The quasi-regulator, will extend by as much as two years a year-end deadline to cap at 30 per cent the market share
asia2 hours ago
A soft Dubai property market is encouraging Pakistan expatriates in the UAE to invest back home. This, in turn, is pushing up property prices in Pakistan, resulting in values almost doubling in some areas.
Higher demand, especially in Karachi and Islamabad, was driving prices higher on a daily basis, according to property brokers and developers quoted in a report that appeared on Dawn.com. In contrast, residential prices in Dubai have fallen by up to 15 to 20 per cent in recent months.
According to a Dubai annual market update issued in mid-December, average residential property prices have fallen 16 per cent and 14 per cent year on year for apartments and villas, respectively, while overall unit transactions declined by 33 per cent.
"Ample liquidity for property investment is pushing prices up everywhere, particularly in Karachi and Islamabad," said Ashraf Hameed, the director of property developer Value Housing.
He cited closer monitoring of the cross-border movement of money and improved law and order situation as reasons behind the uptrend. "We have no problem of law and order in Islamabad while the situation in Karachi has also improved significantly," he added.
M. Anwar, a private investor in Karachi, said: "Property prices in Dubai have dropped 15 to 20 per cent in commercial and semi-commercial areas, and five to 10 per cent in posh areas."
Pakistanis have been among the leading investors in the Dubai property sector. Most of them were businessmen, politicians, government officials and those who migrated to other countries and shifted their property to Dubai for better returns.
The quasi-regulator, will extend by as much as two years a year-end deadline to cap at 30 per cent the market share
asia2 hours ago
Minister of Energy and Infrastructure also pointed to the rock berm project, which serves as a solution to future-proofing roads
uae2 hours ago
The airline would be operating 292 flights today, with additional support from Air India on 20 routes
world3 hours ago
Talks involving Qatari, US and Hamas delegations aimed at cementing a long-stalled ceasefire deal would continue today in Cairo, say reports
mena3 hours ago
Inverex has evolved into one of the largest solar brands, offering cutting-edge solutions for both residential and commercial applications
kt network3 hours ago
First scheduled to close on April 28, it was extended until May 8
uae attractions4 hours ago
Property owners in Dubai South and its vicinity have begun to raise prices - by up to 25 per cent
uae4 hours ago
Investors now await US jobless claims data due later in the day for cues on strength in the labour market
currency exchange4 hours ago