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October 2008
We seem to be in a holding pattern right now in Pakistan. Not a lot is happening on the political front. Electricity load shedding has decreased drastically bringing some relief to businesses and consumers. Clocks are to be resynchronized with the world time zone once again from the end of October. The weather is changing and Air Conditioners and Fans are no longer being used in Islamabad.
The Property Market is moderately bouyant with lower priced property being bought and sold. New property developments in the main sectors of Islamabad are still selling well. There has been an increase in the number of enquiries for land. It seems that during times of financial crisis, people still recognise that land IS the safest form of investment.
The Global Credit Crisis is in full swing and warnings are being issued daily all over the world about the economic meltdown. Scenes of the depression in the early 1900s are being replayed by many.
I've had calls from friends in Dubai who have been working in the real estate sector for the past few years and they are telling me that no-one is buying property in Dubai anymore. One of the larger companies with 30+ agents just sold 4 properties last month !!! Expect many of the real estate companies in Dubai to run away as the market crashes.
Many EMAAR buyers are apparently defaulting on their installments, preferring to lose the 5% deposit they have already paid rather than risk paying for a hugely ove rpriced property, just before a crash.
DAMAC is facing rumours that they are in financial difficulties. Thousands of properties are on the market for resale at very low premiums, zero profit or even at a loss on the purchase price. The authorities in the UAE have been making changes to the visa regulations and real estate laws and many of these are having a detrimental effect on the market there. Abu Dhabi, Ajman and Ras Al Khaimah seem to be facing similar difficulties in their real-estate sector.
The currency markets are reacting violently on a daily basis and HUGE swings are being seen in major world currencies on a daily basis. The UK Pound Sterling has dropped from close to 2 US Dollars per GBP to around 1.5 US Dollars per GBP (almost 25% in a few days !!). The Rupee seems to have dropped as far as it was going to for the short term and has remained largely flat for a couple of weeks at around 82 per USD. Australian Dollar is at 5 year lows against the USD.
Phantom of the Opera is the talk of the arts crowd in Islamabad and several other plays and events are on the calendar. Wedding season is just around the corner and there is talk of many trying to cut corners on the wedding expenses as inflation continues to bite into personal economies.
If anyone has any good news to share...NOW would be the time!!!
September 2008
It appears that a global recession (some say depression) is well on the way as the credit crisis hits stock markets and banks all over the world and property prices are falling rapidly in well established markets such as the UK and USA as well as Europe. Many analysts are even predicting a drastic price correction in the Middle East where Dubai has led the way to a HUGE property boom since 2002 but this seems to be leveling out with an expected price correction as a HUGE surplus of properties hits the markets at the end of 2008 and 2009.
Investors, both large and small, have profited greatly from property price escalation in these last few years but as the recession closes in, many are wondering what to do next. Where is the next property hot-spot? Should investors hold on to their properties through the price crunch and try and see it through to the other end, several years away? Or should they take a hit on their profits and try and get out? Many investors have borrowed against their assets and are facing uncertainty as the value of the property falls below the borrowed amount (negative equity).
The smartest investors sold most of their property over a year ago and have been waiting for the right opportunity to make itself known. Many of them have now started buying property in Islamabad which is facing a crisis of a different sort. The political landscape here has changed drastically over the last year. Dictatorship is out and Democracy is in. The civilian government seems to have it's hands full with many challenges that are facing the nation including the inflation, energy shortages and the ongoing war on terror. Suicide bombings have become more and more common and the recent attacks in Islamabad have had a devastating effect on the local population.
The government, at the seat of power in Islamabad, is now planning to lock down the federal capital and security is tight. The nervous residents of the twin cities of Rawalpindi and Islamabad are holding their breaths and keeping their heads down, wondering what the future will bring. Many of the well-to-do families who lived in the capital have departed to their alternative destination of choice, be it Dubai or London or New York, hoping that the economic crisis in those countries are less of a burden than the uncertainty here. Those that don't have anywhere else to go or choose to stay in their home country are carrying on with life as usual. As the security situation in the sensitive areas continues to deteriorate, this pattern of migration is replicated but with a slight twist. Many of the well-to-do families are choosing to move to Islamabad.
Yes, Islamabad is continuing to grow as it has over the last few years. Along with the ongoing migration from Karachi, Balochistan, Peshawar and other areas, Pakistanis from all over the world are also buying property in Islamabad and prices here have continued to increase in fits and starts over the last 3 years. Although values haven't increased at the speed they did from 2001 to 2005, the increase in value has continued.
This year, the Pakistani Rupee has depreciated in value by around 30% against the US Dollar and the economy is facing uncertain times. To many overseas pakistanis, this has meant that their buying power has increased and they are now able to afford to buy property in Islamabad. Houses, flats and even commercial projects are selling within weeks and many buyers have been lucky enough to pick up bargains as some sellers choose to accept lower prices for a quick sale.
All in all, this is a buyers market right now and the sma rter investors have been picking up properties and land at an increasing pace and this trend seems set to continue. Pakistan is currently going through a period of instability, bot politically and economically but this will pass and Inshallah a new era of prosperity will dawn within the next few months in a democratic Pakistan.
June 2008
Islamabad has blossomed in recent years and property values have increased over 500% from 2001 to 2005. The growth rate is set to increase rapidly again in the near future now that Pervez Musharaf is the EX-President and democracy finally has a chance to turn Pakistan into the truly great nation that it was meant to be ! It truly is a great time to invest in Islamabad property and secure a future home for you and your family in one of the best cities in the world.
