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The UAE is second home for Pakistani affluent investors
Without a doubt, the UAE has been an international investment hub attracting high net worth Individuals from across the globe. Well-placed investors and funds have recognised the potential of the region as a safe haven for FDI. But who are those that have benefited the most from investing?
Pakistanis are particularly attracted to the emirate, as it is considered a second home for them. High-profile Pakistanis are interested in relocating their assets to Dubai, while there’s also a desire to expand their businesses in the UAE.
Ahmed Shaikhani, President of the Pakistan Business Council, said many Pakistanis are based in the UAE for more than 35 years and now the second generation has been investing billions of dirhams in real estate and automobile sectors. “Pakistanis are among top 10 investors in Dubai real estate including industries in free zone as well as the mainland. In fact, Pakistanis are among the first to initiate exports of fresh fruits and vegetables to the Middle East via UAE. There are a large number of Pakistani professionals in many other sectors including accounting and finance,” he said.
Based on the Dubai Land Department (DLD), Pakistani investments exceeded Dh57 billion through 46,058 real estate investments made by 32,083 investors in the past 10 years.
“This positions Pakistani investors among the highest investing foreign nationalities in Dubai’s real estate sector. This underscores the attractiveness of the investment options that Dubai offers Pakistani investors, especially when it comes to high return on investment and the preservation of real estate rights,” Sultan Butti bin Mejren, director-general of DLD said in a statement to Khaleej Times, the Emirati newspaper.
Bin Mejren has expressed his thoughts over Pakistani investors, who, he said have discovered untapped potential in Dubai’s real estate market. The timing could not be better since DLD is in the process of positioning Dubai as the world’s premier real estate destination and a byword for innovation, trust and happiness.
Dubai is an ideal place to invest due to the transparent economy and the potential high return on investment behind a property asset. In fact, 7,000 Pakistani expats around the world including those living in Britain, UAE, Europe, and USA own Rs1,100 billion worth properties in Dubai. Pakistani expatriates are one of the largest buyers of properties in Dubai and the second largest among the non-GCC investors.
Proximity, cultural attraction, the absence of taxes, easy ownership transfers and strong rental yields have put Dubai at the top of real estate area in the whole MENA region.
Copperstones has a long history of highlighting markets of untapped potential. We have been in international real estate for over 30 years, showcasing only prestigious developments from across the globe. Due to exponential growth, we have an exclusive luxury off-plan portfolio in the UAE while our cultural competence and market intelligence have made us the first choice for the most affluent Pakistanis.
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