It’s official, the British love affair with real estate in Dubai means that now the British own more property in Dubai than any other foreign nationality, and it seems that the British thirst for Dubai homes is not abating either!
With the news that the UAE offers the highest expat salaries and that expats in general earn far more than their peers back home also just released, we can expect to see a strengthening surge of UK citizens head for the United Arab Emirates for employment and this will also have a positive effect on the housing market in terms of demand.
News recently released from the Dubai Land Department reveals that officially registered and complete real estate transactions by foreigners in the emirate has Brits in first place in terms of the nationalities owning property in Dubai. 147 British buyers own 1,900,000 square feet of land in Dubai. Indian nationals come in second place with 125 Indians owning 862,000 square feet of land.
These figures only relate to the completed transactions, and because so many Brits have bought off-plan and because the registration process is time consuming, you can expect to see these figures rise significantly in coming years.
Forcing up the price of property to rent and buy in Dubai was a lack of supply, and as recently the number of properties coming to completion was actually easing this situation it was hoped that rental inflation would ease and property price appreciation would also slow in the emirate. However, with the factual data from a banking survey putting the UAE in the number one spot in terms of the salaries expatriate employees can earn, it’s now actually highly likely that Dubai will again see a strengthening in the surge of numbers of foreign nationals moving to the emirate, seeking employment and housing.
The ‘Wealth Ranking Survey’ by NatWest International proved that expats can earn up to 40% more on average than their peers back home, and that in the UAE the highest average salaries of GBP 79,000 are achievable. We can expect this fact to have an impact on the demand for property in Dubai in the near-term. So, watch this space!