Pakistani investment in Dubai’s property market jumped 33 per cent to Dh1.71 billion in the first half of 2012 compared to Dh1.29 billion same period last year.
Property agents say Pakistanis are picking up properties in Dubai not only because of the ongoing political crisis back home, but due to the emirate’s safe haven status and a high return on investment.
The recent Dubai Land Department data shows Pakistanis have purchased 1,814 properties in the first half 2012, registering an increase of 37 per cent compared to the same period last year.
Faisal Baig, Director, PropSquare Real Estate, told Emirates 24/7: “For Pakistanis first of all Dubai is very close in terms of travelling. A lot of wealthy Pakistanis have their second home in Dubai. For them it’s safe and accessible.”
Bilal Khan, Residential Consultant, Barsha Office, Better Homes, says that it is not just the huge variety of apartments and villas, including luxury homes, Dubai offer safe investment and high returns on investment to Pakistanis.
So are the rental yields better in Dubai?
Baig believes they are.
“In Pakistani normally they get about three to four per cent. But in Dubai some of the properties they can get up to seven per cent.”
Khan agrees, adding, “In most cases, it is easy to find a tenant and if the tenant pays in one cheque then the landlord certainly benefits as he does not have to worry about anything.”
Usman Ali, a senior manager in a Dubai-based financial institution, is looking at buying a two-bedroom apartments in new Dubai.
“I have been living in the UAE for 12 years now and I don’t have any immediate plans to return.
“I stayed in Sharjah for 10 years as I couldn’t afford to lease in Dubai. I see the rents spiraling again and hence, I have decided to buy a property here in Dubai,” he adds.