Sothebys to open office in Pakistan
International realty house planning to open an office in Karachi in the next six months.
KARACHI:
The international realty house Sothebys is planning to open an office in Karachi in the next six months, said its associate Ayesha Baigmohamed at an informal gathering at a private residence on Thursday evening, to gauge interest for realty investment in the US.
“Pakistan is an untapped market for investment but people have a great deal of money and are interested in investing abroad,” Baigmohamed told The Express Tribune. “Investment in real estate in the United States gives about six per cent return a year which is significantly higher than one per cent they may get from their Swiss accounts.”
Sothebys International Realty deals in “luxury real estate” and offers a collection of luxury homes, estates and properties for sale throughout the world, according to its website. Baigmohamed felt that something like this would eventually help build confidence among Americans who might start investing in Pakistan in the long-run. The host for the evening, Ainee Shahzad, was among those who showed interest in what Sothebys was proposing. “With the current situation I don’t want to invest in Pakistan and with the American house market in depression, this is a good time to buy,” she pointed out.
Banker Aamir Irshad pointed out that getting visas would be a concern. He also commented on million-dollar houses, saying that this kind of money was “hardly pocket change”.
Published in The Express Tribune, January 1st, 2011.
The international realty house Sothebys is planning to open an office in Karachi in the next six months, said its associate Ayesha Baigmohamed at an informal gathering at a private residence on Thursday evening, to gauge interest for realty investment in the US.
“Pakistan is an untapped market for investment but people have a great deal of money and are interested in investing abroad,” Baigmohamed told The Express Tribune. “Investment in real estate in the United States gives about six per cent return a year which is significantly higher than one per cent they may get from their Swiss accounts.”
Sothebys International Realty deals in “luxury real estate” and offers a collection of luxury homes, estates and properties for sale throughout the world, according to its website. Baigmohamed felt that something like this would eventually help build confidence among Americans who might start investing in Pakistan in the long-run. The host for the evening, Ainee Shahzad, was among those who showed interest in what Sothebys was proposing. “With the current situation I don’t want to invest in Pakistan and with the American house market in depression, this is a good time to buy,” she pointed out.
Banker Aamir Irshad pointed out that getting visas would be a concern. He also commented on million-dollar houses, saying that this kind of money was “hardly pocket change”.
Published in The Express Tribune, January 1st, 2011.