Karachi: Overseas Pakistanis invest more than USD 8 billion in the country’s real estate sector each year, a news report quoted Minister of State for Finance and Revenue Rana Muhammad Afzal. The reason behind this, he explained, was its attractive rate of returns.
Afzal further added that overseas Pakistanis were remitting USD 18 billion every year and it was estimated that out of that amount, USD 8 billion to USD 10 billion was invested in Pakistan’s real estate industry. He said this in a meeting with office bearers of Association of Builders and Developers (ABAD). The minister also stressed the need to document and tax this investment. He also said that FBR has developed a digital database and that the database will work to curb any unethical practices by the tax officials.
During the meeting, it was proposed that property valuation be increased to fair market value but the tax rates be reduced, to which the minister replied that since the a large section of real estate sector was undocumented, it was difficult to do that at the moment. However, he added that the property valuation will be determined after consultation with all the stakeholders.
The minister also advised ABAD officers to provide economical housing schemes for the common man and assured them of government support on this.
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.
