Foreign investment in Pakistan real estate

Pakistan real estate market has never been so conducive and friendly to foreign investment as it is now. Some of the world best developers are in the market with ambitious and grandiose projects. It will necessarily result into the revival of the industry which is a bit sluggish in the aftermath of the boom. Keeping in view the growing purchasing power of the consumers the developers surely will get positive response. In addition to this these mega projects also generate thousands of jobs and their span is spread over many years, so these will act as catalyst in the revival of the associated industries. More than 40 industries are associated with construction industry; therefore, the construction activity means healthy economy and prospering industries.Here is a brief description of the major foreign real estate investment made in the country or in the pipeline.Canyon View & Highlands Islamabad:These are being undertaken in DHA Islamabad by the leading Dubai property developer Emaar. These projects are spread over an area of 1,500 acres and offer 9,000 single family luxury town homes, villas, retail centers, community centers, parks, lakes, schools and mosques etc. Canyon Views is located within the DHA Islamabad Phase II extension and Highlands within the DHAI Phase I extension. The Two projects offer 50 separate community districts with exclusive architectural styles ranging from in Mediterranean, Tuscan, Mughal, Arab or Spanish. Canyon Views and Highlands are a part of US$ 2.4 billion investment in Pakistan which is a part of the Emaar”s Vision 2010 of becoming one of the world”s most valuable companies through focused expansion and diversification.Crescent Bay Karachi:Crescent Bay Karachi is a mixed commercial and residential project and spread over an area of 75 acres. It is situated in DHA Phase VIII in close proximity of the DA Golf Club and being developed as a part of US$ 2.4 billion dollars investment by the UAE property giant Emaar PJSC. The towers will contain nearly 4000 residential flats. The project offers individual architectural styles within each tower. It also offers a shopping center and five star beachfront hotels. Diamond Bar Island City:Diamond Bar Island City is another ambitious project of the Emaar Properties Dubai. It is being developed on two islands near Port Qasim Karachi with an estimated outlay of US$ 43 billion. The government of Pakistan has approved the project. Under this project Emaar will construct homes and apartments at Bundal and Buddo Islands which are spread over an area of 12,000 acres and this project will complete over a period of 13 years.The island will be linked to the DHA Phase VIII through a bridge at a cost of US$ 50 million. The islands are located at a distance of 1.5 kilometers from Karachi”s DHA phase VIII. The initial plan envisages about 15,000 homes that will be sold to the public interested in the new city. In addition to this commercial plazas will also be constructed there to promote commercial activity.Sugar Land City Karachi:This is another ambitious and futuristic development planned at the Hawksbay Karachi. It is spread over an area of 60,000 acres and shall be developed by a Dubai World affiliate Limitless. The development envisages shopping malls, plazas, apartments, town houses, Beaches, Resorts and Hotels etc. Phase I of the project will involve investment of US$ 20 billion over the period of next 10 years and 2,000 hectares of waterfront property and other phases are expected to attract much larger investments. It will contain a defined and carefully weighted balance of residential, commercial, recreational and entertainment facilities.