KARACHI: Pakistanis purchased properties in Dubai worth over 16 billion UAE dirhams during 2013 and 2014 as compared to over 36bn dirham purchases made by the Indians.
Pakistanis bought property worth 7.5bn dirhams, and became the second largest community in the list of expatriate property buyers in Dubai during 2014.
However, Indians remained top investors with 18.23bn dirham investment in 2014 as compared to 18bn dirhams in 2013.
Based on 2013 investment of 8.6bn dirhams, total buying by Pakistanis in 2013 and 2014 stood at 16.1bn dirhams, according to data of Dubai Land Department (DLD).
The amount of investment in Pakistani rupees crosses over Rs430bn after taking the value of one dirham at Rs27.
Market sources said that political leaders, government officials and business tycoons were the major buyers.
An estate agent said most of businessmen had managed to pull out their investment after 2008.
A builder ruled out the possibility that any developer/builder had lifted any property for launching new projects in Dubai or for investment. He said that the builders are highly busy in Karachi where property demand is high.
Investment from UK in Dubai fell to 9.318bn dirhams in 2014 from 10.4bn dirhams in 2013.
The total value of non-Arab investment in Dubai real estate market stood at 64bn dirhams through 29,098 transactions compared to over 69bn dirhams in 2013.
Iranians and Canadians invested 4.5bn and 3.157bn dirhams, respectively, in 2014.
Citizens of Gulf Cooperation Council (GCC) states bought property worth 32bn dirhams through 7,186 investors in 2014.
Emiratis invested 22.771bn dirhams, registering 4,452 transactions, while Saudis stood second with 1,745 transactions worth 5.207bn dirhams.
They were followed by Kuwaitis who made 426 transactions of 1.271bn dirhams; Qataris with 221 transaction of 1.969bn dirhams, and Bahrainis with 187 transactions of 483bn dirhams. Investors from Oman put in 613 million dirhams in 119 transactions.
Arab investors registered a total of 5,431 transactions worth over 12bn dirhams. Jordanians ranked no. 1 with 1,028 transactions of 2.513bn dirhams.
They were followed by Egyptians with 874 transaction of 1.768bn dirhams, followed by Lebanese with 785 transaction of 2.068bn dirhams. Iraqis came in the fourth place with 650 transactions of 1.631bn dirhams.
People from 140 countries are investing in the property market of Dubai, with total real estate transactions amounting to 218bn dirhams in 2014.
The total value of non-Arab investment in the Dubai real estate market for 2014 amounted to more than 64bn dirhams through 29,098 transactions.
Indian nationals were ranked the highest value foreign investors, making 7,353 transactions with a total of 18.123bn dirhams worth of property transactions.
Investors from Pakistan came in second with 5,079 transactions with a total of 7.588bn dirhams worth of property transactions.
British investment came third at 9.318bn dirhams. They were followed by Iran and Canada with a total of 4.5bn and 3.157bn dirhams.
Published in Dawn February 17th , 2015