednesday.
A statement issued here said that Ambassador Yao Jing visited on-site facilitation centre of Rashakai SEZ. He was accompanied by officials of the Economic Zones Development and Management Company (EZDMC) and China Road and Bridge Corporation (CRBC). He was given a briefing on the location plan, field studies and approach road of the zone.
Mr Yao appreciated the location and stressed on the importance of RSEZ in China-Pakistan Economic Corridor.
Earlier, a joint venture agreement between the EZDMC and CRBC to develop 1,000 acres Rashakai SEZ was signed by the company’s CEO Saeed Ahmed and senior management of CRBC in Beijing on Nov 2018.
It said that the SEZ would be a modern economic zone offering excellent infrastructure and amenities to the industrialists.
According to the agreement, CRBC will be responsible for marketing the zone locally and internationally.
As part of its marketing efforts, it is in advance stages of inviting local investors and Chinese large-scale manufacturers to invest in the zone.
Posted by admin in Real Estate Development Company, Real Estate Property Guide on July 17th, 2018
With no doubt, Real Estate is the most important sector of Pakistan’s economy. On average, Pakistan spends about $5.2 billion on construction projects on yearly basis. Apart from it, a huge amount of money is spent on buying commercial and residential plots in Pakistan and maybe this is the reason why real estate is considered as the most favorite tools of investment for locals in Pakistan.
The Pakistani people prefer to invest a major part of their saving in the real estate sector. The official reports, as that of offered by the FPCCI, suggest that the real estate agents play a major role in the economic stability and development of Pakistan. Due to such a massive potential, the government of Pakistan also pays special attention to the real estate sector and works on the development and facilitation of the sector, comprehensively.
Despite the value of real estate, commercial and residential properties are not documented in their actual market price. This is the reason why it is impossible to undertake and determine the real worth of the current market value in Pakistan. However, according to official data by FBR the real estate and construction on the whole account for approximately 2% of the net GDP of Pakistan.
Not only real estate has the potential to generate direct employment but it can also stimulate the demands in auxiliary sectors like steel, cement, paint, building, brick, consumer durables, building materials and other such.
An interesting fact about the real estate sector of Pakistan is that it has hit record lows and highs in past few years. Many experts believe and state that real estate in Pakistan is treated as a commodity and investors buy property in bulks and later on sell it on clear profits.
With the involvement of different business communities, Pakistan is becoming a preferred business and investment destination and is getting popular around the globe. It has overcome the major trade gaps that have weighed down the overall business environment in the last ten years or so. Despite so many limitations the business sector remained consistent and kept funding the economy. Now that the situations have changed, both international and local investors are gathering to invest in different sectors of the economy of Pakistan, among which the Real Estate is most prominent.
The CPED is also set to redefine the balance of power in the region and is opening up doors to innovative investment and business avenues in Pakistan. The Real Estate sector of Pakistan is witnessing a subtle growth and the country is struggling to deal with the lack of urban planning and the host of basic facilities to make sure that higher quality is maintained. The authorities are focused to ensure organized and well-planned housing societies that cater all the needs of the upper and middle class in Pakistan.
The newly introduced housing societies in Pakistan are keen to offer facilities that are well planned and serve all the basic necessities of life. There can be the difference in the standards of living of one housing society and that of the other by the Real Estate customers are expecting to be served with exceptional quality, high level of reliability and all kinds of basic facilities for life.
The same comes for the investors in the corporate sector as they expect to get maximum facilities to groom their business and to make a real-time return on investment for the business as well as the country.
Just like any other business sector, the Real Estate sector in Pakistan needs to make sure that the quality of product and services offered match the true value to the investment. The Real Estate industry in Pakistan is also looking forward to turning the competition and lead the sector into appreciative and healthy reforms. It is necessary for the Real Estate sector to encourage the fresh investors and to offer affordability and quality.
The experts believe that focus on the quality of living and services to the Real Estate market investors will give the Real Estate sector of Pakistan a clear boost. The Real Estate in Pakistan has a massive potential to contribute to the GDB and can also play a major role in broadening the economy of Pakistan.
With the inception and success of the idea of CPEC in Pakistan, there are more and more foreign investors who are looking forward to investing in Pakistan. The Real Estate sector of Pakistan has a clear idea of the importance of facilitating these international investors with the high standard living facilities in Pakistan.
For this reason the Real Estate authorities, specifically speaking here, the Gwadar Development Authority has come up with some amazing industrial and residential schemes and plans that are well furnished with all what makes a living luxurious. With the introduction of new ideas about the standards of living, the Real Estate sector of Pakistan is now diverting its preferences to induce the luxury living facilities to each of its further property ideas.
