Pakistanis are Third biggest foreign property entrepreneurs in UAE
ISLAMABAD: Based on UAE media reports about real-estate investments by foreign nationalities in Dubai, Pakistanis purchased property worth three billion dirhams (around PKR85bn) during the first half of this year, following the Indians and Britons who invested 7bn and 4bn dirhams, respectively.
Pakistanis have invested over 18bn dirhams (Rs512bn) in Dubai housing market in last two-and-a-half years. In 2015, Indian nationals ranked first among foreign investors’ list, making property transactions worth 20bn dirhams by 8,756 investors. While Britons were ranked second with a total of 10bn dirhams worth of property transactions by 4,889 investors, meanwhile, Pakistanis ranked third with 8bn dirhams by 6,106 investors.
However, back in 2014, Pakistanis were at second position with 5,079 transactions with a total of 7.59-dirham investment and Indians topped the list with a purchase of 18.1bn dirhams worth of property in 7,353 transactions.
Businessmen have pulled out their money from banks after introduction of 0.3 to 0.6 percent withholding tax on filers and non-filers on tax returns. 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.