Islamabad: The Federal Board of Revenue (FBR) has compiled a list of over 70 real estate agents allegedly involved in transferring millions of dollars to the United Arab Emirates (UAE) through hundi/hawala for property investments. This activity is believed to have contributed to recent pressure on the exchange rate, sources revealed.
Officials disclosed that substantial amounts of cash were converted into foreign currency from the open market and then funneled to the UAE’s real estate sector through informal channels. The FBR has raised concerns over the scale of these transactions and called for further investigations by the Federal Investigation Agency (FIA) and other relevant authorities.
According to sources, the alleged agents secured cash from clients, exchanged it for foreign currency, and transferred it abroad without regulatory oversight. The funds reportedly fueled property investments in Dubai, where there are minimal restrictions on the source of income for real estate transactions.
Real estate industry representatives acknowledged that such transfers have been occurring for years, facilitated through exchange companies. They urged the government to introduce incentives to curb illegal forex transfers, arguing that high property taxes in Pakistan are pushing investors toward the UAE market.
The government is already reviewing tax policies, including proposed changes in the Tax Laws Amendment Bill 2024, which could impact domestic real estate investment trends. Meanwhile, authorities continue to monitor foreign exchange movements, seeking measures to prevent capital flight through unofficial channels.
Samra Zulfiqar, a real estate analyst at Zameen.com, is passionate about finding projects that offer buyers the best returns. Her keen insights spotlight the market’s most promising opportunities.
