Let me add one more, how about Portugal 
?
Quite the immigration hotspot these days and the EU factor …
Primary interest: ROI?
I’m a portuguese resident property prices here are at peak, even for a small T1 apartment you’ll not get it for less than €300k in center and all these buildings are atleast 50 years old. Apartments will loose their value over time. I’m myself confused on where to buy 
Hamad sb
I bought an apartment in Dubai back in 2008 & Alhamdolilla came out very lucky that I sold well in time before Dubai crashed.
Sir, historically any state to prosper, at least 4 established factors must be present:
- Natural resources: Dubai does not have.
- Industrial base: Dubai does not have.
- Agriculture: Dubai does not have
- Management Expertise: Dubai is not self sufficient.
You can say Singapore may be alike but Singapore is self sufficient in 4th factior.
You never see jobs of that kind in Singapore.
Dubai is surviving mainly on liesure industry & that too is mainly dependent on the Arab visitors.
Yes business hub is Dubai but what happened to this business hub when it was crashed and investors lost millions?
Yes. Ajman is good but just invest & sell immidiately as per market forces asking for selling…
RP is there but you need to invest in millions & restricted to do any job on that RP.
Plus property management in UAE is expensive if you do not have UAE Residence Permit.
Also ask for next of kin before Investment as Allah Forbid if the couple is gone, who shall claim the freehold ?
Plus make sure about the ownership model as whether it is:. - Commonhold
- Leasehold
- Freehold
Freehold is the best one…
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Dear Ty Phoon
100% same is happening in Canada.
I bought a " Detached House" in Canadian’s city of London at 8,50,000 Canadian Dollars which could buy me 3 houses in America.
But I did not buy for investment as my family needs now own house.
I am surprised a house costing less than 5,00,000 dollars, just 9 months before, now jumped up around a million?
New taxation will make Pakistan a buyer’s market for next couple of years. Increased taxes will discourage short-term investment and rapid flipping. Which is good news for genuine buyers as well as long term investors.
But Pakistan’s property is known to give best return, it hardly crashes. So one can not compare it with any other country.
The best time to buy (anywhere) is when prices bottom out. Buying in inflation is recipe of disaster !
And if Pakistan somehow manages to escape looming default, political turmoil and FATF grey list, then you’ll regret not jumping the bandwagon at the right time.
Those who did in the past are reaping its fruit now.
I wonder if the recession will have impact on RE prices globally?
Isloo bro I agree but what good is the fruit when its soar, people who made money in PKR cannot move out and at the same time their money is burning in banks.
I’m hearing that a second house worth more than 2.5 crores will be liable to 20% tax? That means its useless to buy a second home for rental purposes…
Dear Ty Phoon,
This is the new form of wealth tax according to this, one self-owned property (residence) and another 2.5 crore worth property is exempted and anything over and above is liable to 1% of “fair market value (FMV)” tax.
Suppose you own a house worth 8 crore that you declare as your residence, and have 3 plots of 1.5 crore at FMV each.
Of these, your 8 crore house is exempted, and 2.5 crore out of of 4.5 crore value of 3 plots is exempted, Now you’ll have to pay 1% of remaining 2 crore, which comes to 2 lac.
If your holdings are within the limit, then no tax. Similarly, if you are paying tax on rental income of that taxable property then that will get adjusted too.
There is detailed discussion on this thread here.
Hope this answers your question.
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Yes that explains it very well thank you; and I’m well in favor of taxes provided it goes to the state. Govt should also make people pay for parking, believe me this country will be a livable place once again.
Nowhere to hide !
Those who used to stash their black/white wealth in overseas real estate, such as Dubai and Turkey, are now being hounded by FBR. The days to launder money overseas are gone.
always saying dont jump in happiness like typical Maryam fans by only headlines and “please always read propely and comoplete”
Below is the complete story.
ATIR’s landmark decision: FBR told to refund Rs88m recovered ‘illegally’
It was submitted by the AR that the expression “may be taxed in” means “shall be taxed only in” a particular State as per the interpretation accorded to the same by different courts.
The learned AR taking support of various judicial pronouncements submitted that Article 6(1) of the Pakistan-UAE tax treaty vested an exclusive taxing right with the State of source and the State of residence was not empowered to levy any tax, even if the State of source did not exercise its power to levy tax.
Concerning Article 6(1) of the Treaty regarding taxability of income tax from immovable properties, it was urged on behalf of the appellant that the word ‘may’ would also mean in that context ‘must’ or ‘shall’ because the situs of the property has to be considered and if the situs of the property is situated in Dubai, U.A.E, the income from the property can be assessed to tax only in that country and again under the provisions of the Treaty in question, such income cannot be included in the total income in Pakistan.
moreover just keep the source of income .
Worries could be for the people who dont have any source of income and holding ssets in London, Dubai or else where.
FBR should focus on facilitating the tax network in pakistan where hardly 2-4% of population paying tax.
Don’t get too excited. read the whole news item once again and do not read the following line as it was just a link to a previous news item of Oct 2022 that was not relevant to this case.
ATIR’s landmark decision: FBR told to refund Rs88m recovered ‘illegally’
That’s why its better to pay few thousand and let the professional filled your tax return properly,
why UAE only in discussion in above topic of particular case , is because its assumed there is no tax on property in UAE so why don’t we charge it, however in reality Dubai Land Department charging 4% to buyer as transfer tax, and if some one renting his property is paying 5% as municipality tax.
@isloo1 , when I was used to advise 2-3 years back buying properties in Dubai , by now its increased 60-70%, moreover 50 % of devaluation of currency effect. Please see the facts in attached links, its all transparent here , not like exaugurated or downgraded by dealers and trapping innocents people.
@sohail.ahmed1, I am not saying Dubai property is a bad investment. It is just that a place that once used to be a safe heaven for Pakistani (and other countries’) black money, is gradually becoming unsafe. So hopefully black money will find new home.
Whether it will have any impact on Dubai market? Well it depends if other countries such as India, UK and Russia also take the same measures. Otherwise, Dubai will remain preferred choice for wealthy individuals.