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DUBAI: Pakistan has emerged as the sixth-largest real estate investor in Dubai, according to official figures released by the Dubai Land Department (DLD).
According to the data, Pakistani nationals have made 1,913 real estate transactions pumping about AED2.79 billion in Dubai’s real estate sector. The DLD released the list of top 10 nations that invested in the city’s real estate sector.
The latest report —based on the number of registered transactions — informed that investors from India ranked first with 5,246, followed by UAE nationals with 5,172. A distant third were those from Saudi Arabia (2,198), followed by China (2,096) and the UK (2,088).
In terms of investment value, Indians were also top investors, pumping in more than Dh10.89 billion last year in to the emirate’s property sector, followed by Emiratis (Dh8.1 billion), Saudis (Dh4.92 billion), British (Dh3.97 billion) and Chinese (Dh3.97 billion).
DLD director-general Sultan Butti bin Mejren said, “The year 2020, and the difficult challenges it brought, was a clear example of full coordination between all government departments on one hand and the wise leadership on the other, as a collective effort necessary to confront crises.”
Majida Ali Rashid, CEO of the Real Estate Promotion and Investment Management Sector at the DLD, said, “Dubai remains one of the few investment destinations that maintain the growth fundamentals that represent a strong momentum in the latter half of the year, while benefitting from the enabling factors provided by the government to address the consequences of the pandemic.”
“The sector achieved a growth rate of 3.66 percent during Q1 2020 compared to Q1 2019, which achieved a growth rate of 3.09 percent. Despite the negative economic growth rates for Q1 2020, the sector’s performance and its contribution to GDP growth is still positive,” Majida added.
Real estate transaction value reached approximately Dh226 billion in 2019 compared to Dh221 billion in 2018, with a growth rate of 2.1 percent, the DLD said. Moreover, the number of investments in 2019 reached over 47,000, with a growth rate of 18 percent, compared to 40,000 in 2018.
