Real estate prices in Dubai have fallen by 16 per cent year-on-year, according to the Dubai Annual Market Update Report released by Abu Dhabi-based CBRE. At the same time, demand for Pakistani property from overseas Pakistanis living in Dubai has been on the rise over the past year.
A real estate website reported an increase in demand for properties in Karachi, Lahore and Islamabad over the past year. Many of these experts believe that the increased demand is coming from overseas Pakistanis living in Dubai. This has an immense significance for real estate investors since Dubai’s Pakistanis spend billions on real estate every year.
Pakistanis in Dubai have not completely given up on their adopted home. They still invest an average of approximately Dh. 6 billion in Dubai real estate per year, according to the Khaleej Times.
The authorities in both Dubai and Pakistan have cracked down on money laundering and tax evasion by Pakistanis in Dubai. Experts believe that the shift in demand is due in part to this fact. Additionally, the security situation in Karachi has vastly improved over the last year. This has also contributed to a positive outlook on the property market there.
Basmati rice and meat exports are being termed vital in enhancing bilateral trade. Iran has a huge market for rice and meat. Iran imports meat worth $1 billion from South America that takes 45 to 60 days to reach its port. Pakistan has invested in modern abattoirs and recent legislation on Halal standards will further help enhance exports to the Muslim world, the source said.