Pakistan is selected for large real estate projects:
Tariq Hamdi, CEO of Elite Estates Private Limited (ORA),
owned by Egyptian businessman Naguib Sawiris, said that Cyprus and Pakistan
were selected for large real estate projects because they had good investment
opportunities and to create new real estate destinations.
Hamdi said ORA, owned by businessman Naguib Sawiris, had
chosen to invest in Granada, Ianaba and Islamabad, revealing that the ORA real
estate portfolio was close to $ 3 billion.
Hamdi said in an interview with Al Arabiya that the value of
the Cyprus project at the Marina of Ianapa is 500 million dollars, adding that
obtaining Cyprus citizenship requires two million euros to be injected into the
property and a deposit of 500,000 euros.
While Pakistan's real estate market is severely
under-resourced, offering many opportunities for investors to generate high
returns, Hamdi said the Pakistan project includes 2,200 housing units, a golf
course, hotels and Shops for sale in Gulberg Lahore.
He noted that the return on investment in the Pakistan
project is estimated at 15% when renting units, and the value of some units can
increase by 50% within one year.
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