As 2024 gets underway, Dubai’s status as a trailblazer for luxury living, five-star leisure amenities, international business and mind-blowing architecture is as strong as ever. Are you feeling the pull of this pizzazzy emirate, nestled between the desert and the warm Persian Gulf? Here are some key pointers to mull over…
Why Dubai?
Strategically located in a corner of the Middle East, the United Arab Emirates’ most developed city pulls in expats and investors from all over the world, in particular Asia, Africa and Europe.
Critical to its rapid rise over recent decades, Dubai stands out for its ‘controlled’ tolerance of the Western lifestyle. It’s a go-getter celebrity-rich destination with a hunger to impress, grow without limits and break records. Think Burj Khalifa – the world’s tallest building, the exclusive man-made islands, including Palm Jumeirah and The World, monumental hotel resorts like Atlantis, championship golf courses, indoor ski slopes, the world’s largest shopping mall, numerous Michelin star restaurants… Hence its nicknames ‘The Vegas of Arabia’ and ‘Jewel of the Desert’.
Recent reports back up Dubai’s dynamism. Among them, it was ranked the eighth most ‘magnetic’ city in the world in the 2023 Global Power City Index (by Japan’s Mori Memorial Foundation’s Institute for Urban Strategies) and third in The Economist’s ‘Top 10 Prominent Global Cities’ 2023 ranking. Could there be a more exciting time to have skin in the game in Dubai?
A young woman on her laptop by Dubai Marina
Moving to Dubai for work
Planning to dive headfirst into a fast-paced new life in Dubai? You’re not alone. Currently, Dubai’s population – the highest in the UAE – stands at 3.64million (December 2023) but is on target to almost double to 7.8million by 2040. This growth is one of the objectives of the Dubai Government’s Dubai Urban Master Plan 2040, a series of projects pioneered by Crown Prince Mohammed bin Salman that will transform urban areas and the lifestyle offered by the emirate.
In January 2023, Crown Prince Mohammed also launched the so-called ‘D33’ economic agenda, its key goal being to double the size of Dubai’s economy over the next decade. This is deemed crucial for moving away from an economy reliant historically on oil. It’s not by chance the UN’s highly publicised COP28 Climate Change Conference was recently held there.
For many expats, the high living standards, year-round heat and jet-set lifestyle are the icing on the cake for the financial opportunities that Dubai is famous for. Its high salaries are well publicised. CEO World magazine this year ranked the average monthly Dubai wage ($3,663 net) as the fifth highest in the world (US 4th, UK 16th and Germany 14th). Looking at the typical jobs that lure expats, a leading Dubai employment agency estimates a 28% uplift in after-tax earnings for a professional moving there from London, plus an 18 per cent drop in living costs. The bonus is that income tax – or any form of personal taxation – does not exist anywhere in the UAE! Dubai introduced a business (or corporate) tax this year, and that still only applies to companies located outside one of its Free Zones (with a maximum rate of nine per cent above a threshold).
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Visas – worker, retiree or investor!
Before you join the queue, think about your best ticket to life in Dubai. Most expats get job offers before arriving in there. This way it is down to your future employer, who acts as a sponsor, to organise your required work permit before you arrive and a standard two or three-year residence visa (with all necessary ID documentation) after your arrival. You could change it and enter with a temporary visitor visa – such as a Visa on Arrival or a Tourist visa – and then find an employer who will sponsor you.
Qualified workers should find it easier. In 2022 the UAE launched its Green Visa, aimed at attracting skilled workers or professionals. Available to people with bachelor’s degrees who earn Dh15,000 ($4,084) or more a month, it guarantees a five-year residency without the need for a sponsor and allows the holder to bring first-degree relatives with them. Investors/business partners in a commercial operation, freelancers/self-employed and high-skilled workers can apply for a Green visa.
Meanwhile, in a bid to lead in the global Fintech and technology sectors, the UAE has a one-year digital nomad visa for remote workers. Dubai was ranked the best city in the world for remote workers by international property consultancy Savills this year. It was scored especially high for connectivity and mobile speeds – now ranked fastest in the world.
For entrepreneurs and investors, Dubai has its version of a Golden visa. Under rules that were updated last year, foreigners can now obtain renewable long-term residency (five or 10 years) in the emirate by purchasing either an off-plan or resale property (or properties) worth AED 2 million (approx. £430,000) and the purchase (or purchases) can be financed with a mortgage from a local bank. Golden Visa requirements vary depending on the individual of application but they typically enable the holder and their spouse and dependents to live, work or study in Dubai.
Dubai caters for retirees too. Its five-year retirement visa is available to over-55s who own a home in the emirate and can prove a minimum level of savings or income.
Property market snapshot
Non-UAE citizens can purchase and own freehold properties outright in designated areas in Dubai. Typically, foreigners own within high-rise apartment complexes or well-amenitised communities of townhouses and detached villas. According to Knight Frank’s Prime Global Forecast 2024, prime property prices rose more in Dubai during 2023 than any other international destination and the emirate is on course to rank third in 2024. “A severe lack of stock in the prime segment hints at stronger price appreciation across all of the city’s prime markets, but in particular the Palm Jumeirah. While the mainstream residential market is set to see 78,000 homes built by 2028, the total number of luxury homes under construction sits at just 368 this year.
While Dubai has evolved as a destination for prime property, attracting high-profile owners, the market caters for all budgets. A budget of £200,000-£400,000 gives you a large choice of studios and apartments in one of the many apartment blocks.
Trendy spots by the water right now include Dubai Marina, Dubai Creek Harbour, Emaar Beachfront, Jumeirah Beach Residence and for heavyweight budgets the Palm Jumeirah. For a lively urban environment, there is famous Downtown Dubai, home to a choice of new apartment complexes, with easy access to the district’s entertainment and shopping amenities.
Away from the bright lights, examples of more family-oriented communities popular with expat families include Dubai Hills Estate and Arabian Ranches. Both have a championship golf course, school(s), shopping centre and retail outlets, plus lots of green space for leisure activities. The latter is also home to Dubai’s Polo and Equestrian Club. Other gated communities set around a golf course include Jumeirah Golf Estates, Emirates Hills, Victory Heights, and The Meadows townhouse community.
