New Residents with high disposable income moving in to Dubai!
Dubai continues to rank top as first choice for expats and affluent individuals looking to relocate and turn a profit. The city offers the ideal platform as a global hub for setting up businesses, investing in real estate or earning tax-free money from securing high earning jobs. Zero income tax and free trade are propelling Dubai as a prime location for enterprise and business. Furthermore, the safety and the all-year-round sunshine of Dubai are turning the city in one of the most popular destinations worldwide, for holiday makers, the rich and famous.
For those already residing in Dubai, it is easy to identify top reasons for your choice, and benefits that come with living in this glorious city. But, for those who consider making the move to Dubai, here are just a few reminders as to why you are about to make the best decision of your life:
The UAE is the top five-richest countries in the world, below Luxembourg and Qatar at number one, with a GDP value of $57,744 per capita. Its revenue comes from the production of goods and services relating to petroleum, petrochemicals, tourism and construction. Furthermore, economic forecast predicts strong expansion, placing UAE’s economy as the Arab world’s second largest economy
Strong Professional Opportunities and Tax-Free Salaries
With such thriving prospects for the UAE’s economy, we will see a more dynamic private sector and a labour market attracting more talent and workforce to Dubai, resulting in more hires. UAE economy relies on a strong international workforce and businesses are well prepared to offer amazing financial incentives to expats seeking employment in UAE. Young professionals or seasoned workers are all highly attracted to the tax-free earnings, which means more money in their pockets and boosting personal savings.
Dubai is the Safest, Best Planned City in the World
Dubai’s growth is unstoppable and has been for the past twenty years, or so. Despite limited natural resources, the Pandemic or previous global crisis, Dubai is adopting latest technology and smart town planning to boost trade and tourism, with a major physical expansion for the city planned. As a result, Dubai’s population rose by 100,000 in the past two years alone. The Government’s target is to work towards achieving up to 5.8 million population by 2040. Adding up to all this is the fact that Dubai is known as one of the safest cities in the world, with sunshine throughout the year, so no wonder the city is already filled up.
Dubai – Playground for the Rich
There has been a considerable influx of HNIs – High Net Worth Individuals – into Dubai in the past 18 months, with records indicating that the number is likely to increase, due to the Russian-Ukrainian war and instability in Europe. Subsequently, this trend is reflecting a strong turning point for the luxury real estate segment. The majority of the affluent individuals are eager to relocate and invest in the emirate best known for its mega mansions, flash cars and endless blue skies. Also, it is a lifestyle upgrade for many buying into a temporary or permanent base, or exploring new business ventures in a “home” away from home set up. Dubai has always been on course to become the Monaco of the Middle East, and its high living standards will sustain the influx of the super-rich and boost the economy and real estate sector further. The growth of population in Dubai will attract high demand for housing and schools, we can expect many new homes will be delivered in the next two decades. Currently, the rental prices have gone up and the demand remains high.
Dubai’s property is in Demand
There is a strong market sentiment that Dubai’s strong economy will support real estate prices and rental increases in 2022. Furthermore, the market is well equipped to cope with the strong demand for off-plan properties by releasing new projects and launching new villa developments to increase inventory. For the past year and a half, we have witnessed an ongoing rise in sales volume, first-half of 2022 recorded nearly 43,000 transactions exceeding Dh114.5 billion.
Despite the fact that inflation and increases in the cost of raw materials are passed on to consumers, the addition of around 30,000 units by 2022 should restrain price and rent rises. In such a short period of time, the city has advanced significantly, and it has demonstrated swift, forward-thinking leadership throughout the pandemic to keep residents safe and the economy on course. The UAE leadership is consistently planning and executing strategies and new visa policies which are hugely encouraging.
Look forward with confidence
We are incredibly fortunate to live in the UAE, and for sure, things will only get better over time. The 2040 plan is very appealing to business people, foreign property investors, and expats who already live in Dubai. Dubai is everybody’s home, and we are part of its progress and resilience.
Even though 2040 may seem far off, it is clear that Dubai is expanding and seeking for methods to raise the standard of living for its citizens. Most recently, as part of the stimulus program, we have seen the implementation of the higher LTV and lower interest rates. Similarly, dual citizenship, golden visas, remote working visas, 5-year visas, and retirement visas have also been made accessible. None of these existed twenty years ago. Dubai is becoming a very appealing location for foreigners to live in thanks to UAE leaders.