Dubai’s real estate market is now booming, with investors from all over the world pouring billions into the capital of the United Arab Emirates.
Pakistani citizens have also drawn attention to a substantial investment of 1.26 billion AED in Dubai in the first five months of 2021. This investment by Pakistani nationals in Dubai is equivalent to Rs. 52 billion in rupees.
According to data from the Dubai Land Department, Indian citizens invested nearly 6 billion AED in the Dubai real estate market in the first quarter of 2021, and Indians remained the leading investors.
However, UK citizens have made a significant investment of roughly 2.9 billion AED, followed by Chinese and French citizens who made investments of 1.4 billion and 1.3 billion AED, respectively.
Citizens of Russia, Iran, Saudi Arabia, and Canada, according to government reports, have also invested in the first months of this year.
“Tax-friendly legislation combined with the possibility of quick resident status through real estate investments are one of the primary reasons behind the boom in investment in the city,” says Mahmoud Al-Burai, Senior Advisor to the Dubai Land Department.
Al-Burai also noted that 1 million AED in real estate is required to receive a resident visa in the UAE, which is far less expensive than spending 0.5 million euros in the real estate market to obtain a residency visa in European countries.