The C4ADS website includes the paper “Who Owns Offshore Real Estate? Evidence from Dubai”, an EU Tax Observatory Working Paper which analyses a dataset capturing the ownership of about 800,000 properties in Dubai. It finds that at least $146 billion in foreign wealth is invested in the Dubai property market; about 20% of offshore Dubai real estate is owned by investors from India and 10% by investors from the UK (other large investing countries include Pakistan, Gulf countries, Iran, Canada, Russia, and the US); a number of conflict-ridden countries and autocracies have large holdings in Dubai relative to the size of their economy, equivalent to 5%–10% of their GDP; and in the case of Norway, 70% of Dubai properties owned by Norwegian taxpayers were not reported for tax purposes in 2019.
For a Norwegian perspective, see the article from E24 –
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