The trends of buying luxury apartments have also increased in past few years with a clear number of 9%. According to the reports, the reason for this change in buyer’s behaviour is due to the demand for well-maintained and secure housing facilities. For this reason, there is also a clear increase in the price of these properties for about 120%. (source: Pakistan Economic Survey, 2016).
Prominently, the trend of buying such property can exclusively be seen in Karachi as compare to Islamabad and Lahore. However, with the fast developments in the CPEC Project, the urban extension and the trend of living in cities, these major cities have become much congested. The land prices are also increasing and it is counted as another reason for the increasing trend of apartment-style living. The increase and shift in population is another reason why the demand for apartments has increased in cities like Lahore and Islamabad/Rawalpindi.
Another reason for the popularity of apartments is that they are multi-purpose buildings that offer both commercial and residential services like shopping malls, office suits, standalone shops and served apartments. Another perk that you may get is that you can buy an apartment in easy to deal with installments that you can manage with your limited income or salary. However, it depends if your preferred property is offering such facilities or not.
If you think that the picture is all rosy, you may have had a wrong perception. Despite the fast booming real estate sector of Pakistan and ignoring the on and off slumps that shake the market, the housing backlog of Pakistan is about 12 million units. In simple words, the reason why many of the housing and community projects have failed to complete in Pakistan is that they have failed to offer an appreciative price for each case. If we review the price per unit of the residential property in Pakistan, we can say that only 1% of the housing unit development per annum is able to cater the 68% of the net population of Pakistan. It consists of the people with monthly income of PKR 100,000 or above.
Although there are many projects under construction, aiming to offer budget living opportunities to people, there is still a need to address the underlying reasons. Only after that, the white and blue collar workers will be able to have realistic chances to have their own home.
Some market leaders claim that there has been a comprehensive discussion among developers, builders and the real estate agents to plan, execute and offer affordable home financing options to make standard living affordable for all.
Before the introduction of Government tax scheme in 2016, the Real Estate market of Pakistan was at its boom, but investments started to die in 2017. But as now we have crossed more than half of 2018, every major investor seems to have concerns about the behaviors of the Real Estate market in Pakistan. Some market experts claim that the current Real Estate market is at worse as compared to what it was back in 2005.
The luxury properties are believed to be the most affected areas in 2017 and are predicted to have some stagnation in the year 2018 and so. The reason is the higher costs that are not possible for an average person to afford. There are many underdeveloped products that are facing issues like delay in possession etc. For many reasons, the investors are looking forward to investing in the on-ground projects. While on the other hand the 3 or 5 Marla properties are touching the price of 50 Lakh PKR or more. While a modest budget needs a lower price for attraction. Although there is still some stagnation things are expected to be on track in some time. Well populated and developed areas in Pakistan are also less affected in terms of price while in settled areas the rent income is another major attraction for the investors.
A massive drop in prices in the Real Estate sector has created an alarming situation for the investors and the developers. It is necessary for them to offer timely and quality development services to get the investor by their side for a longer time period. Thus necessary is to look over fulfilling the basic necessities of life and to work on the development process speedy while maintaining the pricing model that can be affordable for a middle-class person.
The investors must also behave like an active opportunist and always try to look for the positive side of the picture. The property prices in many sections of the real estate are lower than how they were in the past and thus it becomes the best time to park the investments and look for potential investment destinations like Gwadar, DHA, Bahria Town and other such societies and investment opportunities.
However, it is important to keep in mind that miracles do not happen overnight and things take time to change. The same is for the Real Estate market in Pakistan, however, the time is almost there when the local and overseas investors both will find the handsome amount of opportunities to get a better return on investment by being a part of the real estate market of Pakistan.
Posted by admin in Investments, Property News, Real Estate Development Company, Real Estate Property Guide on June 21st, 2018
Investing in the real estate sector of Pakistan has always considered as a striking opportunity, the reason for such appreciation is the attractive returns and fast-changing and upward going trends. This situation is same for the local as well as international investors. And this is the reason why both local and international real estate investors keep showing their interest in Pakistani property.
It is also noteworthy that real estate investment is something that offers a minimum level of risks. With the changing demographics and the inception of the idea of CPEC, the government of Pakistan is also looking forward to loosening the laws to encourage the overseas Pakistani investors. The core purpose of this thought is to provoke them and boost their interest in investing in Pakistan, by facilitating them with the better and easy to deal with opportunities. The government of Pakistan and the private investors has made it easier for the property investors to invest in property located in the major cities of Pakistan like Karachi, Lahore and Islamabad.
