Pakistan’s real estate market is considered to be a profitable investment sector as it draws a number of local and overseas investors alike. Though, whenever overseas Pakistanis want to invest in the real estate market, they face difficulties due to the unavailability of sound and authentic information online and lack of knowledge regarding numerous terms and conditions. Further, they lack the right guidance when it comes to renting the property ahead. If you are an overseas investor and are searching for detailed information to help you understand the property rental process in Pakistan, then read the article below.
In this post, some of the basic pointers are described that will help you understand how overseas Pakistanis can invest in their own country and all the documents you require to submit before purchasing a property in Pakistan.
The documents you need are:
- Six passport size photographs and copy of your recent passport
- Copy of National Identity Card for Overseas Pakistanis (NICOP) issued to a legitimate Pakistani citizen
- Copy of entry stamp of the foreign state where the expat Pakistani resides
- Names of close family members along with their ID card copy and passport size photographs
- Copy of Exit Stamp on passport
Be aware of Fraudster:
Before considering investing in properties in Pakistan, it would be smart to conduct thorough research in order to be sure that you are going to purchase property legally and will not be trapped by a fraudster. Further, you must know about the legitimate or authorized developers and notable real estate developments as it will also decrease the chances of property scams. For example, instead of investing in any property located anywhere in Pakistan, you must prefer finding properties in leading cities of Pakistan, mainly Islamabad, Lahore, and Karachi.
Areas to Consider Investing in:
Consider investing in renowned residential developments such as the Defence Housing Authority (DHA), Al-Ghurair Giga, Bahria Town, Gulberg, and other areas. These societies have authorized real estate agents and keep the computerized records of all properties to reduce the chances of fraudulent activities. Defence, Al Ghurair Giga, and Bahria Town are already considered as the most popular choices amongst overseas investors.
Defence Housing Authority has come up with an additional factor to keep fraudsters at bay that expats have to be present and collect the house allotment letter themself from the DHA Office. After reading the previous guidelines, one thing is sure that getting a property in Pakistan is not such a difficult task for overseas investors. With the help of this guideline, you can quickly complete the transaction yourself without taking significant support from others.