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Archive for category Real Estate Property Guide

How to Invest Safely in Pakistan Real Estate? A Guide for Overseas Pakistanis!

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.

The Process of Buying Property in Pakistan:

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.

Finding the Right Agent:

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.

Documents for Property Buying and Selling In Pakistan:

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.

The Taxes:

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.

Finding the Best Housing Scheme in Pakistan:

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.

Property Investment in Lahore:

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.

Rawalpindi & Islamabad:

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.

Karachi:

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.

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Tips for Buying or Selling Commercial Property in Pakistan

Experts say that it is not important to get things done fast but what matters is the quality of the end product. For those who are looking to buy any property for rent or for your own use, that may be a plot, a shop or a piece of land that can be used for your industrial setup in later days, people can generally be found in a hurry to make a decision. This is the main people where they make a mistake that results in causing them the major loss of money.

Buying or selling commercial property is something that demands, time, expert opinion and deep market research. Before buying or selling a property there is a long list of tasks that are a must to be performed, step by step, to make sure that the things are done right. Today, we have gathered some of many tips that you must keep in mind while buying or selling your commercial property in Pakistan, or even in any other part of the world.

Doing Your Homework:

Homework is a must before making a property buy or sell decision. It is important for you to know what is the market price of a property you are about to buy or sell. What are the surrounding factors that can help you negotiate the price of the property? What are the upcoming situations that may have an impact on the price? It is also important for you to note that what the condition of the property is and if you are willing to do some minor renovation before selling the property or what you have to deal with after buying it, to make it a perfect place for you.

Answers to all such questions can only be gathered with a detailed analysis of the property and the location. If you are able to find the right answers to these questions you will be able to deal with the buying/selling price efficiently.

The Hidden Costs:

Buying or selling a property does not mean that you will be paying the amount that is decided for the property itself. There are a number of additional costs that you will be facing during the process of buying or selling a property. For instance, if you are taking help of a broker to buy any piece of land you will have to pay them their cut before proceeding with other matters. At the same time, you will be charged for the processing fees or documentation for the transfer of ownership from one person to another. These amounts are not small; rather you will be paying for lacks.

You may also have to deal with the insurance of the property, the legal expenses and other such matters. If you are taking help of a real-estate broker, you can ask him to provide you with a list of estimated closing costs and the possible points where you will have to invest to own the property completely.

The Inspection of Property:

Buying a barren plot is something different than buying an already built infrastructure. So, inspection is a must. This inspection may include the overview of the nearby available enmities or facilities that are necessary for living. It may include; markets, shopping malls, schools, parks, medical facilities and approach to the city. While at the same time it is important to make sure that the building you are buying is in good conditions or at least is up to the mark of what price you are going to pay for it. The seller is most likely to cover up the issues in property if any. Being a buyer, it is you who has to check for things in detail. If you think you are not experienced enough to deal with the matter, suggested would be to take help of any senior person from the family or friends, who you think is able to help you do the inspection and assessment of the property efficiently.

Knowing the Neighbors:

Once again knowing who will be surrounding you is important. For a commercial property, you will need to know what the nearby markets are dealing with. What are the customers expected to be seen in the market? Are they the one you are looking for? Will they benefit your business if you open up a store in that specific area or not? How are the existing people in market dealing with the customers? Such questions will help you analyses if the place is suitable for your upcoming business venture or not. You can also check for how noisy the location is what the flow of traffic in the area is. All such information can be provided to you by the people who are already living in the locality.

Falling for Love at First Sight:

Buying a property just because you liked the outlook is not a healthy decision. By making such decisions you may end up in trouble. After shifting to the place you will realize that there are so many things that you cannot access to have a hassle free and uninterrupted life, which was your core purpose of buying a house of your own. To avoid all such issues, you need to look deeply into the things before making the buying decision. There is nothing bad about falling for something you liked at first sight but you must not take your final decision without analysis. Note down the purpose of why you are buying the building. enlist the pros and cons of the location you are considering and make a decision accordingly.

Safety Matters:

Buying a property at a place where there is less as none security measures, can be a great problem for you later on. You need to work on the things well, before buying any property. If you are considering opening a store at the specific location, you need to make sure that your property at store remains secure over the night.

 Do’s & Don’ts for Property Dealing:

Summing up the entire discussion we can enlist the following tips for the buying and selling of property like a pro. These tips can help you deal with the matter efficiently yet effectively.

