With the number of ex-pats seeking homes in Dubai rising investors might be wondering why are Europeans moving to the UAE?
Disillusioned by the work-life balance on offer in their home country, or perhaps a country where they reside currently, individuals and families are seeking a greater quality of life.
Dubai offers a luxury lifestyle in a tax haven, where the weather is near perfect year-round and where there is a thriving expat community.
Why are Europeans, in particular, moving now?
Europeans were heavily hit by the pandemic and for over a year now the governments in these countries have been subsidising businesses and families to help them get by in life while jobs were lost and people became unemployed, taking out trillions of Euros/GBP in debt to subsidize businesses and individuals.
What most people don’t seem to be considering is that somebody’s going to have to pay that back. It can’t just be printed because that’s not how the world works. Countries that were heavily affected and provided big payouts, will need to find the money from somewhere, which is going to be paid back by none other than, the taxpayers.
The UAE didn’t provide any kind of furlough for residents that lost their job or had a salary cut and therefore didn’t put themselves into any kind of debt. Now, the UAE is almost back to normal, which has also moved its working week to a global Monday to Friday in line with the financial markets.
Dubai has already started to see a huge wave of Europeans looking to avoid these increased taxes and wealthy families in the UK and in Europe know that taxes are only going to go up and up after the pandemic.
Top reasons for moving to Dubai
- Lifestyle – Dubai is known for offering an exceptional quality of life. The luxury lifestyle on offer in the UAE leads many to make a more permanent move to the emirate each year.
- Weather – Dubai enjoys sunshine year round and rarely drops below 20 degrees celsius. On average there are around 342 days of perfect sunshine meaning residents can readily enjoy the beach or many outdoor activities on offer. When it gets too hot Dubai has a large selection of indoor attractions from skiing to designer shopping.
- Tax – For expats, the lure of tax-free income is strong and also no VAT on goods or food means the cost of living is lower.
- Professional opportunity – Whether you are a professional looking for employment or a business looking for a base of operations, Dubai offers considerable opportunity.
- Healthcare – Dubai has focused heavily on creating an exceptional healthcare system that has attracted doctors from all over the world who are experts in their fields.
- Education – One of the top reasons families are moving to Dubai over other locations are the education options. There is a selection of excellent private international schools that offer American and British curriculums.
- International travel hub – Due to its position, from Dubai you can reach almost anywhere in Europe, Asia or Africa within 8 hours or less meaning for Europeans moving to Dubai, getting home isn’t too long a journey. From Dubai, you can easily reach multiple exotic destinations with ease, including the Maldives and Goa.
- Culture and cuisine – Dubai’s international nature means that the city enjoys snippets of every culture and cuisine from across the world. From Michelin-star chefs to street food vendors, there are over 200 nationalities living in Dubai and many have brought their recipes and ingredients with them.
- Community – Dubai has the highest number of foreign-born residents of anywhere in the world with over 70% of the population being from overseas and that number is growing. This means that ex-pats will find a community waiting for them, often from their home country.
- Safety – Dubai has one of the lowest crime rates in the world thanks to the strict laws and effective police force.
Other benefits of living in Dubai are that English is widely spoken, having a common language can make the transition to a new home smoother. For those moving to Dubai for work, many employers offer excellent packages that will cover healthcare for their entire family and also the cost of education. The holiday allowance is also usually generous when compared to many countries in Europe.
What does this mean for investors?
The increased numbers of individuals and families choosing to move to Dubai continues to attract investors and business owners globally to the UAE, who are looking to move their finances and investments to tax-free haven and a fast-growing property market.
The UAE is currently offering visas for property investors who buy a property over the value of 750,000AED, meaning investors can get a bank account and visa allowing them to live in the country all year round.
With the demand for property in the emirate growing, the strength of the economy and the potential for capital growth given the currently attainable property prices, investors are rightfully focusing their attentions on Dubai at this time when the opportunity can be maximised.
Investing in property in Dubai
If you’re considering investing in property in Dubai get in touch with a member of our team on +971 (0) 4 818 7277 to explore the available options and learn why an asset in the UAE should feature in every diverse portfolio.