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

[ziaulislam]

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.

Doubt it.
I think the number is probably in excess of 100b$

This number would just represent the police officers like roa Anwar (who is grade 17 and owns decalres property of worth 10+ crore in Dubai)

Around 10,000 high end police officers probably own around 10b$ properties

Military, beaucrats, judges, and politicans probably hold similar amount so number should be much higher

Since assets beyond means and kick backs is halal in Pakistan per majority of the people opinion and legal feternity

The modern Muslims believe in Pakistan that rishwat leyna or deyna sawab ka kaam hey

Pakistanis abroad have a responsibility to look out for their interests.

If Dubai offers good returns, they will invest in Dubai. If Pakistan does the same, they will invest in Pakistan.

Pakistan at the moment is not worth investing a dime on, especially after RCO. I am certain over time, property prices will just flat out and the prices will just go down taking inflation and devaluation into consideration. It’s a good thing.

More money needs to flow in industries that generate employment and induce cash flow.

Not necessary Dubai is simply a place to park illegal money

 

[Genghis khan1]

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

Incorrect information. You can have both passport.

 

[nahtanbob]

Incorrect information. You can have both passport.

thanks @Genghis khan1

you are right

Dual Nationality

U.S. law does not mention dual nationality or require a person to choose one nationality or another.

travel.state.gov

 

[-=virus=-]

Nice, bricks and mortar or even just land is generally always a good investment.

 

[Trango Towers]

Doubt it.
I think the number is probably in excess of 100b$

This number would just represent the police officers like roa Anwar (who is grade 17 and owns decalres property of worth 10+ crore in Dubai)

Around 10,000 high end police officers probably own around 10b$ properties

Military, beaucrats, judges, and politicans probably hold similar amount so number should be much higher

Since assets beyond means and kick backs is halal in Pakistan per majority of the people opinion and legal feternity

The modern Muslims believe in Pakistan that rishwat leyna or deyna sawab ka kaam hey


Not necessary Dubai is simply a place to park illegal money

Parking the money is OK for shirt term but this money will not grow there and you can't move it from dubai easily

 

[jamal18]

OP: That's not because the cost of the property is high, it's because the SBP holdings are low.