1. Look for a trustable real estate broker. This tip works handily for both buyers and sellers

2. If you are a seller, go for some really minimal renovations rather than refurbishing the entire premises

3. If you are a buyer and looking for financial help from any institution, get the pre-approval  before going for a final decision

4. Never ignore the hidden costs, they make a huge difference. Get complete information about the property taxes, dues, maintenance costs, ownership transfer costs etc.

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An Essential Guide to Real Estate Investment in Gwadar

Investing in Gwadar is not simple and interesting as in any other part of Pakistan. There are a number of reasons to support this fact and one of the basic reasons that make the real estate investment in Gwadar a bit critical is that it has just started its journey. Although sprouting at the moment, the city is soon expected to be the leading international port city of Pakistan. Talking about the about all the potential the Gwadar port city project seems to be opening doors of amazing opportunities and filling up all the needs of international trading in Pakistan.

For all the said reasons the city seems to be transforming the infrastructure and giving a hope to many investors who are looking forward to earn some big amount in the coming years.

Also read: Top 3 Housing Schemes In Gwadar

With all the potential, Gwadar port city is offering something that was never offered in Pakistan’s real estate market before. Thus we can see a number of potential challenges in this case as well. For this reason, we can clearly say that the Gwadar city investment is not same as of buying land in any other part of Pakistan. There is no such thing as earning quick gains.

According to the experts, the investors who are willing to invest in Gwadar must know that it will take many years to get what they are looking for or what they have been promised with. The process of earning ROI (return on investment) is a long-term deal. However, seeing occasional gains is another thing and is something that can be seen in many other projects in the pipeline. Also one cannot predict any specific pattern in this regard.

The experts also recommend that investors for Gwadar must not have any misconceptions or false assumptions about their investment duration in the port city or should not fall for any fake promises.Thus, investors who are buying lands for profits must not fall for fake and unreliable sources including agents and developers etc. Investing in open and bigger lands that are bound to increase their value is better than buying smaller pieces of land at higher rates. Here are some of the most common misconceptions about buying and selling real estate that is must to keep in mind while buying a land in the Gwadar.

Big is Best Size

The parts of the Port city, located far from the old town is not a preferred place for the buyers as there are no lands smallest than an acre in these areas. This is better when you have an open land owned by any local party and not by the government. The reason for this trend is the fact that the land owners have many acres of lands and from which only a part of the property lies on the road that are marked to become spacious and wide. These connecting roads are the real value of for the land owners.

In such cases, selling small pieces of lands is a bad idea and can earn limited or no benefits to the land owners. Selling smaller chunks facing the road will decrease the value of land that is a bit far from the roads and thus it can be a bad deal to sale the lands in smaller bits. For the said reason the buyers are left with no choice to sell bigger areas that, in some case is bigger than 50 acres.

However, if you are looking to buy a small piece of land in the Gwadar Port City, you must look for the areas that are a far from the main road. At times it has been found that the smaller lands are of expensive as compare to that of the bigger plots. Thus the choice is completely on your preferences for investment and your priorities.

Verification Criteria

As stated by the GDA (Gwadar Development Authority) the buyers’ need to verify their NOC issues for any specific project they are willing to invest it. This is of great importance as many of the land owners have sold their properties without having necessary approvals from the GDA.

While buying any open land, the buyers must also make sure that the land is available for resale. The GDA, in many parts of Gwadar, had banned the transfer of property. Thus the buyers must make sure that they are not scammed by paying for any such property.

The GDA recommends that when you are about to pay the token or advance money for the land you want to acquire, you must share the information in the newspaper or ask the GDA authorities if they have any issues with the land or not. Also, check if the land is available for sale/resale and authority transfer or not. Once you find that the land is safe for further proceeding, you can take an official with you and mark the land.

It is also recommended to the buyers to mark the area before closing the deal for buying this land. There are chances that during the process you find that the land is disputed. In any such case you must not proceed with paying the remaining amount until the matter is sorted out completely.

Ground Realities vs. Claims:

A most important ground reality is that no commercial or residential property in Gwadar is developing at a fast pace. The developers at Gwadar have no long-run plans or any clear time-frame for the completion of the projects. So if anyone says that the project will be executed and will be set to earn benefits in few years, they are probably lying. Even for a residential property buying, it is important to keep in mind that there would be need of a time frame of almost 5 years to complete the project. There can be some projects that would not be available for buyer’s complete possession even after 5 years. Thus important is to do a complete check and invest in the societies that are supported by reliable sources.

