Dubai leaks: Guess which country's citizens own most property in this city?

Foreign ownership in Dubai's housing market reached an estimated $160 billion in 2022. The list of owners features the who's who from around the world

Indians top the list in owning residential properties in Dubai with 35,000 properties and 29,700 owners among foreigners, Pakistan daily Dawn reported on Tuesday. The total value of these properties is estimated to be $17 billion for 2022.

The report further stated that India was followed by Pakistan in the list at 17,000 owners of 23,000 residential properties in the United Arab Emirates city.

What is the 'Dubai Unlocked' investigative report?

Dawn's report was based on 'Dubai Unlocked,' an international investigation into the owners of real estate in Dubai. The Center for Advanced Defense Studies (C4ADS), a non-profit organisation based in the United States, first obtained the leaked data. It was then shared with Norwegian financial outlet 'E24' and the Organized Crime and Corruption Reporting Project (OCCRP), which coordinated an investigative project with dozens of media outlets, including Dawn, from around the world.

 

The official website of OCCRP says that the investigation revealed that foreign ownership in Dubai's housing market reached an estimated $160 billion in 2022. The leaked records, which date largely from 2022 and 2020, build on earlier leaks of Dubai property records from 2016 and 2020, the website said.

Why is the Dubai property market booming?

According to the investigative report, Dubai's appeal among foreigners is attributed to factors such as facing "sanctions from owning property in Western democracies, or are on the run from law enforcement."

"Until recently, the United Arab Emirates lacked extradition treaties with many countries, making it a go-to destination for fugitives from around the globe," it said.

Another key factor driving Dubai's market appeal is the vast array of investment opportunities across its fast-changing skyline, the report noted.

Who is featured in the report?

The OCCRP said that the report found that scores of these property owners could be put into three categories: Alleged criminals, individuals facing sanctions, and political figures accused of corruption from around the globe.

"Reporters have only revealed the owners of Dubai properties in cases that serve the public interest. This includes property owners who have been convicted or accused of crimes, are facing sanctions, or are public officials or their associates, including those accused of corruption or who have kept their properties hidden from the public. We have chosen not to write about celebrities or other private individuals who do not meet these criteria," it added.

Ambani, Adani among luxury property holders in UAE city

According to a Forbes report, the top three billionaires with the most valuable properties in Dubai are also Indians. The list features Reliance Industries chairman Mukesh Ambani, with an estimated property value of $240 million, Lulu Group chairman M A Yusuff Ali and family, with an estimated property worth $70 million, and Burjeel Holdings owner Shamsheer Vayalil Parambath, with an estimated property value of $68 million.

Billionaire Gautam Adani's older brother, Vinod Adani, is also featured in Forbes' top ten list, with nearly 17 different properties worth about $20 million. He, however, is a citizen of Cyprus.

It is also known that prominent public figures, including Bollywood superstar Shah Rukh Khan, Tennis player Roger Federer, Brad Pitt, Shilpa Shetty, Anil Kapoor are among celebrities to own properties in Dubai.