Pakistanis have been included among the top ten for holding properties in Dubai as the attractive property market has been under the influx of investors from around the world in the wake of Western sanctions.
Betterhomes, a property consultant company have stated in a report that during the first half of the current year volumes of residential real estate transactions rose by 60 percent.
According to the property consultants, there has been a recorded 85 percent increase in the value of properties.
Investors of different countries have been placed by the property consultancy website in order of top 10 as follows: India, United Kingdom, Italy, Russia, France, Canada, United Arab Emirates, Pakistan and Egypt (both at the same number), Lebanon and China.
According to Betterhomes Russian investors surged 164 percent more during the first half of this year compared with the first half of last year. France rose by 42 percent and the United Kingdom by 18 percent. It has also shown that Indian and Italian buyers fell by eight percent and 17 percent respectively.
Betterhomes has said that the geopolitical instability in Europe and the buyers trying to get ahead of interest rate hikes have caused a boost in demand. It also said that after the Western sanctions on Moscow, the Russian investors were looking to pour money into Dubai as financial heaven.
According to the report citing Dubai Land Department data, 37,762 units have been sold during the first half of the year with transactions worth nearly 89 billion dirhams on residential properties. Transactions of luxury properties went up by 87 percent with 62 percent of all transactions into apartments.
In October, the Standard and Poor (S & P) rating agency stated that the real estate sector of Dubai was uneven and fragile.
Earlier, a report from the EU Tax Observatory had made shocking revelations over the off-shore ownership of the real estate in Dubai. As per that report, 19,662 Pakistani nationals have owned 38,907 properties worth $10 billion in Dubai.
“Who Owns Offshore Real Estate?” titled report of the EU Tax Observatory was released in May this year. The report listed the countries that held the most offshore real estate in Dubai. India was on top of the list in the report followed by the United Kingdom and Pakistan.
