Property prices to nose dive in Pakistan in coming days

Property prices to nose dive in Pakistan in coming days

ISLAMABAD - Chairman FBR Shabbar Zaidi, has claimed that property prices in the country are going to take a nosedive in the coming days. He made these remarks while briefing the National Assembly’s Standing Committee on Finance, on Tuesday.

He briefed the committee over assets declaration scheme and said that the core focus of the scheme was not to collect revenue but to document the economy. ------------------------------

He said the amnesty scheme has allowed FBR to interrogate the means of income of anyone who remits more than Rs. 5 million in the country. The limit was previously Rs. 10 million, which has now been revised.

Zaidi remarked that the real-estate sector saw a boom only when the corruption in Pakistan was on its peak.

“Property buyers with the white money were never substantial in numbers,” FBR chairman said, claiming that the property prices will go down again when the implementation of new laws makes it challenging to buy a property with black money.

The meeting, headed by the former finance minister Asad Umar, also discussed the ways to introduce interest-free banking system in the country.