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Panic brings Bahria Town rates down—closer to pre-bubble prices

If there was a “plot”, it certainly worked. A day after the Supreme Court banned buying and selling in Bahria Town Karachi, the real estate bubble seems to have deflated. “The market rate of [the smallest]125-sq yard plot was around Rs2.5 million a week ago and has come down to its original rate of Rs1.7…

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Dubai stocks dive to 27-month low

Dubai stocks hit a 27-month low on Thursday on the back of sharp falls in the real estate market and a drop in liquidity levels. The Dubai Financial Market Index ended the day’s trading down 1.83 percent on 2,947.99 points breaching the 3,000-point psychological barrier. The Dubai bourse, the most exposed to the global markets…

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No reversal of policy on real estate valuation, says FBR

ISLAMABAD: Federal Board of Revenue (FBR) Friday took strong exception to the news reports appeared in a section of the press, claiming that the downward revision of real estate valuation for some areas has partially reversed the policy decision taken in 2016. The decision taken in 2016 was made for adoption of market value of real…

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Building a house going to be more difficult

The federal government believes the prices of estates in big cities are below their original estimate. Hence, it has started planning to increase property valuation rates by about 30 percent in major cities of the country. Common man who is already under myriad burdens, cannot build even a small house for himself if the real…

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Ivanka Trump, husband Jared benefitting from business empire

WASHINGTON: President Donald Trump’s daughter Ivanka and her husband Jared Kushner have held onto real estate and business investments valued in the hundreds of millions, while working government jobs, according to ethics filings released by the White House. The documents show that the couple, who are both officially close advisers to the president, are still…

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Dubai introduces new rule for property ads

DUBAI: The Dubai Land Department has introduced new regulations for real estate developers and agents with regards to advertising properties in the emirate. Under the new rules, in place since October 1, developers and brokers will need to receive approval from Dubai’s Real Estate Regulatory Authority (RERA) before they place any property advertisement in the…

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China’s Wanda closes movie leisure complex

BEIJING: Chinese conglomerate Wanda has closed a movie leisure complex “for renovation” only 19 months after it went into operation, it said on Tuesday (Aug 2), dealing a blow to the company’s diversification plans shortly after opening its first theme park. The entertainment facility in the central city of Wuhan, launched in December 2014 and…

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Mona Lisa’s villa up for sale in Italy

ROME: One of Tuscany’s most famous villas is up for sale with its owners hoping to be smiling all the way to the bank thanks to its links to the Mona Lisa. The Villa Antinori was once owned by the family of silk merchant Francesco Del Giocondo, whose wife Lisa Gherardini is widely believed to…

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What is penthouse?

The dirty business of building penthouses is booming in Karachi. What is this penthouse? Get the answer to this question in this report.

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