Dubai tops indian and pakistani wish list

Photo: Sboyd

Dubai's property market has enjoyed a roller coaster in recent years, from its inital housing crash to a rapid recovery and a gradual moderation. The emirate still tops the wish list for investors from India and Pakistan, though.

A survey from Pakistan-based Zameen.com reveals that half of buyers keen to invest overseas would aim primarily at Dubai and the UAE.

India also dominates the Dubai property market, in terms of population, with the country accouting for the largest group of expats.

Almost half of last year’s real estate transactions were made by foreigners, with investment totalling AED 113 billion, according to the Dubai Land Department.

The three top investors by nationality in 2014 were Indians (AED 10 billion), Britons (AED 5 billion) and Pakistanis (AED4.5), while GCC nationals together, accounted for AED 33 billion.

"Given the proximity of Dubai to India, the ability to fly in and see what you are buying, makes it a very attractive option for NRIs in Dubai," Haider Ali Khan, Chief Executive Officer of Dubai-based Bayut.coms tells OPP.Today.

"The emirate has always done well in rental yields, so even if their job takes them to some other part of the world or back to their country, the property’s rent should be able to cover the mortgage or just give them a good rental income in case it is paid off."