BE2C2 Report — Gemini Property Developers is targeting Pakistani buyers and investors with its new residential project, the Gemini Splendor, located within the Sobha Hartland community in Dubai’s upcoming Mohammed Bin Rashid City.
The Dubai-based developer said in a statement that its decision is based on figures that show the high potential of investment from Pakistan as more and more Pakistani investors buy properties in the UAE. It added that Pakistanis are the third largest non-Arab expatriate group investing in Dubai real estate, according to the Dubai Land Department (DLD).
Around 3,372 Pakistani nationals purchased $1.2 billion worth of properties in Dubai in 2016 and $2.18 billion in 2015, DLD statistics show, Gemina said, adding that, based on these figures it has decided to run a major marketing campaign in Pakistan.
Gemini said it is participating at the Abad-Jang Expo 2017 at the Pakistan-China Friendship Centro in Islamabad with a view to attract Pakistani buyers.
“As we are on target to deliver our first project in the first quarter of 2018, we want our Pakistani buyers to benefit from the great location,” said Sudhakar R. Rao, managing director of Gemini Property Developers. He added that the company believes there is a substantial market within the Pakistani community in the UAE, as expatriates from the South Asian country form the second largest foreign nationality in the UAE with more than 1.2 million overseas Pakistanis contributing to the UAE economy.
According to official figures, Pakistani expats living in the UAE remitted $4.3 billion during the fiscal year July 12015-June 2016, amounting to $3583 per individual on the average — highest among Pakistani expats in the Middle East and Europe. However, on the aggregate, Pakistani expats working in the Kingdom sent the largest amount home during last fiscal year– $5.9 billion.