Dubai’s real estate market is booming as investors from around the world have pumped billions in the city situated on the coast of the Persian Gulf.
According to the data of the Dubai Land Department, in the first five months of 2021, Indian citizens have invested AED 6 billion in Dubai.
ALSO READ
Pakistan’s Mashal Aamir Wins UK’s Prestigious Lady Diana Award
UK citizens have invested AED 2.9 billion, followed by Chinese and French citizens with AED 1.4 billion and AED 1.3 billion respectively.
Meanwhile, Pakistani citizens have pumped AED 1.26 billion in Dubai during the first five months of the year.
The investment from Pakistani nationals in the city directly converts to a whopping Rs. 52 billion.
Besides, Russian citizens invested AED 1.18 billion in Dubai, Iranians AED 1.07 billion, Canadians AED 1.04 billion, and Saudi citizens AED 720 million.
ALSO READ
FBR Achieves Historic Growth in Tax Collection
In this regard, Mahmoud Al-Burai, Senior Advisor to Dubai Land Department, has said that tax-friendly laws and the availability of immediate residency status through real estate investments are the biggest reasons behind the surge in investment.
One needs to invest AED 1 million in real estate to obtain a residency visa in the UAE, which is more affordable than investing €0.5 million in real estate to obtain residency visas in Spain and Portugal, noted Al-Burai.
Via: Mahmoud Al-Burai
