Property investors are ignoring their own markets in Pakistan and Dubai in an ironic twist that has its nationals investing in each others countries
Overseas property investors in Pakistan are heading to Dubai for overseas property investments and some are making some huge investments in the region.
A recent overseas property exhibition in Karachi Pakistan organised by Dubai Shows Ltd was attended by more than 47,000 overseas property buyers in search of investment opportunities abroad. Dubai created a great deal of interest for Pakistan property investors.
Mohammed Saeed Mirza Sales & Marketing Manager of Tanmiyat Ing Group ‘This was the first time that we have visited Pakistan, our participation at the Worldwide Property Show was planned purely as a branding exercise. We closed a sale for one complete tower consisting of Ground plus 29 floors at Business Bay at a price of over Dhs.380 million. We will definitely come back to Pakistan"
At the same time Pakistan has attracted inward investment from Emaar Properties, the Dubai-based Public Joint Stock Company. Emaar Properties have several real estate projects in its primary market of Dubai all in various stages of completion. These include Dubai Marina, Arabian Ranches, Emirates Hills, The Meadows, The Springs, The Greens, The Lakes and The Views. The company view Pakistan as an ideal area to expand its operations.
Mr Mohammed Al-Falasi, Managing Director, Emaar Pakistan, said "Emaar's developments in Pakistan are in line with the global real estate major's Vision 2010 of becoming one of the world's most valuable companies through strategic expansion and diversification in key markets and sectors,' Mr Al-Falasi.confidence in the region is clear and will serve as a boost to the Pakistan property market. He remarked ‘Pakistan has one of the fastest growing economies in the region and its potential remains under-utilized. However, from the perspective of property development, Emaar has realized that Pakistan needs innovative solutions. Our goal is to create a series of exciting developments that set new standards for commercial and residential property.
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Carol McDonald