From a barren desert surrounded by a handful of significant buildings to the world’s tallest tower and a man-made city lifted off the dust, Dubai never fails to enchant and amaze. This is true not only for expatriates looking to live and work in Dubai but also for a growing number of investors who are becoming increasingly interested in stepping foot in Dubai’s property market.
As one of the fastest-growing cities in the world, Dubai boasts a thriving economy, an unrivalled property portfolio and some of the best returns on property investment. Dubai’s rating also jumped from 20th in 2020 to 3rd best in 2022 out of 57 cities, with expatriates saying they find it very easy to settle in and find the quality of life exceptionally good, according to InterNations, a community for expatriates and global minds.
Dubai is easily one of the top most desirable tourist destinations and livable cities in the World for an enormous number of reasons;
- Economy
Dubai’s economy continues to grow, and the evidence is all around, from the infrastructure, innovation, hospitals, and even architecture. Dubai’s currency, the Emirati Dirham, remains stable and strong when compared to the Euro or the US Dollar. This put together with 5% annual GDP growth makes the city’s economy unbeatable. Although this growth relies largely on the international workforce, Dubai companies/businesses pay their workers handsomely. This is one of the many reasons why people move to Dubai.
- Safety
Although Dubai is a big luxurious city, it is one of the safest in the world. This is primarily a result of the strict laws and the hardworking police force. Local laws forbid many practices that might not be considered crimes in other countries. The crime rate is impeccably low compared to other big cities in the world. It is safe for both men and women to walk in public without any danger or threat. Although Dubai is an Islamic state, there are also other religions that coexist peacefully. Every being is free to practice their religion, as long as they maintain respect for one another.
Additionally, On the list of the safest cities in the world for 2021, Abu Dhabi is the first one according to Numbeo, a crowdsourced website. The capital of the UAE and one of the most recognizable cities in many fields worldwide tops the safest cities chart for the seventh consecutive time. Meanwhile, Dubai ranks in the top 3 safest cities to live in and the top safest city for Women. The remarkable level of Safety and law abidance by the Police forces and the citizens equally makes Dubai unparalleled and a “safe haven” for women of all age groups at all times of the day. A recent study conducted by InsureMyTrip revealed that Dubai is the third safest city in the World for female travelers. Another similar survey done on women living in the Emirates suggested that Dubai is the safest city for women to walk alone at night with 95% of women saying they feel extremely safe walking unassisted at night. Safety is the greatest luxury and living in the UAE, you can leave your expensive items unassisted to go place your orders at restaurants or go for a swim in the beach with your valuables lying around on the shore and they will remain unscathed.
- Tax-Free
Another one of the most attractive reasons to live in Dubai is that you don’t have to pay taxes. This means you will not only be paid better than other countries but nothing will be deducted. Investors or business owners especially benefit from this and Countries like the US, the UK, and Canada all have very high tax rates which are detrimental to most business owners hence, Dubai’s no tax-policy is ideal to run and establish successful businesses. There is also no VAT on food and goods aiding a far better lifestyle.
- Education, Health, and Transport
One of the many reasons why Dubai is the best city to live in is because the government has heavily invested in the infrastructure. Dubai’s healthcare and education are of international standards and some of the best in the world. This is a good reason to live in Dubai alone or with your family. You get reliable healthcare, and your children go to the best schools. The good thing is there are numerous private schools to choose from, which offer the American or British Curriculum.
The healthcare system is also reliable, and you will get the best services. The staff is highly-trained and friendly. In private hospitals, you will find health workers from various nationalities who speak different languages. The transport system is clean, fast, and modern. This metro system is an excellent alternative to using buses or taxis.
- Leisure
When you visit Dubai, the first thing you notice is that it is a city of leisure. You can go skiing indoors or enjoy a desert safari. The 2 largest malls have a range of shops and numerous fast-food joints and restaurants. The fun does not stop there because you can go to the cinema, aquariums, theatres, and ice rinks in the mall. Outdoor activities such as top golf, paint ball, scuba diving and many more extended to an enormous variety are all available. Ranging from the world’s largest indoor theme park and water park to world class cafes and restaurants, Dubai has it all.
Complementing the above reasons, The UAE grants several benefits to investors who wish to move their business or establish offshore companies in the UAE in order to settle here with their families or invest in the booming economy of Dubai. In 2019, the UAE started to grant Golden visas, which is a long-term residence visa which enables foreign talents to live, work or study in the UAE while enjoying exclusive benefits. Investors, entrepreneurs, scientists, outstanding students and graduates, humanitarian pioneers and frontline heroes are among those eligible for the Golden visa. Getting a golden visa by investment formerly required AED 5 million to 10 million.
In 2022, the government approved new conditions for getting a Golden Visa in the UAE by investment, with a reduced investment amount, no restrictions on the duration of stay in other countries and an opportunity to buy off-plan properties and take a mortgage. The new rules suggest that you may purchase real estate in the UAE for AED 2 million ($545,000) to get a 10-year Golden Visa.
This new governmental law is remarkable for anyone that wishes to invest in the UAE’s booming real estate market. Dubai is home to some of the Top Developers in the World. EMAAR, having engraved their name across UAE’s top most wanted real estate structures, established some extraordinary projects. Emirates Hills, Palm Jumeirah, The Dubai Mall, Dubai Hills Estate, Arabian Ranches II and Dubai Marina are roughly just a few in their list of popular high-in-demand residential and commercial structures across Dubai. The added benefits granted to investors and residents of the UAE make the real estate Sector ideal for anyone wishing to invest in Dubai across the globe.
