Expat leaving the UK for ‘cheaper’ property in tourist hotspot: ‘Make significant profits’
According to the experts, property prices have declined in recent years across the United Arab Emirates. Sarah-Jane Carter, Head of Marketing at Cavendish Maxwell said: “There has never been a better time to invest in Dubai.”
Cavendish Maxwell research found that average residential prices in Dubai declined by just over four percent between 2019 and 2020.
Yet prices grew by over one percent on a quarterly basis suggesting stability in the Dubai housing market.
Carter said: “This could mean that housing in Dubai can be bought at a relatively low price but will appreciate in value.
“There is the opportunity to potentially make significant profits as prices begin to rise again in Dubai.”
According to experts, Investement Expatriates, the Dubai property market is a stable sector “by and large”.
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Carter also told Express.co.uk that while the cost of living can be expensive in Dubai, it’s cheaper than some other global hotspots such as New York.
Dubai and the UAE as a whole does not have income tax so anyone working in Dubai will receive their whole salary.
Carter said: “It’s mandatory for employers to provide insurance to employees which can extend to families.
“Keeping this in mind, compared to other capital cities, such as London, the price of Dubai is relatively reasonable.”
There are reportedly over 120,000 British citizens living in Dubai.
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Cavendish Maxwell data also found that Dubai’s rental market is in decline, with people choosing to move to bigger spaces after the pandemic.
However, if potential investors choose bigger properties in popular neighbourhoods, Carter said it isn’t a “bad time” to become a Dubai landlord.
Villas in the popular areas of Jumeriah Golf Estates, Jumeriah Park, Arabian Ranches and Palm Jumeirah have all performed strongly according to Cavendish Maxwell.
Jumeirah is a coastal residential area of Dubai and is a popular area with expats working in Dubai.
“With the length of a guest’s average stay increasing, there’s untapped potential for hotel apartments to grow.
“While house prices are low this could be a prime time to secure property in the city before a market boom.”
She added: “The UAE is the wealthiest country in the Middle East, according to new data and Dubai is the richest city.
“More and more people are being drawn to Dubai and the population is estimated to stand at almost three million in 2021.”
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