ProPropertyNewsProperty Market Sees 15% Decline Amidst New Taxes

Property Market Sees 15% Decline Amidst New Taxes

KARACHI: The first 3 months of 2023 have seen a 15% decrease in the prices of immovable properties in Pakistan, according to industry sources.

The imposition of new taxes and political uncertainty has discouraged new investments in the property market, with overseas Pakistanis also hesitant to enter.

Moreover, the changes in the capital gain tax for immovable property and the imposition of deemed income during the current fiscal year have also contributed to the decline in property prices.

Shafi Jakvani, Vice President of the Karachi Defence and Clifton Association of Real Estate Agents, stated that the government’s policies have aggravated the investment scenario.

ALSO READ  FBR Withdraws Minimum Exemption Period for Immovable Property Taxes

The heavy taxes on the property industry need to be reviewed to attract investment, given the already-declining prices of immovable properties.

Jakvani emphasized that the present political and economic situation is discouraging investors, and the indefinite extension of the time for capital gain tax is not correct.

He urged the government to review the heavy taxes on the property industry to attract investment as prices of immovable properties have already fallen by 15% in the first three months of 2023.

Leave a Reply

Your email address will not be published.