Life in the UAE. Should you move to Dubai?
The world is now in a zone of turbulence. Against the background of the global redistribution of property, new financial centers are emerging for the movement of cash flows, opening a business, relocation of families and capital. People are now busy looking for a stable and safe place to develop their business and life. The United Arab Emirates is one such center of stability. The attractiveness of the UAE for living, starting a business and investing is explained by the following factors: safety, life is strictly subject to laws, there is no mockery of common sense. Finally, here you can safely receive a quality education, have a decent job and enjoy all the benefits of a developed infrastructure.
Most expats choose Dubai as their relocation destination.
Why has Dubai become one of the most attractive cities in the world to live in?
Let’s look at specific data:
- The Dubai government has released a financial plan to double the size of the economy by 2033.
- Dubai regularly tops the list of the best and most popular cities in the world to live in. According to Google Destinations Insight, Dubai is the second most popular city in the world after London. Paris is third, Doha is fourth, and New York is fifth.
- Dubai does not have a centuries-old history of development, unlike other financial centers. However, the city is developing rapidly.
Benefits of living in the UAE
Focus on diversifying the economy.
The UAE government is making great efforts to move away from oil dependence. If in the recent past the country was completely dependent on oil revenues, now the focus has shifted in favor of trade, tourism, innovation, service and real estate. The UAE is today a global tourism hub, as well as an attractive place to start a business. As a result, the share of income from the oil sector in the UAE is less than 30%. At the same time, GDP has increased significantly over the past 10 years.
The national currency dirham (AED) is pegged to the US dollar (USD). The exchange rate has remained stable since 1991. A stable and easily predictable exchange rate increases the growth of foreign investment.
Comfortable conditions for foreigners
The attractiveness of the UAE among foreigners is due to several factors: a simplified procedure for obtaining residency, the absence of most taxes, comfortable conditions for doing business, an easy procedure for starting a business and the ability to receive basic government services online via the Internet.
Influx of migrants and capital
The large-scale influx of capital and migrants to the UAE is due to unfavorable economic circumstances in many countries of the world. According to experts, this trend will continue in the future. The UAE government has created favorable conditions for businessmen, talented people and specialists. The more talented people a country gets, the higher the level of development will be. The flow of wealthy people is increasing, who are increasing business activity and setting new quality standards in the UAE.
New wealthy and talented people always have a positive effect on the economy. Demands for real estate, offices and housing are rising. New job vacancies appear. The arrival of large capitals has a positive effect on the development of the labor market. Many specialists are in demand in the UAE today: lawyers, financiers, programmers, IT specialists, drivers, accountants, etc. All this thanks to the arrival of new business. Singapore and Hong Kong have already taken this path.
Plan to increase the population
The Dubai government plans to increase the population of Dubai from 5.5 million to 7.5 million people by 2040. This will bring new qualified personnel and investments to the country, according to the state development plan “Dubai 2040”.
UAE leader in international rankings
In 2022, the largest financial holding UBS named Dubai the only city with a positive outlook for the development of the real estate market. This suggests that Dubai is the main driving force behind the development of the economy in the UAE, including a high status of importance in the global community.
Experts believe that real estate in London, Singapore, Hong Kong, Tel Aviv, Paris, Tokyo and New York is highly overvalued. Dubai, on the contrary, remains one of the few places where the real estate market is undervalued. This is a signal that the Dubai real estate market will continue to grow.
Let’s compare real estate prices in Singapore, Seoul, Hong Kong and Tel Aviv for clarity.
Average cost per square meter:
- Singapore = $14,500
- Seoul = $10,900
- Tel Aviv = $14,000
- Hong Kong = $25,000
- In the UAE, the average cost of 1 square meter is only $3,500.
And here are the prices in the most famous and expensive areas of Dubai:
- Dubai Marina = $4300 per square meter
- Business Bay = $6450 per square meter
- Downtown Dubai = $6700 per square meter
This suggests that real estate in the UAE has room to grow.