Dubai Property Boom: Brits Pursue Tax-Free Life And Golden Visas
Dubai’s real estate market is experiencing a surge fuelled by British investors, surpassing traditional players like Indians and Russians.
The allure of Dubai’s golden visas and tax-free lifestyle has drawn record numbers of British buyers seeking both investment opportunities and a luxurious lifestyle in the UAE.
British Investors An Ongoing Presence
In the recent years of the Dubai property boom, Dubai has become synonymous with opulent living and lucrative investment prospects. Its strategic location, world-class infrastructure, and vibrant cosmopolitan atmosphere have made it a magnet for global investors seeking to diversify their portfolios and enjoy unparalleled living standards.
Paul Kelly, Operations Director of Allsopp & Allsopp Group, reports that transactions from UK clients increased by 27% over the previous 12 months and by 43% in Q1 2024 when compared to the same time in the previous year.
One of the primary attractions for British investors is the UAE’s golden visa program, which offers long-term residency to investors and entrepreneurs. This initiative provides access to a host of benefits, including tax-free income, world-class healthcare, and top-tier education for families.
Dubai Real Estate Is On The Rise
Dubai’s real estate market has witnessed unprecedented growth in the first quarter of 2024, fueled by a rising expatriate population, policy changes such as the Golden Visa, and robust performance in non-oil sectors. According to Savills’ Dubai Residential Market – Q1 2024 report, off-plan sales surged by an impressive 73% compared to the previous quarter, comprising 63% of total transactions.
Apartments remained the preferred choice, constituting 83% of transactions, with primary sales driving 63% of demand. Notably, villa transactions also saw a surge, particularly in sought-after locations like Damac Lagoons and Damac Hills 2.
The influx of British investors underscores Dubai’s status as a global investment hub and a preferred destination for those seeking both financial prosperity and a high quality of life. Dubai’s stability and growth potential continue to attract savvy investors looking to secure their future and enjoy the benefits of tax-free luxury living.
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