Pakistanis own $10.6b property in Dubai – more than SBP’s dollar reserves

[N.Siddiqui]

While Pakistan's economy continues to scare away foreign investments, data suggests the country's super-rich owns over 38,000 properties worth $10.6 billion in Dubai's offshore real estate market, which is more than Pakistan's State Bank dollar reserves.

According to a research paper, “Who Owns Offshore Real Estate? Evidence from Dubai”, about half of the offshore Dubai real estate is owned by individuals from India, the UK, Pakistan, Saudi Arabia, and Iran.

The main owners of Dubai real estate in absolute terms are large neighboring countries such as India, Pakistan, Saudi Arabia, Iran, and Russia, and several large, often English-speaking economies like the UK, US, Canada, China, Germany, and France.

The paper notes that offshore real estate in Dubai is massive, with at least $146 billion in foreign wealth invested in the property market.

Read more: Pakistan meets IMF to get funds with toughest conditions

A deeper breakdown of the data suggests that the total market value of properties in Dubai at $533 billion in 2020, of which about 27 percent is foreign-owned.

About 35,000 Indians own Dubai properties worth almost $30 billion (20 percent of total offshore Dubai real estate). The UK comes next (23,000 unique owners, with properties worth $15 billion, 10 percent of the total).

By aggregate values, the remaining top countries include countries in the broader Middle Eastern and Central Asia region (e.g., Pakistan, Saudi Arabia, Iran, Jordan, and Russia) and large economies (e.g., Canada, US, and China).

Pakistanis own $10.6b property in Dubai - more than SBP's dollar reserves

Last week, Geo News reported that Pakistan's central bank reserves have fallen to a 23-month low, decreasing by $190 million to $10.308 billion.

www.globalvillagespace.com

This is just the worth of property bought in last few years.

 

[Bilal9]

Bangladesh is a smaller place - but the money laundering to Dubai is still significant. About $350 Billion at last count.

ACC probing reports of 459 Bangladeshis owning property in Dubai

The Anti-Corruption Commission (ACC) has launched an investigation into the allegation that 459 Bangladeshi nationals have bought properties in Dubai illegally. The commission formed a four-member probe committee, to look into the allegation, comprising a director and three deputy directors...

www.tbsnews.net

Bangladeshis invest highest in Dubai real estate

In 18 months of Covid pandemic, Bangladeshi nationals have topped real-estate and housing investment in Dubai – a city known for luxury shopping, ultramodern architecture and a lively nightlife scene, according to Dubai public document and newspaper ranking. Since the investment worth 123...

www.tbsnews.net

 

[nahtanbob]

10.6 billion divided by 38,000 = $278,947

$278,947 does not look like a property of a rich man

 

[Imran Khan]

Pakistanis own 300bn$ realestate investemwent in pakistan too

 

[nahtanbob]

how much of the property are owned by Pakistani expatriates ?

 

[Trango Towers]

Dubai property is the worst investment. Anyone who has owned property there knows. We had 2 and now sold.

 

[Sugarcane]

These properties are bought with Pakistani passport, dual nationals who didn't bought properties with Pakistani passport are way more.

Dubai property is the worst investment. Anyone who has owned property there knows. We had 2 and now sold.

Some property dealers keep sending me marketing emails to buy property with guaranteed rental income.

 

[nahtanbob]

These properties are bought with Pakistani passport, dual nationals who didn't bought properties with Pakistani passport are way more.

Do Pakistani expatriate in UAE have dual passports with UAE ? I assume most of them are Pakistani passport holders working in the UAE

The article is clear that it analyzed all foreign passport holders. UAE is restrictive on who it allows for dual citizenship. Plus dual citizenship started in Jan 2021.

 

[Sugarcane]

Do Pakistani expatriate in UAE have dual passports ? I assume most of them are Pakistani passport holders working in the UAE

Expats doing job don't have dual passports, it's business men / inventors who have dual nationalities of third country i.e. UK/US/Canada etc. - Plus the crooks who have invested stolen money and usually their front men / relative whose name the properties are, have dual nationalities.

 

[nahtanbob]

Expats doing job don't have dual passports, it's business men / inventors who have dual nationalities of third country i.e. UK/US/Canada etc. - Plus the crooks who have invested stolen money and usually their front men / relative whose name the properties are, have dual nationalities.

Are you suggesting the Pakistani origin persons with citizenship of US/UK/Canada have a lot of property invested in UAE ? USA does not allow naturalized citizens from Pakistan to keep their Pakistani citizenship. you are renouncing your Pakistani citizenship to gain American citizenship

 

[Trango Towers]

These properties are bought with Pakistani passport, dual nationals who didn't bought properties with Pakistani passport are way more.



Some property dealers keep sending me marketing emails to buy property with guaranteed rental income.

Bro what they don't tell u is the service charges...property may be left empty for months. And when u sell you can't get your money out as you don't have a dubai bank account. Been through the whole dance. Worst place for property investment is duabi but they make it sound like paradise.

 

[Sugarcane]

Are you suggesting the Pakistani origin persons with citizenship of US/UK/Canada have a lot of property invested in UAE ? USA does not allow naturalized citizens from Pakistan to keep their Pakistani citizenship. you are renouncing your Pakistani citizenship to gain American citizenship

Dual Nationality - DGI&P

Other than that, there are Caribbean countries whose Passport you can buy (i.e. by investing certain amount). Even if someone have US citizenship, s/he have can have Pakistan Origin Card which give almost all rights except voting.

 

[nahtanbob]

View attachment 924202

Dual Nationality - DGI&P

Other than that, there are Caribbean countries whose Passport you can buy (i.e. by investing certain amount). Even if someone have US citizenship, s/he have can have Pakistan Origin Card which give almost all rights except voting.

How many US citizens acquire Pakistani citizenship ? How many of them own property in UAE ?

I would not consider Pakistan Origin Card as Pakistani citizenship

 

[Trango Towers]

How many US citizens acquire Pakistani citizenship ? How many of them own property in UAE ?

I would not consider Pakistan Origin Card as Pakistani citizenship

But what you consider is not relevant or important.... I mean who exactly do u speak for? The gov of Pakistan?

A man may not even hold a POC but he can still be Pakistani because of his love for his country or the country of his father.

 

[Olympus81]

Dubai property is the worst investment. Anyone who has owned property there knows. We had 2 and now sold.

Why is that? Was exploring this option.

UAE doesn’t give nationality to anyone. There might be rare cases.

So Pakistanis living in UAE mostly have a Permanent Residence.

POC is for Pakistanis who’ve renounced their citizenship but still have roots in Pakistan.