A dream location with an aura of innovation, aspirations for leadership in everything, and a life of pleasure. Dubai attracts ambitious and wealthy people, more and more every year. The ratings indicate that Dubai's growing popularity is well-founded.
Social factors of the UAE's attractiveness
Dubai and Abu Dhabi rose to 18th and 43rd in terms of living standards and cost of living, according to Mercer's Cost of Living 2023 study.
The cost of rental housing in Dubai, influenced by growing demand, has increased by an average of 25%.
According to the Inter Nations Expat City Ranking 2022, the UAE is the best place to realize the career ambitions of expats. 75% of respondents believe that moving to the Emirates had a positive impact on their career growth and fulfillment. The average is 60%.
Dubai is on the list of the best places for work holidays, that is, combining business with pleasure, work and relaxation. In the ranking of places for a change of scenery for remote workers, Dubai took second place after Barcelona, and ahead of Prague.
UAE tax residency is attracting more and more businessmen, and here's why: 0% tax on personal income and dividend income; confidentiality of accounts; protection from automatic exchange of tax information; no double taxation.
You also don’t have to worry about the confidentiality of ownership of real estate and other assets in the UAE.
Dubai is in №1 in TripAdvisor's 2023 Top travel rankings for the second year in a row.
Dubai has the best opportunities for golf, horse riding, yachting, active recreation and tourism. The most grandiose events and world competitions and cups take place here.
The Emirates has a stable currency and economy. The UAE maintains political neutrality and is an undeniably safe haven for living, business, investment, study and work.
Dubai's all-round appeal is growing, as are property prices.
Investment and purchase of real estate in Dubai
By the third quarter of 2023, the real estate market grew by 40% year on year, with AED 97.5 billion worth of square meters sold. During the first half of 2023, there was an increase in prices for residential real estate by 19.9%.
According to Knight Frank, Dubai is ahead of New York and London in the premium segment of properties costing over $10 million. In the 3rd quarter of 2023, sales exceeded $1.6 billion, while a year ago – $1.13 billion for the same period.
In the first half of 2023, 52% more golden visas were issued, according to data from the General Directorate of Residence and Foreigners Affairs (GDRFA). We are talking about a long-term residence permit, allowing foreigners to live, work or study in the UAE for up to 10 years.
From January to June 2023, the number of resident visas increased by 63%, and tourist visas by 21%.
For investors planning to invest in real estate for the long term, one of the key factors in the attractiveness of a location is the positive trend in demographics. From January to September 2023, Dubai's population increased by 72,700 people, reaching 3.62 million people. Accordingly, the demand for the purchase and rental of real estate will increase.
The best real estate investment projects in Dubai are here: staypropertydubai.com
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