How much property did Pakistanis buy in Dubai in the last 6 months? Shocking facts
Pakistanis have invested over 18bn dirhams (Rs512bn) in Dubai realty market in the last two-and-a-half years.
In 2015, Indian nationals ranked the highest value foreigners, making property transactions worth 20bn dirhams from 8,756 investors. Britons came in at second with a total of 10bn dirhams worth of property transactions from 4,889 investors while Pakistanis ranked third with 8bn dirhams from 6,106 investors.
In 2014, Pakistanis were at second position with 5,079 transactions with a total of 7.59-dirham investment. Indians topped the list with purchase of 18.1bn dirhams worth of property on 7,353 transactions, whereas Britons invested 9.32bn dirhams.
The owner of Parekh Estate in Clifton Abdul Wahab Parekh said “Our politicians, bureaucrats and some genuine buyers have lifted properties in Dubai instead of local businessmen.” “Businessmen have pulled out their money from banks after introduction of 0.3 to 0.6 per cent withholding tax on filers and non-filers on tax returns. They have basically parked their money abroad.”
However, property dealers in the local market paint an uncertain future after the introduction of new valuation rates, saying the real estate market has become inactive.
- Sindh govt to bear medical expenses of Liaquat Ali Khan’s ailing son11:58 PM | 3 Aug, 2021
- Aamir Liaquat faces police complaint over lashing out at traffic cop ...10:55 AM | 3 Aug, 2021
- Turkey imposes 10-day mandatory quarantine for travellers from ...10:14 AM | 3 Aug, 2021
- Today's currency exchange rates in Pakistan - Dollar, Euro, Pound, ...09:15 AM | 3 Aug, 2021
- Falak takes Sarah on shopping spree (VIDEO)09:00 PM | 2 Aug, 2021
- Prince Charming - Mahira Khan's first look from upcoming webseries ...05:50 PM | 2 Aug, 2021
- Sharmila Faruqui lashes out at Ayeza Khan’s controversial scene ...05:21 PM | 2 Aug, 2021
- Stars who used apps to find love08:02 PM | 24 Jul, 2021
- World’s most powerful passports in 2021: Where does Pakistan stand?03:35 PM | 7 Jul, 2021
- 16 Pakistani universities among Asia's top 50002:36 PM | 8 Jun, 2021