Pakistanis and Indians are biggest property investors in UAE

Pakistanis and Indians are biggest property investors in UAE
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Published August 9th, 2016 - 09:00 GMT via SyndiGate.info

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Pakistanis bought property worth Dh3 billion which comes to about Rs85 billion (Pakistani rupees). (File photo)
Pakistanis bought property worth Dh3 billion which comes to about Rs85 billion (Pakistani rupees). (File photo)
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Pakistanis are not far behind Indians and Britons in purchasing property in the UAE as during the first half of 2016 they invested Dh3 billion (USD 816 million) in the real estate sector, a report said on Saturday.

According to the report in the Daily Dawn, Pakistanis bought property worth Dh3 billion which comes to about Rs85 billion (Pakistani rupees).

This puts them just behind Indians and Britons who invested Dh7 billion and Dh4 billion in real estate in UAE respectively.

The report compiled with the aid of Dubai Land Department said that in the last two-and-a-half years, Pakistanis have invested over Dh18 billion (USD 4.9 billion) in Dubai real estate market.

In 2015, Indian nationals ranked the highest value among foreigners, making property transactions worth Dh20 billion from 8,756 investors.

Britons came in at second with a total of Dh10 billion worth of property transactions from 4,889 investors while Pakistanis ranked third with Dh8 billion from 6,106 investors.

Abdul Wahab Parekh, the owner of Parekh Estate in Clifton said that Pakistani politicians, bureaucrats and some genuine buyers have lifted properties in Dubai instead of local businessmen.

He said that businessmen have pulled out their money from banks in Pakistan after introduction of 0.3 to 0.6 per cent withholding tax on filers and non-filers on tax returns.

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