Real Estate Investing Tips for Overseas Pakistanis
Expatriates are the backbone of Pakistani economy. Every year foreign Pakistanis send approximately twenty billion dollars in remittances. Large portion of this money is parked in the real estate sector. Many overseas Pakistanis have no idea about buy a property in Pakistan. This blog is a step by step guide with real estate investing tips for overseas Pakistanis.
Consider your finances
For investing in real estate you have to assess your budget and basic requirements. Budget has huge impact as top properties are expensive due to the high demand. Secondly if you are buying property to build home in the near future, then also consider the size of plot. As a rule of thumb large size plots are expensive as compared to the small size plots.
Consider the location
Location is perhaps the most important thing to consider while investing in real estate as it always increases the profits. Good location properties have large pool of buyers as people want to live in top location homes. For selecting the prime location, consider the properties that are situated near to city centers, shopping malls, schools, hospitals and bus stations.
Find and check the projects
You will find many ongoing real estate projects in all major cities of Pakistan. Most projects offer properties on installments. Thoroughly check the projects and select the most suitable property as per your circumstances. Just keep in mind that property scams are very common in Pakistan. So always check the NOC of the project before buying or investing.
Documents required by overseas Pakistanis to buy property in Pakistan
Copy of current passport
Six passport size photographs
Copy of 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
From 1 July 2018 all Foreign Pakistanis can fill single page E-Return Form issued by FBR to be filer. This will make the expatriates filers and they will be able to buy property worth 5 Million or even more.