The procedure for any foreign Pakistani who wants to invest in Pakistan’s real estate industry has never been simpler! Thanks to the state’s efforts to make property investment easier for Pakistanis living abroad, the real estate market is trending upward. Moreover, nothing is hidden from the public eye thanks to technological advancements, especially the ever-increasing infiltration of social networking sites in our lives. This implies that potential international purchasers can learn every detail about investing in Pakistani real estate smart city without ever leaving their houses. You may practically visit the area you’ve set your eyes on by watching YouTube videos, reading Facebook evaluations, and looking at a series of images on the net. Nevertheless, do your research before deciding on a property to invest in. It’s a job that necessitates extensive investigation, a sharp mind, strong analytical abilities, and a sixth sense that can detect any form of deception.
INVESTMENT TIPS FOR OVERSEAS PAKISTANIS
The Project’s Legitimacy:
When thinking about buying a house, the first thing that springs to mind is whether or not the project is secure to invest in. Suppose it is administered by municipal authorities such as the Capital Development Authority (CDA), the Karachi Development Authority (KDA), or the Lahore Development Authority (LDA), or by a regulated government body such as the Defence Housing Authority (DHA) or even the Pakistan Armed Forces (PAF). In that scenario, it is certainly a secure investment. Check to see if the government has authorized the housing scheme. That should be sufficient to raise red flags for potential buyers if development is still pending official approval. Lack of clearance almost always signifies the authorities have canceled the housing proposal. Investing exclusively in well-known, authorized projects is thus your safest bet.
Hire a lawyer:
In a perfect scene, everyone would use the assistance of a lawyer or a licensed realtor, but this isn’t the case in the actual world. Most people get themselves into legal problems and commit scams in trying to spare a few dollars, which eventually costs people an arm & a leg to get out of. The easiest approach to avoid getting caught up in such scenarios is to hire an expert lawyer to verify the paperwork and the entire property purchase/sale procedure. If you intend to make a deal with the property owner without the help of a lawyer or a real estate agency, check the seller’s registry ownership with the local authorities, as public market plots are the most vulnerable to illegal ownership.
Before you buy or rent a home in Pakistan, double-check all of the key documents for authenticity. Going over these crucial steps will spare you a great deal of time and aggravation in the future. If you are unable to visit Pakistan to complete a transaction, it is recommended that you let a close family or trustworthy friend visit the estate and inspect it. They should enquire about the legal proceeding on your behalf with the housing scheme’s official management. Whether the developers will transfer the land into your name or if you will only receive an allotment letter.
Checklist for Legal Issues:
Do not rush into purchasing a home. Check all legal documentation and the property’s & housing projects’ histories twice. The below are among the things to think about.
- Layout plans that have been approved
- A historical record of the home’s ownership
- The property seller should have a white and black title to the property.
- All of the house’s dues have been paid.
- Request the first registry copy.
Do your homework:
When investing large sums of money, it is vital to have a futuristic strategy. As a result, if you wish to buy property as an investment, keep an eye on the property’s growth prospects. Do some study on some vital aspects of the society, such as legal authentication, the society’s builder, long & short term investments, the society’s record of success, the society’s pros and cons, profit, and historical growth rates of the social structure. It is advised that you choose a renowned real estate agent that is well-versed in the entire local real estate scene and can serve you as per your needs and budget. You would be able to spare a lot of money this way.
Before considering investing in Pakistani real estate, We would advise you to undertake rigorous research to ensure that you are purchasing property lawfully and will not be duped by a con artist. Furthermore, you should be aware of trustworthy developers and well-known real estate developments, as this will reduce your chances of falling victim to a property scam. For example, rather than buying any property in Pakistan, you must look for properties in Pakistan’s major cities, such as Lahore, Karachi, and Islamabad.
Muhammad Junaid is a senior Analyst and Search Engine Expert. Extensive experience being a lead writer in Sigma Properties |Rudn Enclave. Work for years with local and international enterprises. Also, represent well-known brands in the UAE.