LAHORE: Pakistan has become the third biggest country that invested huge money in UAE, especially in Dubai’s property market as it invested record $1.23 billion in first six months of year 2014.
According to the CEO of leading UAE real estate portal bayut.com, despite the slow market, Pakistanis invested heavily in the Dubai real estate market in 2013
Haider Ali Khan said that India was at No one by putting $2.27 billion, the United Kingdom invested $1.36 billion, whereas Pakistan stands third after investing $1.23 billion during the first six months of 2014.
Khan said, “Dubai is the most attractive real estate market for many countries, primarily due to the reforms introduced after the financial crisis of 2008.” Adding that during the turmoil, many property developers had defaulted, shaking the confidence of investors.
Now, after the introduction of new laws, the real estate market is once again strengthening, he added.
Khan pointed out that most mature real estate markets are protected by law and the Pakistani government should gradually work to introduce some real estate laws, so that investor confidence improves and practices like the Biana system – 20% to 30% advance payment – should be stopped which hurts confidence. This will help the market mature.