Where Should You Invest?

In a single line we can say that the decision depends on your priorities. It depends on your budget and you’re short as well as long run goals with this investment. However, here are some of the most appreciated investment areas that you may consider:

The Sanghar Housing Scheme is a fast, secure and well regulated society that comes with no legal complications. It is also a unique location of the Gwadar Port City. The scheme offers both residential and commercial plots that are a perfect choice for all kinds of mega projects like shopping malls and others.

The Naval Anchorage Gwadar is the best option for you if you are looking for a land approved by the Gwadar Development Authority, a gated community for your family settlement. The housing society is located right on the pinpoint of Rakshan Avenu and the Coastal Highway. The community is offered with a wide range of self-sustaining amenities for the residents and up to mark the health care facilities. You can also find a range of schools, colleges and universities to process your living in a better way.

The Airport Road Commercials is another perfect choice where the commercial activities are present even today. However there are some legal issues and minor irregularities in operations because of which it stands after the Sanghar Housing Scheme.

The Marine Drive Commercials is the next in the list of most preferred housing schemes. It will also be developing as a commercial hub soon after the airport. There is not any commercial activity at the location currently and there are some irregularities in the sale purchase process of land in this area.

The Jinnah Avenue Commercials and New Town Society are also reliable options with better profit opportunities in coming years. However, important is to visit the sites personally rather than just depending on the 3D images or any videos about the locations you are willing to invest it.

Working on ground realities can help the investors to make better decisions and make a deal that looks real. Investment in the Gwadar City is something that needs a lot of persistence and tolerance before it returns you amazing sum of benefits and earning opportunities. Remember, those who have the long run motive can earn the maximum reward.

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Why to invest in Gwadar?

Since years, Gwadar had been a crucial subject in the news and politics. Investment gurus, politicians and analysts have been in serious discussions on whether Gwadar deserves all the attention. Though China was always an ally in the Gwadar project and the project itself seems a game changer for Pakistan, there were many who were not in favor.

After all the noticeable efforts by the government and the investors, Gwadar project took a major step in 2016. The Gwadar port was inaugurated and so the investment opportunities were set free for domestic and commercial purposes.

Gwadar, apart from its scenic and breathtaking views, is a great investment opportunity for individual investors domestically or commercially. The strategic importance Gwadar port holds, is not hidden from us. Here is why one should consider investing in this growing project:

Employment Opportunities

With development of motorways, the labor employment opportunities are already on rise. Once the development, constructions and transportation starts, the employment figure of Gwadar will rise. Gwadar port can be a major turning point for the economy of Pakistan as it would add thousands of jobs to the arena. It is believed to assist in settling the issues of poverty and terrorism. It will put a deadlock to unemployment in the region.

Tax Breaks to Investors

The foreign investors enjoyed a tax break of 23-year on all the investments in Gwadar. This was to encourage the foreigners to invest in the project. Now that Gwadar is all set to start and the investments from abroad are flourishing, the government of Balochistan is now awarding this opportunity to the locals as well.

The government has agreed to provide tax breaks to domestic investors in the industrial estate.

“Balochistan’s Chief Minister has assured us that he will declare it {the industrial estate) a free zone,” Waqas A Lasi, GM Finance of the Gwadar Industrial Estate Development Authority (GIEDA), said while briefing a group of journalists from Karachi.

These tax breaks will encourage the domestic investors to look forward towards the development of Gwadar and Pakistan and be part of the change. The more domestic investors will invest in Gwadar, the more economy will remain inside the country.

Gwadar Industrial Parks

With increase in the number of investments in Gwadar, the Government of Balochistan is working on the development of an industrial estate. The objective of the estate is to meet the demands of the industrials plots in the city. With the establishment of the city and the motor highways, the potential for the industrial development will increase. The estate will help those industries to set up.

The industrial parks are being developed for the small and medium size enterprises and not for the large-scale industries. These parks will provide access to common man to set up small industries in the place. The areas of business on which these industrial parks wish to focus are import and export, transportation, shipping, clearing and forwarding, textile and leather garments, building materials, construction, warehousing, repacking and shipment and others.

Gwadar Industrial Estate Development Authority (GIEDA) is the government body which is working on the development of the industrial parks.

The benefits to invest in Gwadar are immense, one just need to be clear on how to buy properties in Gwadar. Be part of a big change!

 

 

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