Pakistanis among top five nationalities buying property in Dubai

Emiratis top the chart followed by Indians, Saudis and British who remain second, third and fourth respectively

Pakistanis have made it to the list of top five nationalities buying property in Dubai as the real estate market of Arabian gulf’s business capital rose by a whopping 90 per cent in April and May combined.

The total number of nationalities investing in the emirate were 127, with UAE nationals (Emiratis) topping the chart with investments worth Dh12.024 billion, according to Emirates 24/7.



Indians remained second with investment during the first five months totalling Dh5.885 billion followed by Saudis who bought properties worth Dh3.655 billion.

Whereas British and Pakistani citizen stood at fourth and fifth positions, investing Dh3.313 billion and Dh2.676 billion, respectively.

The total investment figure in the estate market stood at Dh25 billion in the first three months of 2016, however, it reached to Dh48 billion in the first five months of the current year, the website claimed while quoting the Dubai Land Department (DLD).

“People talk of a correlation between lower oil prices and property, but we haven’t seen any such thing. People are buying and not all of them have any business with oil. There are a lot of investors with money who have trust in Dubai,” DLD Director-General Sultan Butti bin Mejren said in an interview.

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Though KPMG, a consulting and audit firm, expected property prices to be under pressure this year due to lower oil prices and a strong US dollar, it said the market will start to recover in 2017 as infrastructure work surrounding the Expo 2020 gets under way.

Dubai is the host city for Expo 2020, which will run for a period of six months, starting October 20, 2020 till April 10, 2021. It aims to draw more than 25 million visitors, expecting Dh25 billion in total investment in infrastructure-related projects, with the creation of 277,000 new jobs.

(One Dirham equals to approximately Rs28.50).

This article originally appeared on Emirates 24/7.