The complex real estate
relationship between Pakistan and Dubai continues
Real estate prices in Dubai have fallen by 16
percent year-on-year, according to the Dubai Annual Market Update Report
released by Abu-Dhabi-based CBRE. At the same time, demand for Pakistan
property from overseas Pakistanis living in Dubai has been on the rise over the past year.
Lamudi Pakistan’s network of agents and developers reported an increase in demand
for properties in Karachi, Lahore and Islamabad over the past year. Many of
these experts believe that the increased demand is coming from overseas
Pakistanis living in Dubai. This has an immense significance for real estate
investors since Dubai’s Pakistanis spend billions on real estate every year.
Dubai Pakistanis have not completely given up on
their adopted home. They still invest an average of approximately Dh. 6 billion
in Dubai real estate per year, according to the Khaleej Times.
The authorities in both Dubai and Pakistan have
cracked down on money laundering and tax evasion by Pakistanis in Dubai.
Experts believe that the shift in demand is due in part to this fact.
Additionally, the security situation in Karachi has vastly improved over the
last year. This has also contributed to a positive outlook on the property
market there.
Local and federal governments of Pakistan are currently
making adjustments and passing laws that increase transparency in the real
estate market. Punjab’s Land Record Management Information System is leading
the way.
These government programs will contribute to the
increasing demand for Pakistan real estate.
No comments:
Post a Comment