Pakistanis selling properties on throwaway prices in ME city

KARACHI: Around Rs20 billion worth of properties owned by Pakistanis have been sold in a city of a Middle East country since June 2018.

The property owners of Pakistan in the city have started selling their properties with minimal prices as the operation against allegedly illegal money has beefed up in the country. More than 500 wealthy Pakistanis have put on their super luxurious properties on very cheap prices and around 1,000 villas, penthouses, apartments have already been handed over for throwaway prices, according to sources related to real estate industry in the city.

The properties which are being bargained off are in posh areas of the city. It is learnt that some Pakistani political leaders, relatives of property business tycoons, former bureaucrats have succeeded to dispose of their properties there.

Pakistan diplomatic sources also confirmed that the wealthy Pakistanis have been selling their properties in the city very hastily. It is learnt that majority of them did not disclose these properties in their annual returns and were said to be moving their assets out of the country to avoid getting caught in the event of a serious crackdown on this unaccounted-for money. The process of vending properties has shown upward trend after the revelation that the country's authorities shared details of property owners with Pakistan.

The Economic Crime Wing of the Federal Investigation Agency (FIA) had requested the Ministry of Finance of that country for the exchange of information about rich Pakistanis in November 2017 through Pakistan diplomatic channels. Pakistanis’ investment in real estate sector in the city is also showing downward trend in first six months of current year 2018.