NEWS

DUBAI: Sales of homes in Dubai worth $10 million or more rose 6% in the first quarter versus last year, an industry report showed on Tuesday, as demand from the international ultra-rich for homes in the emirate showed little sign of abating.

A total of 105 homes worth an overall $1.73 billion were sold from January to March, up from around $1.6 billion a year earlier, according to property consultancy Knight Frank.

Activity was dominated by cash buyers, with palm tree-shaped artificial island Palm Jumeirah the most sought-after area, accounting for 36.3% of sales by total value, followed by Jumeirah Bay Island and Dubai Hills Estate.

Pakistan’s once-booming real estate sector is facing a crisis, with declining home values and skyrocketing interest rates.

This downturn threatens not only individual homeowners but has wide-reaching consequences for the country’s economy. These dynamics disproportionately impact the middle-income groups, resulting in a slower market and lower property transactions.

Concurrently, the country’s mortgage sector, integral to housing finance, lags far behind its potential, especially when compared to similar emerging economies.

KARACHI: A conglomerate of Real Estate companies from the United Arab Emirates will invest USD 20 to 25 billion in the real estate industry of Pakistan.

This was announced by a strong delegation of various UAE-based Pakistani Real Estate companies including ALMIR, Habib Group, and Mark Stone led by Advisor to Government of Pakistan for Overseas Pakistanis in Gulf countries Sardar Qaiser Hayat.

Addressing the meeting, Advisor to the Government of Pakistan for Overseas Pakistanis in Gulf countries Sardar Qaiser Hayat said that investment from real estate companies of UAE in the construction industry of Pakistan would bring prosperity in Pakistan and Pakistanis would get international standard residential facilities.