Letter from Nepal Greetings from Nepal Amol Pradhan
Nepal is a beautiful, lush, green, land-locked country between China and India. Most famous for Mount Everest; tourism is the main driving force of our economy.
The global recession hit Nepal’s real estate market in 2009 just like most places, and we are still trying to escape that. Until 2009 the whole country seemed to be investing in property and the price of land in Kathmandu – our capital city – was comparable with Manhattan.
Also like Manhattan, in Nepal we have embraced high- rise and condominium living, with great modernization in architecture and vertical living replacing old style bungalows. At present there are 14 high-rise apartments under construction in Kathmandu – although being earthquake-
Amol Pradhan runs one of Nepal’s leading property agencies: Email:
amol@nepalpropertymarket.com Telephone: 00977-01-4422426/4426560 Website:
www.nepalpropertymarket.com
prone, people are skeptical about investing in apartments and construction is limited to only up to 14 fl oors.
Last year the Government was supposed to allow foreigners to invest in real estate but to date the Bill has not been passed. With expansion of the road network, mobility within cities has improved and to boost the real estate market the Government has plans to buy unsold apartments from various developers to house offi cials. Foreigners can buy property provided they have business in Nepal. Alternatively, they can take a 99 year lease. With the strength of the dollar it’s a good time invest. The current supply of upcoming new apartment building is more than demand, but that means you can get good deals. A combined initiative by various real estate and devepment organisations is working closely with the government to support the property market. Every we have a housing EXPO to attract buyers. Loans are available for 10-70% of the total value, funded by banks with nominal paper work. It takes 7 to 10 days to get a loan approved.
Foreigners have been arriving here, and a recent Foreign Direct Investment law says people investing over fi ve million Nepalese rupees (US$51,500) can start a business, a restaurant being a popular option. Nepali is the most common language but you’ll fi nd English widely spoken. Come and see us!
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