Everyday News

Pakistanis rank among top 10 real estate buyers in Dubai

DUBAI: Dubai’s real estate market recorded 8,897 monthly sales transactions worth Dh22.75 billion, the highest volume reported for the month of June since the past nine years.

invest with imarat

Islamabad’s emerging city centre

Learn More

Property consultant Betterhomes reported that, in the first half of the year, there was a 60% surge in residential real estate transactions, with an 85% increase in the value of properties sold.

The most buyers were from India, the United Kingdom, Italy, Russia, France, Canada, the United Arab Emirates, Pakistan and Egypt tied in the same position, finally followed by Lebanon and China.

Compared to the same time period last year, the number of buyers from Russia increased about 164%, 18% for Britain, and 42% for France. In contrast, the numbers for India and Italy dropped 8% and 17% respectively.

Luxury real estate sales, in particular, were up 87% compared to the first half of 2021, with apartments accounting for 62% of all transactions.

Investors made up 68% of all buyers, an increase of 10% as compared to the year before.

Demand rose largely due to the geopolitical instability in Europe and mortgage buyers looking to invest before interest rate hikes. According to Reuters, more Russians were choosing to invest in Dubai’s real estate market for financial security, following Western sanctions on Moscow after the Ukraine invasion.

“The market has faced growing headwinds in the form of rising interest rates and a strengthening dollar, but has so far proven to be robust with little sign of slowing,” said Betterhomes.

After facing a slump in 2020, Dubai’s property market picked up momentum the next year with increased sales of luxury units, after the city lifted coronavirus restrictions more quickly than most others around the world.

However, S&P Global Ratings has stated that the recovery was fluctuating, and an oversupply of residential properties would affect prices in the longer run.

Minaal Shamimi

As an editor and writer, Minaal recognises the importance of a well-crafted and compelling narrative. With several years of experience and a thorough understanding of SEO practices, her focus is on producing content that can provide different perspectives and create real value.

Recent Posts

Exploring Kalabagh: The Historic City in Mianwali District

Kalabagh, a small yet historically significant town in Pakistan’s Punjab province, is located within the…

23 hours ago

Nazimabad Number 2: A Well-Known Residential Area in Karachi

Nazimabad Number 2 is a well-known neighbourhood in Karachi, Pakistan, renowned for its vibrant community,…

2 days ago

A Guide to Quetta Town in Karachi

Quetta Town is a residential neighbourhood located in the vibrant city of Karachi, Pakistan. Known…

3 days ago

Akbar Chowk Lahore: A Focal Point of Connectivity

Akbar Chowk in Lahore stands as one of the city’s most critical intersections, serving as…

4 days ago

A Guide to Khuda Baksh Colony Lahore

Khuda Baksh Colony, located near Bhatta Chowk in Lahore, is a rapidly developing residential area…

5 days ago

Gol Market Karachi: A Vibrant Commercial Hub

Gol Market in Karachi is one of the city's most iconic and bustling commercial centres.…

2 weeks ago