More taxes on property,

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Sadly, the government is coming up with an increase on property taxes. The news has been published in major newspapers. Instead of reducing taxes, there are now increases proposed. I do think this will have repurcussions on projects under development as the investors will move away. I do not expect a crash but somewhat stagnant market.


ISLAMABAD: The government is set to further increase property valuation rates by about 30% for major cities of the country from July, a move that is expected to irk real estate agents and traders much like it did last year.


“Under the second phase, the government would notify fresh property valuation rates for major cities by June 30,” said Federal Board of Revenue (FBR) Chairman Dr Mohammad Irshad on Tuesday. He said that the rates would go up by another 30% on average, but these would still be lower than the actual prevailing market rates.