Due to its high-quality lifestyle and safe environment, Dubai has cemented its position as one of the top cities for ex-pats.
Zoom Property Insights cites a recent survey of InterNations in which more than 12,000 members participated, saying Dubai has emerged as a popular second home for ex-pats because of its excellent infrastructure, successful pandemic strategy, and visa and labor reforms.
One of the major reasons that many ex-pats choose Dubai as their second home is the emirate’s stable economy, which is expected to grow by 4.5 percent in 2022.
Moreover, the emirate’s reputation as a business hub in the Middle East has attracted many international organizations to set up their base here to expand their presence in the region. Expats have abundant job opportunities in Dubai as only one in 23 workers are Emiratis, according to Breakingviews calculations.
Visa reforms, a game-changer
Dubai’s popularity among expatriates is credited to its low tax base, safety, diversity, and remarkable infrastructure, according to Zoom Property Insights. But the latest labor and visa reforms have changed the game completely, as ex-pats now have many options for long-term renewable visas under a flexible work environment.
Ata Shobeiry, CEO at Zoom Property, spoke about how visa reforms are affecting Dubai. Ata Shobeiry said Dubai has always been a favorite of ex-pats seeking a home away from home. Despite this, some people were hesitant to move to the Emirate because it did not offer permanent residency.
“Things are changing at a rapid pace ever since the visa reforms have been announced last year. The availability of Golden and Silver visas has changed the mind of many people who are now considering buying property in Dubai and choosing it as their second home,” he said.
In addition, Shobeiry cited 100 percent business ownership as another reason foreigners were becoming more interested in buying property or starting businesses in the emirate.
“The fact that expatriates can now enjoy full ownership of their companies in Dubai has also attracted more entrepreneurs with innovative business ideas. This has resulted in the creation of more employment opportunities, which is attracting more foreigners seeking employment opportunities in the emirate,” he said.
Affordable housing units
Dubai’s residential market falls under the affordable segment despite an increase in property prices, as ex-pats will have to pay much higher rates to own a home in New York, London, and Hong Kong. Due to Dubai’s low cost of living and low tax base, ex-pats are able to increase their savings while enjoying a high quality of life.
Furthermore, buying property in Dubai is quite straightforward for both locals and ex-pats. According to Zoom Property Insights, the market currently favors buyers due to low mortgage rates, affordable property prices, and convenient payment plans.
Upscale lifestyle
As part of their quest to improve their living conditions, many people seek a second home beyond the geographical boundaries of their homeland in Dubai, thanks to the city’s cosmopolitan vibe and upscale lifestyle. According to Zoom Property Insights, several tourist hotspots, like the world’s tallest building Burj Khalifa and the only seven-star hotel Burj Al Arab, also attract millionaires and celebrities to buy property in the emirate.
Dubai aims to attract more foreign nationals with a host of recently opened and soon-to-be operational new attractions and development projects, such as Dubai Museum of the Future, Dubai CommerCity, Royal Atlantis Resort, Ain Dubai, Ciel Dubai, and Meydan One Mall. The emirate is also promoting an active lifestyle, as His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, recently tested a new cycle path at Jumeirah Beach.
According to official data, despite the global pandemic and its negative effects on tourism, Dubai managed to welcome 7.28 million travelers last year despite being a second home to many.
“Dubai remains an attractive and popular destination for expatriates and ultimately it will benefit the emirate’s property sector,” Shobeiry said.
Why Dubai is popular among ex-pats, investors
- The excellent infrastructure, effective response to the pandemic, and introduction of visa and labor reforms attracted more foreigners to Dubai.
- Dubai’s stable economy is one of the main reasons why so many ex-pats choose it as their second home.
- The low tax base, safety, diversity, and remarkable infrastructure of Dubai are some of the reasons for its popularity among ex-pats.
- The latest visa and labor reforms have proved a game-changer in attracting more foreign workers.
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Another reason for increased interest from foreigners is 100% ownership of a business.