Karachi, August 7 (NIA): Indian nationals have bought property worth UAE Dirhams 7 billion (US$ 1.9 billion) in Dubai in the first half of this year, says Aamir Shafaat Khan in a report in Dawn.
British nationals came second with purchases worth UAE Dirhams 4 billion (US$ 1 billion) followed by Pakistanis who purchased property valued at UAD Dirhams 3 billion (US$ 816 million), the Dubai Land Department said.
In 2015 also, Indian nationals were highest value foreigners, making property transactions worth UAE Dirhams 20 billion (US$ 5.4 billion) with 8,756 investors. Britons were second with a total of UAE Dirhams 10 billion (US$ 2.7 billion) worth of property transactions through 4,889 investors while Pakistanis ranked third with UAE Dirhams 8 billion (US$ 2.1 billion) through 6,106 investors.
In 2014 too Indians topped the list with purchases totaling UAE Dirhams 18.1 billion (US$4.9 billion) through 7,353 transactions and Pakistanis were second with purchases totaling UAE Dirhams 7.59 (US$ 2 billion) through 5079 transactions. Britons stood third with investments worth UAE Dirhams 9.32 billion (US$2.5 billion).
In the last two-and-a-half years, Pakistanis have invested over UAE Dirhams 18 billion (US$ 4.9 billion) in the Dubai realty market.
Abdul Wahab Parekh, owner of Parekh Estate in Clifton, told Dawn: “Pakistani politicians, bureaucrats and some genuine buyers have lifted properties in Dubai instead of local businessmen. Businessmen have pulled out their money from banks after the 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.”
Property dealers in the Karachi market paint an uncertain future for themselves after the introduction of new valuation rates, saying that the real estate market has become inactive.