According to confidential documents available with Geo News, more than 7,000 super-rich Pakistanis bought luxury residential villas, flats, and estates in 12 renowned localities in the Emirati capital. The documents contain particulars of some 34,000 rich families from 118 countries in all.
Such is the spending spree of these wealthy Pakistanis that they have become the biggest overseas property buyers in Dubai — leaving behind even investors from India, the United States, Britain, and the rest of the world — thanks to the Rs1.1 trillion they shelled out for these properties.
This list of the who’s who includes politicians, some of whom are members of the Parliament, retired generals, former judges, real estate tycoons, businesspersons, bureaucrats, lawyers, actors, singers, and a few media personalities.
Pakistanis bought over:
- 967 villas or residential properties in luxury areas of Greens;
- 75 precious flats in Emirates Hills;
- 165 properties in Discovery Garden (residential and commercial);
- 167 flats in Jumeirah Island;
- 123 residential properties in Jumeirah Park;
- 245 plush flats in Jumeirah Village;
- 10 properties in Palm Deira;
- 160 in Palm Jabel Ali;
- 25 properties in Palm Juemirah Shorelines;
- 234 properties in International City;
- and 230 in Dubai Cilicon.
The rest of the properties were bought elsewhere in Dubai. Around 200 Pakistanis holding Canadian citizenship, 50 with Australian nationality, and four Pakistanis holding New Zealand citizenship own residential properties in Dubai.
The base price (lowest value units) of a property in Dubai market is AED1 million and upper-end properties were worth as much as AED15 million, according to some recognised property consultants in Dubai. They claim that the estimated value of 7,000 properties owned by Pakistanis in Dubai totals AED35 billion (approximately, US$9.529 billion or Pakistani Rs1.004 trillion).
All such persons or individuals who have acquired properties abroad and have not reported those in their wealth statements filed with FBR can be prosecuted criminally under Sections 192 and 192-A of the Income Tax Ordinance 2001 in addition to other penal provisions of the said ordinance. They are also in violation of the provisions of Anti Money Laundering Act for having reportedly channeled their (mostly ill-gotten) money abroad through illegal instruments such as ‘hundi’ and ‘hawala’.
Mediabites Editorial – Shoaib Naqvi (Courtesy: Zahid Gishkori, Geo News)