My question - why do they keep property back there? Are rental yields in Pakistan very high?
So many people, only so much land. Rising incomes and steady urbanization. Yada yada yada.
Also, part of it is just culture. I know that people in my parents' generation are not very comfortable investing in the stock market. Real estate is seen as a safe investment with a steady, if low, rental yield.
One big part of the "oh shit, let's go back" plan is that it's usually so much cheaper to set things in your country of origin. Some real estate, some investments and you're set for life for a fraction of what it costs in a more expensive country. Or, alternatively, you can see this as an arbitrage: get income in a high income country, spend it in a low income country. For example, just three of my monthly salaries are larger than the median net worth back home. Think if you wouldn't try to exploit such massive inequality yourself.
Local stocks are also pretty attractive, not nearly as much attention is being paid to them as to the big international names.
Also, I agree with the consensus on the risk level ordering, but it's not just the risk, it's the reward too. High priced securities offer no (or even negative) reward in the optimistic outcome scenario.
In addition, property ownership is limited in a way it is not in the West (only citizens can own property, as an example, in India), so it's an advantage you want to retain as a migrant over non-natives.
You can't make any money with a 10000 kanal plot in Russia.
In Pakistan, you can't buy 10000 kanal plot for any money, such big plots are almost never sold. An average person can live a carefree life with a cash cow plot 10 times smaller.
1000 kanal plot reasonably close to a major city in Pakistan will cost in tens of millions, and are very rare finds.