Read also: History Of Gwadar: Past, Present And Future
The investors now have reliable, attractive and developed real estate projects that can offer increased returns on investments depending on the volume of investment. Rather than relying on the suggestions of people, better is to take suggestions from the experts or the people who already have experience in investing in real estate sector of Pakistan. You may get connected with the real estate agents for digging out the available opportunities but going for a personal advice from any trusted person is also a must before making your final decision.
Just like any other part of the world, investing in Pakistan demands proper documentation, identification and above all, some time. But in every case, it will turn out to be a massive profit for you’re by end of the day. For overseas investors, the Government of Pakistan has settled some rules that are different than that of the rules and regulations for local real estate investors in Pakistan. At first, you need to register with the Overseas Pakistanis Foundation to be eligible to purchase a property in your name.
If you do not have any direct reference or link in your relation, that has the experience to deal with the property buying and selling in Pakistan, you need to look for a person with the ability to deal with the process. Even in the case, you have any direct reference you can give you a good advice, you need to have some professional assistance. For this reason, you need to find the right and authentic agent to help you in the process of finding a piece of land and dealing with the remaining process. Choose an agent after a rigorous screening. He will be responsible for offering your assistance from start till the end of the property buying process in Pakistan. You can do an online search for different agents who can help you in the process.
As mentioned before you need to carry proper documentation to get a property registered in your name. Here is the list of necessary documents that will be demanded during the process;
– A copy of current passport
– Six recent passport size pictures
– A copy of National Identity Card for Overseas Pakistanis
– Copy of entry stamp for residing foreign country
– Copy on exit stamp from Pakistan
– Passport size photographs and list of your family members
All these documents need to be attested and while submitting you need to submit the down payment for necessary processing for the property.
It’s obvious, taxes are involved but being a Pakistani overseas investor you need to pay 4% of the withholding tax when you are dealing with a property related transaction. Other taxes that you may need to pay include Capital Gain Tax also known as the CGT, the registration fee and the stamp duty charges. If you are taking help of a property agent you will be assisted with all the charges and the possible expenditures you may have to deal with.
You can find a number of online sources that can help you find the best schemes with the latest offers. As we have mentioned before that investment in Pakistan is an always growing trend for the Pakistani expatriates. Sooner or later the property will end up offering you better return on investment. At the same time, real estate investment comes with a minimum level of risks and the activities are well supported by the government policies.
However, important is to make the right decision and perform a detailed market research before buying any property. With the inception of the idea of CPEC, most of the real estate investors are focused on investing in Gwadar City and adjacent property offers. Apart from Gwadar, there are many other areas that can give you a better ROI in later years.
Lahore is one of the fastest developing cities of Pakistan and is facilitating the residents with all the necessary facilities. It is also a business and industrial hub with all the facilities which makes it a major attraction for the people from all over Pakistan. Alongside the Ring Road Lahore, there are many well-grown and growing Housing Societies that are a good idea for investment. At the same time, the sideline of Thokar Niaz Baig is offering a better approach to the city with the help of newly developed Metro Bus route and the upcoming Orange Train route to connect the business sections of the city with that of the adjacent residential areas.
Islamabad remains flooded with the overseas investors and the market seems to have a brighter future in coming years. It is considered as a safe deal for the foreign investors and thus comes with a tough competition. Just like Lahore the city is expanding and offering new projects like the residential area near the New Islamabad International Airport making it a prime location for real estate investment. Same is the case with the other half of the twin city, Rawalpindi.
Another major industrial hub of Pakistan and directly associated with Gwadar Port City, Karachi is one of the major attraction for the international real estate investors. The sea is also a major attraction for investors. Clifton Karachi has a number of things to attract the international investors with a comprehensive budget bracket. At the same time, there is Faizaia housing Scheme that is linked with the Motorway, making it another high-profile investment option. You can find apartments and bungalows in here, depending on your interest and preferences.
Read also: Real Estate Buying Mistakes Every Pakistani Should Know
Above all, whether it’s Islamabad, Lahore or Karachi, the Defense Housing Society and the Bharia Town have successfully established themselves as the incomparable and strong property brands. For most of the international investors, the two places come as the foremost option for investing in real estate. The marketing and the quality of services and life are unmatchable. They have remained consistent in providing the same standards of living, security and all that is necessary to live an uninterrupted and hassle-free life which makes them the first choice for the real estate investors in Pakistan.
