01-25-2009, 04:32 AM
Dear Rabia
My undersatnding says, there is slump in property everyewhere, cause in past interest rates were too high and banks gave too many Mortgage (loans) to buy houses. Poeple bought house at very high prices by taking loans from banks at very high rate. As banks management exceeds their targets therefore banks gave them very high bounses.
Y prices of property were high in past, i think it something to do with 9/11 as after 9/11 people invested heavily in property.
After sometimes people were not able to pay mortgages (installments) to bank, therefore bank ran out of cash. As people and bank ran to out cash therefore no one was buying property as a result interests rate and property prices came down.
I think situation will be like this (slump in property and resultant slump in everything) for another one yrs. Therefore professional are having problems in find jobs and keeping their jobs.
If you want to know things in details, I will advise you to read ACCA SA, as there are articles there.
Pracs
Thanks for your post.
Most of firm in Northern Ireland operates under ICAI. I personally met a Dutch lady she worked in South Aferica for 1.5 yrs of her training, but was register with ICAS and gave ICAS exam. I will not be surprised that if i see someone working in London(in a firm which is not even register with ICAI), but preparing for ICAI exams. It happens as most of firms have connections with other firms operating in different areas. I hope you will agree. My point was to just correct that ICAI is also UK based qualification.
If 7,700 qualified accountants are too much for Pakistan then we should pray for Pakistani Economy. I am by no means oppsoing your this analysis.
In Pakistan there is no Capital Gain tax. Remember CGT is always paid by rich people. I do not know what going on there.
Once again thanks for your post.
Khalid
My undersatnding says, there is slump in property everyewhere, cause in past interest rates were too high and banks gave too many Mortgage (loans) to buy houses. Poeple bought house at very high prices by taking loans from banks at very high rate. As banks management exceeds their targets therefore banks gave them very high bounses.
Y prices of property were high in past, i think it something to do with 9/11 as after 9/11 people invested heavily in property.
After sometimes people were not able to pay mortgages (installments) to bank, therefore bank ran out of cash. As people and bank ran to out cash therefore no one was buying property as a result interests rate and property prices came down.
I think situation will be like this (slump in property and resultant slump in everything) for another one yrs. Therefore professional are having problems in find jobs and keeping their jobs.
If you want to know things in details, I will advise you to read ACCA SA, as there are articles there.
Pracs
Thanks for your post.
Most of firm in Northern Ireland operates under ICAI. I personally met a Dutch lady she worked in South Aferica for 1.5 yrs of her training, but was register with ICAS and gave ICAS exam. I will not be surprised that if i see someone working in London(in a firm which is not even register with ICAI), but preparing for ICAI exams. It happens as most of firms have connections with other firms operating in different areas. I hope you will agree. My point was to just correct that ICAI is also UK based qualification.
If 7,700 qualified accountants are too much for Pakistan then we should pray for Pakistani Economy. I am by no means oppsoing your this analysis.
In Pakistan there is no Capital Gain tax. Remember CGT is always paid by rich people. I do not know what going on there.
Once again thanks for your post.
Khalid