We seem to be in a holding pattern right now in Pakistan. Not a lot is happening on the political front. Electricity load shedding has decreased drastically bringing some relief to businesses and consumers. Clocks are to be resynchronized with the world time zone once again from the end of October. The weather is changing and Air Conditioners and Fans are no longer being used in Islamabad.
The Property Market is moderately bouyant with lower priced property being bought and sold. New property developments in the main sectors of Islamabad are still selling well. There has been an increase in the number of enquiries for land. It seems that during times of financial crisis, people still recognise that land IS the safest form of investment.
The Global Credit Crisis is in full swing and warnings are being issued daily all over the world about the economic meltdown. Scenes of the depression in the early 1900s are being replayed by many.
I've had calls from friends in Dubai who have been working in the real estate sector for the past few years and they are telling me that no-one is buying property in Dubai anymore. One of the larger companies with 30+ agents just sold 4 properties last month !!! Expect many of the real estate companies in Dubai to run away as the market crashes.
Many EMAAR buyers are apparently defaulting on their installments, preferring to lose the 5% deposit they have already paid rather than risk paying for a hugely ove rpriced property, just before a crash.
DAMAC is facing rumours that they are in financial difficulties. Thousands of properties are on the market for resale at very low premiums, zero profit or even at a loss on the purchase price. The authorities in the UAE have been making changes to the visa regulations and real estate laws and many of these are having a detrimental effect on the market there. Abu Dhabi, Ajman and Ras Al Khaimah seem to be facing similar difficulties in their real-estate sector.
The currency markets are reacting violently on a daily basis and HUGE swings are being seen in major world currencies on a daily basis. The UK Pound Sterling has dropped from close to 2 US Dollars per GBP to around 1.5 US Dollars per GBP (almost 25% in a few days !!). The Rupee seems to have dropped as far as it was going to for the short term and has remained largely flat for a couple of weeks at around 82 per USD. Australian Dollar is at 5 year lows against the USD.
Phantom of the Opera is the talk of the arts crowd in Islamabad and several other plays and events are on the calendar. Wedding season is just around the corner and there is talk of many trying to cut corners on the wedding expenses as inflation continues to bite into personal economies.
If anyone has any good news to share...NOW would be the time!!!
September 2008
It appears that a global recession (some say depression) is well on the way as the credit crisis hits stock markets and banks all over the world and property prices are falling rapidly in well established markets such as the UK and USA as well as Europe. Many analysts are even predicting a drastic price correction in the Middle East where Dubai has led the way to a HUGE property boom since 2002 but this seems to be leveling out with an expected price correction as a HUGE surplus of properties hits the markets at the end of 2008 and 2009.
Investors, both large and small, have profited greatly from property price escalation in these last few years but as the recession closes in, many are wondering what to do next. Where is the next property hot-spot? Should investors hold on to their properties through the price crunch and try and see it through to the other end, several years away? Or should they take a hit on their profits and try and get out? Many investors have borrowed against their assets and are facing uncertainty as the value of the property falls below the borrowed amount (negative equity).
The smartest investors sold most of their property over a year ago and have been waiting for the right opportunity to make itself known. Many of them have now started buying property in Islamabad which is facing a crisis of a different sort. The political landscape here has changed drastically over the last year. Dictatorship is out and Democracy is in. The civilian government seems to have it's hands full with many challenges that are facing the nation including the inflation, energy shortages and the ongoing war on terror. Suicide bombings have become more and more common and the recent attacks in Islamabad have had a devastating effect on the local population.
The government, at the seat of power in Islamabad, is now planning to lock down the federal capital and security is tight. The nervous residents of the twin cities of Rawalpindi and Islamabad are holding their breaths and keeping their heads down, wondering what the future will bring. Many of the well-to-do families who lived in the capital have departed to their alternative destination of choice, be it Dubai or London or New York, hoping that the economic crisis in those countries are less of a burden than the uncertainty here. Those that don't have anywhere else to go or choose to stay in their home country are carrying on with life as usual. As the security situation in the sensitive areas continues to deteriorate, this pattern of migration is replicated but with a slight twist. Many of the well-to-do families are choosing to move to Islamabad.
Yes, Islamabad is continuing to grow as it has over the last few years. Along with the ongoing migration from Karachi, Balochistan, Peshawar and other areas, Pakistanis from all over the world are also buying property in Islamabad and prices here have continued to increase in fits and starts over the last 3 years. Although values haven't increased at the speed they did from 2001 to 2005, the increase in value has continued.
This year, the Pakistani Rupee has depreciated in value by around 30% against the US Dollar and the economy is facing uncertain times. To many overseas pakistanis, this has meant that their buying power has increased and they are now able to afford to buy property in Islamabad. Houses, flats and even commercial projects are selling within weeks and many buyers have been lucky enough to pick up bargains as some sellers choose to accept lower prices for a quick sale.
All in all, this is a buyers market right now and the sma rter investors have been picking up properties and land at an increasing pace and this trend seems set to continue. Pakistan is currently going through a period of instability, bot politically and economically but this will pass and Inshallah a new era of prosperity will dawn within the next few months in a democratic Pakistan.
June 2008
Islamabad has blossomed in recent years and property values have increased over 500% from 2001 to 2005. The growth rate is set to increase rapidly again in the near future now that Pervez Musharaf is the EX-President and democracy finally has a chance to turn Pakistan into the truly great nation that it was meant to be ! It truly is a great time to invest in Islamabad property and secure a future home for you and your family in one of the best cities in the world.
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