Secure Your Financial Future: An Investment Guide for Pakistanis Living Overseas
Living abroad away from your loved ones and your homeland in order to provide better living to your family, a person is compelled to invest in things that would provide him in the future. For Pakistanis living abroad, the most viable approach would be to invest their money in businesses, such as small setups, real estate, stocks, etc. Among these, investment in real estate is one of the most lucrative and remunerative approaches for overseas Pakistanis. Since the real estate market in Pakistan is growing rapidly and at a constant pace along with flexible rules and regulations by the government, it has allowed overseas Pakistanis to invest their hard-earned money in properties and different real estate ventures.
4 Best Options to Invest in Real Estate
The real estate sector is one of the most flourishing businesses that started thriving the most around 2010 and is still rapidly developing. Following are the reasons why real estate is the best option for overseas Pakistanis to invest in:
1. Safe investment:
The safety and security of the real estate market make it the most reliable investment option. Being a tangible and concrete asset, real estate is at a relatively low risk of theft or robbery as long as the owner has all the relevant legal documents.
2. Stable and flourishing market:
The real estate market is less volatile as compared to other businesses such as the stock exchange market where an investor can lose money at the same pace as he has earned it.
As mentioned earlier, real estate is a developing market, thus in such a dynamic market, an investor is rarely met with loss.
Moreover, with new projects developing every year including those under CPEC and along Motorway, overseas Pakistanis are met with numerous investment opportunities. The real estate sector assets contribute from 60 – 70% of the country's wealth – approximately, USD 300 to USD 400 billion as estimated by the World Bank
3. Technological advancement and less physical involvement:
With the advancement in technology, a person can find every detail about the property on the internet without being present on the site, thus saving a lot of time and money.
4. Government policies for overseas Pakistanis:
The government of Pakistan has established the Overseas Pakistani Foundation (OPF) to facilitate Pakistanis living abroad, for example, in terms of investment, thus making it easier for them to invest their money and be safe from fraudulent schemes. OPF also has its housing projects in major cities of Pakistan in which plots are allotted to overseas Pakistanis.
Furthermore, overseas investors are not required to submit their tax returns before investing in a property. The government also provides loans and other financial assistance to investors.
What to Check before making an Investment?
With the increase in population, the demand for houses is also increasing. It is high time for overseas Pakistanis to invest in real estate to earn significant profits, which in turn will provide the country's increasing population a place to live in, thus making it a win-win situation. Investors, however, must be mindful of certain things before investing their money in real estate to avoid being scammed.
1. Authenticity of the project:
The foremost thing the investor must verify is the authenticity of the project. Properties that fall under municipal authorities like Capital Development Authority (CDA), Karachi Development Authority (KDA), Lahore Development Authority (LDA) or administrative bodies like Defence Housing Authority (DHA) and Pakistan Armed forces (PAF) are the safest investment options. Projects that are awaiting government approval have a high possibility to be disapproved. Therefore, investing in well-known approved projects should be the main priority.
2. Beware of scams:
To avoid being scammed, it is best to hire a service that can legally look into the projects to affirm their legitimacy. The following points must be considered before buying a property:
- Demand the layout plans approved by the concerned authorities.
- Buyers must demand the developer's history of ownership of the property.
- Verify the official documents that prove that the builder owns the property being sold.
- Make sure all the dues on the property like utility bills and property tax are clear.
- Finally, always demand the allotment paper and registry.
- Maintain the record of every communication and transaction.
3. Choose the Right Marketing Company for yourself:
Marketing companies also play a very vital role. A trusted and reputed company helps you get a project worth your money. Redbox. Estate offers you the most authentic projects with the best ROI. Not just Redbox educates its customers through the YouTube Channel known by RBTV but also guides them to make the right investment at the right time through consultation. Check out the Channel’s Link:
4. Background of Builder
The background of the builder is also important. A reliable builder would never beat about the bush and will give a timeline for the completion of the project. Make sure to study the builder, and review their past projects. However, if the builder is new in the market then make sure to check if they have an ABAD membership, and also if they have the necessary documents for the land. Lastly, do get to know the builder's vision for society and its residents as every famed builder was once planning their first project.
In conclusion, following the investment guide, overseas Pakistanis can safely invest their money in real estate either through OPF or by hiring a trustworthy service. Keep reading Redbox Real Estate blogs for more details.