Pakistanis have invested around 3 billion dirhams (PKR 85 billion) in Dubai realty market in last 6 months. According to the report based on Dubai land department that appeared in UAE media, Pakistanis are just behind Indians and Britons.
India has invested a whopping amount of 7 billion dirhams while Britons made an investment of colossal 4 billion dirhams. On the other hand, Pakistan is No. 3 on the list with 3 billion dirhams investment which is equivalent to PKR 85 billion.
Since January 2014, Pakistan has invested a massive amount of 18 billion dirhams (PKR 512 billion) in Dubai property market.
Ranking in 2014 and 2015
1- With 7,353 transactions, India was ranked No. 1 in 2014 with 18.1 billion dirhams investment
2- Britons were ranked No. 2 with 9.32 billion dirhams investment
3- Pakistan was listed on No. 3 after they made an investment of 7.59 billion dirhams with 5,079 transactions
In 2015, Indian nationals were ranked highest value foreigners in Dubai. As many as 8,756 investors capitalized 20 billion dirhams in Dubai realty market. They were followed by Britons who made an investment of 10 billion dirhams from 4,889 investors. Pakistan made a relatively slight improvement from the previous year as they invested 8 billion dirhams from 6,106 investors.
Top business tycoons boosted Dubai realty market
Owner of Parekh Estate in Karachi, Abdul Wahab Parekh stated:
“Pakistani politicians, bureaucrats and some genuine buyers have lifted properties in Dubai instead of local businessmen”
Most of the businessmen in Pakistan have pulled out their money from the banks. As a result, they are dealing in Dubai realty market after the introduction of 0.3 to 0.6% withholding tax on filers and non-filers on tax returns.
Moreover, real estate market in Pakistan has also become inactive and passive after the introduction of fresh valuation rates.
Do you think government should prepare a strategy to motivate businessmen in Pakistan to bring back an enormous sum of amount back in Pakistan?