Dubai is becoming a popular second home destination for expats – News

The emirate’s stable economy, which is expected to grow by 4.5% in 2022, is one of the main reasons why many expats choose Dubai as their second home.



Dubai has always been a favorite city for people looking for a home away from home. — Photo provided

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Published: Sun 20 Feb 2022, 14:59

Dubai has cemented its position as one of the best cities for expats due to its high quality lifestyle and safe environment.

Referring to the latest survey conducted by InterNations in which more than 12,000 members participated, Zoom Property Insights said that Dubai has become a popular second home destination for expatriates due to its excellent infrastructure, successful strategy to manage the pandemic and the introduction of visa and labor reforms.

The emirate’s stable economy, which is expected to grow by 4.5% in 2022, is one of the main reasons why many expats choose Dubai as their second home.

Additionally, the emirate’s position as a business hub in the Middle East attracts many international organizations that set up shop here to expand their presence in the region. This creates plenty of job opportunities for expats, as only one in 23 workers in Dubai is an Emirati national, according to calculations by Breakingviews.

Visa reform, a game changer

Zoom Property Insights said the low tax base, safety, diversity and remarkable infrastructure are some of the reasons attributed to Dubai’s popularity among expats. However, the latest labor and visa reforms have changed the game, as expats now have many options for long-term renewable visas in a flexible working environment in the emirate.

Shedding light on how visa reforms are changing things in Dubai, Ata Shobeiry, CEO of Zoom Property, said Dubai has always been a favorite for people looking for a home away from their homeland. However, some people were reluctant due to the lack of permanent residency in the emirate.

“Things are changing at a rapid pace since the visa reforms were announced last year. The availability of Golden and Silver visas has changed the minds of many people who are now considering buying property in Dubai and choosing it as their second home,” he said.

Shobeiry also cited 100% ownership of a business as another reason for increased interest from foreigners to buy property or start a business in the emirate.

“The fact that expats can now enjoy full ownership of their businesses in Dubai has also attracted more entrepreneurs with innovative business ideas. This has resulted in the creation of more employment opportunities, which attracts more foreigners seeking employment opportunities in the emirate,” he said.

Affordable housing

Zoom Property Insights said much of Dubai’s residential market falls into the affordable segment despite an increase in property prices, as expats will have to pay much higher rates in New York, London and Hong Kong to own a home. property. This, coupled with Dubai’s lower cost of living and low tax base, allows expats to increase their savings while leading a high-end lifestyle.

Moreover, the process of buying a property in Dubai is quite simple for locals and expats alike. The market is currently favoring buyers as they can benefit from lower mortgage rates, affordable home prices and convenient payment plans, according to Zoom Property Insights.

Upscale lifestyle

Dubai’s cosmopolitan vibe and upscale lifestyle attract many people looking for a second home beyond the geographical boundaries of their home country in an effort to improve their standard of living. The presence of various tourist hotspots such as the world’s tallest building Burj Khalifa and the only seven-star hotel Burj Al Arab are also attracting millionaires and celebrities to buy property in the emirate, according to Zoom Property Insights.

With a myriad of new attractions and development projects recently launched and soon to be operational, such as Dubai Museum of the Future, Dubai CommerCity, Royal Atlantis Resort, Ain Dubai, Ciel Dubai and Meydan One Mall, Dubai aims to attract more foreign nationals . The emirate is also set to promote an active lifestyle as His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, recently tested the new cycle path at Jumeirah Beach.

Apart from being a second home for many, Dubai is also maintaining its reputation as a favorite tourist destination as it managed to welcome 7.28 million visitors last year despite the global pandemic, according to the latest official data.

“Dubai remains an attractive and popular destination for expats and ultimately this will benefit the emirate’s real estate sector,” Shobeiry said.

Why Dubai is popular among expats and investors

• Excellent infrastructure, a successful strategy to manage the pandemic and the introduction of visa and labor reforms have attracted more foreigners to Dubai.

• The stable economy of the emirate is one of the main reasons why many expats choose Dubai as their second home.

• Low tax base, safety, diversity and remarkable infrastructure are some of the accredited reasons for Dubai’s popularity among expats.

• Last work and visa reforms have proven to be a game-changer to attract more foreigners.

• 100% business ownership as another reason for the increased interest from foreigners.

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