Overseas Pakistanis purchasing property in Pakistan

[offstump]

There has been a lot of talk about making it easier for overseas Pakistanis to invest in Pakistan. I am interested in purchasing a property in Pakistan not only as an investment, but also to use when I visit with my family.

It's either Lahore or Islamabad for me, and I hear there are good apartment complexes in Islamabad. Budget would be around 2 crore. I also hear a house may be possible in housing schemes further from the city centre?

So, I have no idea where to start. Questions I have are:

Who are the reputable property builders?
What is the build quality like and how do you ensure the house is inspected properly?
Do I need to purchase home insurance as well?
How do I transfer such a large amount to the builder?
Is it possible for an overseas Pakistani to open a bank account in Pakistan?
How to pay for utilities, property tax etc. if I don't live in Pakistan for most of the year?

I'm sure there are many other questions and factors to consider but this should be a good starting point. I hope there are some PP'ers that have gone through this.
Thanks.

 

[jaspa888]

There has been a lot of talk about making it easier for overseas Pakistanis to invest in Pakistan. I am interested in purchasing a property in Pakistan not only as an investment, but also to use when I visit with my family.

It's either Lahore or Islamabad for me, and I hear there are good apartment complexes in Islamabad. Budget would be around 2 crore. I also hear a house may be possible in housing schemes further from the city centre?

So, I have no idea where to start. Questions I have are:

Who are the reputable property builders?
What is the build quality like and how do you ensure the house is inspected properly?
Do I need to purchase home insurance as well?
How do I transfer such a large amount to the builder?
Is it possible for an overseas Pakistani to open a bank account in Pakistan?
How to pay for utilities, property tax etc. if I don't live in Pakistan for most of the year?

I'm sure there are many other questions and factors to consider but this should be a good starting point. I hope there are some PP'ers that have gone through this.
Thanks.

Ive bought property in Karachi over the last decade as an Overseas Pakistani.

The quality varies greatly depending on your budget and the scheme you choose. The best builds like BTK offer great quality in the build and imported fittings, but are obviously expensive.

Opening a PK bank account is easy, but you need to be present in PK to do so. Insist on online banking facility if you live abroad so you can monitor your bank. Also stick to reputable banks (HBL, Habib Metro, Bank Alhabib, etc) and dont be seduced by the high interest rates offered by the likes of Summit.

The most important advice I would give you is to engage with a reputable property lawyer in PK. Pakistan is rife with jaali documents and corrupt agents, so correct documentation is key to protecting your investment. They can also (for a fee, of course) manage your property to ensure all taxes and levies are paid in time so you do not default.

 

[offstump]

Thanks for the information, this is really helpful.

There seem to be a lot of housing schemes being developed especially for overseas citizens or some that have "overseas housing blocks" within the scheme itself.

How do you transfer a large amount from your home country bank account to the account in Pakistan? I am sure such a large amount being transferred to Pakistan will raise a red flag. Can Canadian/American/UK banks work directly with a reputable bank in Pakistan or do Pakistani banks accept bank drafts from an international bank?

 

[Syed1]

Thanks for the information, this is really helpful.

There seem to be a lot of housing schemes being developed especially for overseas citizens or some that have "overseas housing blocks" within the scheme itself.

How do you transfer a large amount from your home country bank account to the account in Pakistan? I am sure such a large amount being transferred to Pakistan will raise a red flag. Can Canadian/American/UK banks work directly with a reputable bank in Pakistan or do Pakistani banks accept bank drafts from an international bank?

I think I've seen a Habib Bank branch in Toronto. You can make a dollar account at Habib Bank and then transfer money to it from your Canadian bank. Then you can withdraw this money from a Habib Bank branch in Pakistan.


Keep in mind each transfer will cost you in terms of bank fees etc.

 

[Bewal Express]

Thanks for the information, this is really helpful.

There seem to be a lot of housing schemes being developed especially for overseas citizens or some that have "overseas housing blocks" within the scheme itself.

How do you transfer a large amount from your home country bank account to the account in Pakistan? I am sure such a large amount being transferred to Pakistan will raise a red flag. Can Canadian/American/UK banks work directly with a reputable bank in Pakistan or do Pakistani banks accept bank drafts from an international bank?

Transfer money over a period of time rather than a lump sum.

 

[jaspa888]

I have never had an issue transferring large sums inter-bank from UK to PK. Its far harder moving large sums the other way in my experience.

 

[PakLFC]

Who do you deal with regarding such issues and how does the buyer know he is not being overcharged or ripped off? In the west it is simple where as in Pak there are thieves everywhere targeting naive expats. I am talking of buying property not sending money.

 

[DeadBall]

My mother went on a land buying spree in the early to late 2000s. Some she still owns and is worth something but some they started construction and just quit half way through making all the initial investments worthless. If you really want to invest then do a lot of research and go there and have some who actually know the game and know who are the real players and who are there just to make a quick buck. Also if you do invest in a really good property, thugs can come and occupy it. So be very very sure beofre investing.

 

[Pakistanian]

Idk if it's a good idea right now. My grandparents own land their and they've had issues with squatters and mafias occupying their land, I'd wait until the new govt changes things and makes it safer for investments. It would suck to invests tends of thousands of dollars to return to a land that's been stolen.

 

[topspin]

Seems like Pakistan needs land registry like here in UK.

 

[WhenSultansBowled]

My mother went on a land buying spree in the early to late 2000s. Some she still owns and is worth something but some they started construction and just quit half way through making all the initial investments worthless. If you really want to invest then do a lot of research and go there and have some who actually know the game and know who are the real players and who are there just to make a quick buck. Also if you do invest in a really good property, thugs can come and occupy it. So be very very sure beofre investing.

Solid advice.

My mother started her buying spree in 2010s

She's spent over 250.000Euros in purchases.

Although things are going smooth for her.

We've family back home who are 'property dealers'.

 

[owais1]

Online land registration

Hello everyone,

I was looking things up on the web regarding online land registration. Currently, most of my zameen isn't registered on my name but on my forefathers. This could lead to land theft easiky, something I wish to prevent ofcourse.

https://onlinefard.punjab-zameen.gov.pk/

Found that this website helps you to register zameen on your name easily, but it isn't working. Do you guys know why it doesn't work?

Thanks in advance everyone!