If there is one thing I've always believed in, it's never buying property in foreign countries, especially Dubai. This is because I know that your plot of land can easily be occupied by others, and then you don't have a chance of getting it back, as the courts (particularly in Arab countries) are always prejudiced against foreigners and invariably favor the local land grabbers.
So despite being tempted many times by relatives to buy even a small flat in Dubai with my meager savings, I refrained. I knew that a day would come when property values would plummet and my friends would be left holding ownership papers not worth anything. After the pandemic struck, property values went down even further, and those who thought their money would be safe abroad were proved wrong.
But something else has happened in the meantime. Pakistan's tax agencies have somehow got hold of names of those Pakistanis who own properties abroad and have not declared the same in their tax returns. So they have started sending notices to local businessmen to explain how they were able to invest their money in foreign countries despite their tax returns showing very limited income. Of course, Imran Khan's friend Faisal Vawda won't be called, even though he owns millions of pounds worth of property in the UK. He's one of the many in the present cabinet who must be worried about the growing opposition to their beloved leader.
So, many businessmen and industrialists are spending sleepless nights nowadays, wondering how they'll get out of the jam. But knowing what happens in Pakistan, they'll be able to buy their way out. In a country where rapists can also remain at large, they will pay off the investigators and wait until there are buyers for their foreign properties. Let's hope that happens soon, although it's highly unlikely.
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