Buying Property in Pakistan Guide for Overseas Pakistanis

The Real Estate sector of Pakistan is a lucrative investment opportunity for the investors because of the rapid growth of real estate industry & rising profit, for local and overseas investors. It has been observed that the rates of properties and the returns are growing high and the reason is investor’s interest in real estate sector. No doubt investment in real estate poses a very low risk. Furthermore, Government is trying to come up with the flexible law just to encourage the overseas to invest back in their country and help in improvement of the general economy.

The Real estate sector of Pakistan has made exceptional progress over the last few years. From the year 2010, property rates in Islamabad have approximately doubled. Due to this encouraging trend in most parts of the country, many individuals are interested in grabbing a piece of the real estate pie. If you are interested to buy or invest in real estate then we’ve latest updates and guidelines for you. In order to get the best deal on the property, these guidelines will help you.

Requirements

The government has defined distinct rules for overseas Pakistanis. For investing in Pakistan real estate you require some identification documentation. You need to be registered at Overseas Pakistanis Foundation (OPF) to be eligible to purchase a property in your homeland. The documents you need to buy or invest in real estate are listed below.  

·        Copy of your current passport

·        Six passport size photographs

·        Copy of NICOP (National Identity Card for Overseas Pakistanis)

·        Copy of entry stamp of the residing foreign country

·        Copy of exit stamp from Pakistan

·        List and passport size photographs of your immediate family members

 Furthermore, you have to pay 4% withholding tax in case of any property related transaction. Other taxes include Capital Gain Tax (CGT), Stamp Duty and Registration Fee.

Guide Lines

If you have a sufficient amount and you are thinking about an investment opportunity, numerous striking developed and reliable real estate projects are available across main cities of Pakistan. There are multiple private real estate organizations and Govt. of Pakistan has made the process easier and reliable to buying property.

1.     Don’t trust blindly

Don’t rely completely on online results as the prices mentioned there are 25%-30% higher than actual when you search for the investing options. After getting your research result you need to take suggestions from experts, friends, and family living in Pakistan for actual and authentic options.

2.               Get in touch with registered agents

You can get assistance from registered real estate agents from reliable property portals like Apex Group “where dreams converting into reality” hereafter complete screening process the agents get approval for work, they can assist you from start till the end.

3.                     Meet with owner

Found a property that caught your eye? Great!  Now time to meet with the owner of the property. You need to confirm ownership of the property by cross-examination the allotment/transfer documents with the NIC of the person you’re meeting with.

Never ever set any deal with the agent directly. If your agent makes the excuse that the owner is not in available or is abroad, No need to buy walk away from the deal simply.

4.               Finalize the Deal

Once you set the deal and payment terms you need to pay the owner some advance money. That will confirm that you both get bound to the deal.

Couple of things to take care of here:

·        Your token money should not be more than 1 Lac.

·        Get the receipt of advance money you paid to the owner

·        Must get a copy of allotment or transfer letter.

·        Token receipt must have a complete address or file number of the property.

·        There are no litigation or due payments on the property must mention on token receipt.

·        This advance money is counted in the total price of a property.

5.               Secure Payment

Every society has their rules and regulations for taxation. Don’t pay in cash such big amount. Always use pay orders better and secure to pay. At the end what you need to pay your agent's commission is 1% of a total price.

Best Choice for investment

You can search on online real estate portal the best choices for investments. You will find multiple options as well your agents will definitely guide you and assist you in finding the best option for you. But at the end of the day, this is a huge subject that needs an article of its own to fully explain it.

For more informative updates on foreign property investment and its impact on real estate market contact Apex Group. Stay Tuned to our website and keep reading and sharing our blogs. Apex Group indeed converts your dreams into reality!