Can Foreigners Buy Property in Pakistan? 

Can Foreigners Buy Property in Pakistan? Well, yes they can after fulfilling a certain criterion. However, Pakistan allows only 2% of the total area to be owned by foreigners. It was also once suggested in 2020 by Senator Mushtaq Ahmed from Jamat-e-Islami to provide Pakistani land on lease to foreign nationals for 20 years only to secure national interests. 

Foreigners Buy Property in Pakistan

Pakistan’s real estate market never fails to mesmerize the world and has always been attracting millions of dollars to the national exchequer. Several international companies and businesses have invested in Pakistan’s IT, tourism, textile, hospitality, telecom, renewable resources, and real estate. However, can or should foreigners buy property in Pakistan, this is a debate. 

What People Say About Non-Pakistani Land Ownership?

Some people support allowing Foreigners Buy Property in Pakistan as it will generate Foreign Direct Investments (FDI). Some argue that we should prioritize national interests and restrain foreign nationals from land ownership in Pakistan or provide limited lease options to non-citizens. Let’s discuss the prospects of land ownership by non-Pakistanis. 

How Can Foreigners Buy Property in Pakistan by Law? 

The law for Pakistani land acquisition by a non-Pakistani citizen is governed by the Transfer of Property Act of 1882, the Pakistan Citizenship Act of 1951, and the Foreign Exchange Regulation Act of 1947 enforced by the State Bank of Pakistan. 

Foreigners Buy Property in Pakistan

Generally, any foreigner who has permission from Pakistan’s Interior Ministry can acquire land in Pakistan. Acquiring permission is hectic and time-consuming, involving NOC, documentation, and legal procedures that discourage Foreigners Buy Property in Pakistan. However, to protect the concerns of security, cultural and social aspects of the country, the government has set regulations for non-citizens to provide some documentation, including;

  • A work statement from their current employer, detailing the company’s details, contract, and tenure duration
  • A copy of passport and visa with six most recent passport-size photos
  • A CNIC copy of the owner of the property
  • A copy of authenticated documents by the owners proving the ownership of the property

Legal Restrictions For Foreigners to Buy Property in Pakistan

  • They can buy only 300 square meters in the provincial capital
  • They can not buy land in Balochistan and Sindh
  • They can buy up to two properties in Pakistan

Approvals Required For Foreigners to Buy Property in Pakistan

  • Approval of the government to buy property from the provincial government
  • Approval from the Foreign Exchange Regulation Act
  • Approval from Pakistan Board of Investments

Pakistan’s Permanent Residency Scheme

Foreigners Buy Property in Pakistan

Following the inspirational scheme of Turkey, The PTI government, during their tenure, took an outstanding initiative to provide Permanent Residency to foreign nationals in Pakistan linked with investment of $100,000 to $300,000 in real estate. It aimed to gain more investments in Pakistan and give local and international builders opportunities to grow the real estate sector with world-class developments.  

Investment Opportunities for Overseas Pakistanis 

Foreigners Buy Property in Pakistan

Pakistanis living abroad hunt for opportunities to buy a home or commercial property in their own country. Therefore, several real estate companies, including MGC Development, provide gainful opportunities to ex-pats who can invest in residential, commercial, or hospitality projects.

Recently, several overseas Pakistanis invested in MGC Jewel, an RDA-approved highrise mixed-used project in Phase-8 Bahria Town. The project offered ease of investment due to a 1% monthly installment, an economic investment plan for overseas Pakistanis to secure assets in their homeland. 

MGC Jewel: Everything About Fastest Project in Bahria Town

Benefits of Investing in Pakistan’s Real Estate 

Over the past years, real estate builders from Egypt, UAE, and Dubai have started residential and commercial projects in collaboration with Pakistani companies. As the country has a high demand for housing and commercial units, the world sees great opportunities in this land, scales its business here, supplies according to the needs, and generates revenues. 

Scope of Investment in Pakistan’s Hospitality Sector

Pakistan’s $20 billion hospitality and tourism industry compels the world to build here, luxury hotels, resorts, commercial projects, and lots more. Recently a UK-based real estate company One Homes has proposed to invest in luxury apartments 

One interesting report by Goldman Sachs in 2022 released some promising facts about Pakistan’s real estate market, proposing it to be the world’s 6th largest economy behind China, India, the US, and Indonesia. Knowing the abundance of natural resources, human capital, and the demand for real estate properties, global investors and international conglomerates are setting their footmarks on this land. 

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