As the region gears up for the 15th edition of the Middle East’s largest property showcase, Cityscape Global, leading Dubai real estate portal propertytrader.ae has revealed that online interest from Pakistan has risen significantly over the first six months of 2016, with searches peaking in August.
And although Pakistan is often ranked somewhere around fourth or fifth place among major investors in the Dubai real estate industry (in the non-Arab foreign investor category) – just behind the UK, India, and Russia – new statistics from propertytrader.ae suggest its influence is rising.
“It has been an eventful first half of the year with Brexit and other economic factors shaping international property trends,” said Umer Ali, Sales & Marketing Director, propertytrader.ae. “So it is interesting to see this gradual, but definite rise in interest over just a few months from one country – Pakistan. There is clearly great interest there in the upcoming Cityscape Global and the opportunities it will inevitably highlight. August’s spike in searches is no coincidence.”
Ali stated that Pakistan accounted for 10% of all searches on the site in August – rising dramatically from 3% in January. This placed the country in the top three for the first time this year, nudging out the UK.
In second position in August was Russia with 18% of all searches, with the UAE in first place at 48%.
It is estimated that Pakistanis have made an investment of around Dh31 billion in the Dubai property market during the past five years, with the major portion of this investment accounted for by Pakistan expats in the UAE and wider GCC who prefer to invest in the emirate because of good rental yields.
Cityscape Global 2016, will take place on September 06-08 at Dubai World Trade Centre.