|By Arabian Post Staff| Pakistanis are the third largest non-Arab expatriate group investing in Dubai real estate, according to the Dubai Land Department (DLD).
Pakistanis invested AED 8 billion in Dubai properties in 2015, out of the total investment from non-Arab expats surpassing AED 74 billion. Compared to 2014, their investment in the Dubai property market increased 6.7 per cent in 2015.
With an investment of AED 30.64 billion in the last five years, Pakistanis are considered among the top three investors in the Dubai property market. Significant groups of Pakistani investors in the property market are expats living in the UAE and wider Gulf region.
The Pakistani investments in the realty sector in the UAE come at a time when the dirham’s peg to the US dollar makes less Pakistanis willing to convert their domestic currency into dirhams to acquire property in Dubai as they favor purchasing investments in their home country instead. Despite this economic fact, Pakistani investors in the realty market in the UAE have been one of the top three for a couple of years.
Dubai is still a very attractive investment market for Pakistani investors due to the high rental yields that range between 8 percent and 10 percent, while the investment in the UAE realty market secure huge financial transfers to Pakistan generated from profits coming from the sales or income of rental properties owned by Pakistanis. According to the Financial Year 2015 – 2016, the total Pakistani expatriates’ remittances from Dubai to Pakistan amounted to $1.67 billion with a growth by 39.7 percentof total Pakistani remittance transfers to Dubai.
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