Pakistanis purchased properties in Dubai worth over 16 billion UAE dirhams during 2013 and 2014 as compared to over 36b dirham purchases made by the Indians, a report in the local media said on Tuesday. According to the report, Pakistanis bought property worth 75b dirhams, and became the second largest community in the list of expatriate property buyers in Dubai during 2014.
However, Indians remained top investors with 18.23b dirham investment in 2014 as compared to 18b dirhams in 2013.
Based on 2013 investment of 86b dirhams, total buying by Pakistanis in 2013 and 2014 stood at 16.1b dirhams, according to data of Dubai Land Department (DLD).
The amount of investment in Pakistani rupees crosses over Rs430b after taking the value of one dirham at Rs27. According to the report, politicians, government officials and business tycoons were the major buyers.
An estate agent said most of businessmen had managed to pull out their investment after 2008. A builder ruled out the possibility that any developer/builder had lifted any property for launching new projects in Dubai or for investment.
He said that the builders are highly busy in Karachi where property demand is high. Investment from UK in Dubai fell to 9318b dirhams in 2014 from 10.
4b dirhams in 2013. The total value of non-Arab investment in Dubai real estate market stood at 64b dirhams through 29,098 transactions compared to over 69bn dirhams in 2013.
Iranians and Canadians invested 45bn and 3157bn dirhams, respectively, in 2014, said the report