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Wednesday, April 24, 2024

UAE Expatriates Reclaiming Dubai as Home, Defying Migration Trends, Resilient Return

UAE Expatriates Reclaiming Dubai as Home, Experts Reveal

The UAE is experiencing a notable shift in migration patterns, as more former residents who ventured to Canada and the US in pursuit of better prospects are now returning to the Emirates, according to industry experts.

In Dubai, property developers have observed a surge in investments from expatriates who previously resided in Canada and the US. These individuals are now purchasing homes in Dubai to escape the burdens of high taxes, escalating living costs, and limited opportunities in their adopted countries.

Andrew Amoils, Head of Research at New World Wealth, acknowledged the phenomenon, attributing the reverse migration trend to the substantial tax rates in Canada. He noted that many affluent expatriates who departed the UAE eventually return, as the tax burdens in Canada far exceed those in the UAE. Additionally, factors like prolonged winters in Canada often prompt wealthy individuals to seek more favorable climates, making the UAE an appealing alternative.

UAE Expatriates Reclaiming Dubai as Home, Experts Reveal
UAE Expatriates Reclaiming Dubai as Home, Experts Reveal

Imran Farooq, CEO of Samana Developers, highlighted the emergence of this reverse migration as a significant new trend. He noted that economic slowdowns and concerns over public safety and law enforcement are prompting residents to reconsider their stay in Canada, with Canadians now constituting a notable percentage of investors in Samana’s projects.

Over the past decade, numerous expatriates from South Asia, Southeast Asia, and Arab countries migrated to Canada, the US, and other Western nations in pursuit of better opportunities and stronger passports. However, factors such as public safety, quality of life, and convenient travel to visit relatives are now enticing them back to the UAE.

This influx of returning expatriates has fueled increased demand for residential properties in Dubai, particularly from end-users in the real estate market.

Moreover, the cost of living in Canada has witnessed a significant upsurge, particularly driven by soaring rents. This has prompted Canadian Prime Minister Justin Trudeau to address the issue in the upcoming budget, as the financial strain weighs heavily on residents.

Rizwan Sajan, Chairman of Danube Group and Danube Properties, noted that while individuals who never lived in the UAE may opt to remain in Canada or the US, those who previously resided in the UAE are increasingly returning. He highlighted the allure of the UAE’s tax-free environment and the unparalleled amenities and services provided to residents as key factors attracting expatriates back to the Emirates.

These returning expatriates, predominantly of South Asian descent, have shown a keen interest in investing in various projects, including Danube’s Bayz 101 developments.

Farooq further emphasized that while the US was not a significant segment among foreign investors previously, there is now a notable uptick in buyers from the Americas, accounting for a considerable portion of foreign investors in Samana’s projects. The strong demand for the Golden Visa, particularly from Europe and now the US, underscores the enduring appeal of investing in Dubai’s property market.

Despite global economic uncertainties, Farooq dismissed any concerns of a slowdown in the Dubai property market. He cited robust demand for properties, especially those meeting the Dh2-million ticket size requirement for Golden Visa eligibility, and highlighted the consistent upward trend in land prices.

Furthermore, Farooq dismissed any concerns about a slowdown in the Dubai property market, emphasizing the ongoing strong demand for properties. Particularly noteworthy is the demand for properties meeting the Dh2-million ticket size requirement for Golden Visa eligibility. This aspect underscores the enduring appeal of investing in Dubai’s real estate market, as individuals seek to secure residency through property ownership.

As the trend of reverse migration gains momentum, it underscores the enduring allure of the UAE as a destination for both investment and residency. With its attractive tax policies, quality of life, and robust real estate market, Dubai continues to attract a diverse array of expatriates seeking to call it home once again.

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