Last Updated on: 15th July 2023, 05:05 pm
Pakistan Falls Out Of Top 10 Real Estate Investors in Dubai
The latest data from Betterhomes shows that British, Indian, and Russian citizens were the top investors in Dubai real estate in the first quarter (Q1) of 2023.
The top 10 also includes investors from countries such as Italy, Lebanon, Egypt, Turkey, France, China, and the United Arab Emirates, according to the report.
European and Russian investors have outpaced those from the Indian subcontinent and this shift is due to several factors including rising costs in Europe following the Russo-Ukrainian conflict, Dubai’s successful handling of the pandemic, a stall, the availability of 100% foreign-owned capital and the opportunity to obtain a 10-year golden visa.
In the local real estate market, Indians were the main investors but fell to third place in the ranking. Meanwhile, Pakistani investors, which were among the top 10, were dropped from the list in the first quarter of 2023, mainly due to PKR’s massive devaluation in a year.
According to xe.com, PKR fell from 50 against AED in April 2022 to 77.46 in April 2023. In 2022, according to Betterhomes data, Pakistanis were the sixth largest investor in Dubai real estate market.
Najmeh Jafari, CEO of Samana Developers, said Europeans are the main investors in their latest project, with buyers mainly from France, Germany, the UK, the Netherlands, Sweden, Switzerland, Austria, Belgium, and Norway.
Similarly, Ayman Youssef, Vice President of Coldwell Banker UAE, confirmed that buyers of property in Dubai are mainly from Germany, France, and Switzerland.
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