With house and rent prices climbing over the past few years, people were wondering whether the expat ‘bubble’ was going to burst or not. Well, according to recent figures it did not.
Previously, the cost of living was forcing expats out, however with real estate slowly on the decline, meaning more affordable rent, expats have been sticking around the UAE for the long haul. The fact that new developments and cultural hubs, including the new Dubai Opera District, have also helped make the region an appealing option.
Confirming this is a survey by financial comparison website compareit4me.com. Last year its findings revealed that 54 per cent of residents said they wouldn’t even consider purchasing a property, as they weren’t sure how long they’d be here. However, this year’s survey saw the figure go down by double digits to 36 per cent, showing that more people are planning on staying in the UAE for longer.
Compareit4me.com said that the new results have shown that more expats are looking to commit to life here, and “lay down their roots.”
In 2015, 56 per cent of the people in the survey claimed property prices to be the main issue when it came to financial wellbeing.
Yet last year saw a drop in property prices of 10 to 13 per cent, with prices estimated to drop a further 10 per cent this year. This could explain the change in heart among expats with regards to living here.
Real estate advisory firm JLL also spoke of the drop in property prices back in April, with some reports adding that if residents wanted to capitalise on the Dubai Expo 2020, now is the best time to buy real estate.
CEO at Compareit4me.com Jon Richards said: “There is no doubt that the stabilisation in the property market, which is thought to be a knock-on effect of low crude oil prices and the subsequent strength of the US dollar, must be having an effect on people’s long-term plans.”
Either way it seems the UAE is the new living hot spot for expats, and we can totally understand why. If you want further proof, here is why Dubai was voted in the top 25 destinations in the world.