The UAE is witnessing a remarkable shift in migration patterns as a growing number of former residents who had ventured to countries like Canada and the US in search of better opportunities are now returning to the Emirates, according to industry experts.
Factors Driving Reverse Migration
- The allure of the UAE’s tax-free environment
- Unparalleled amenities and services
- Escaping burdens of high taxes and escalating living costs in adopted countries
- Seeking more favorable climates
Impact on Dubai’s Real Estate Market
Property developers in Dubai have noted a surge in investments from expatriates who previously resided in Canada and the US. These individuals are now purchasing homes in Dubai to avoid high taxes, increasing living costs, and limited opportunities in their adopted countries.
Imran Farooq, CEO of Samana Developers, highlighted the emergence of this reverse migration trend as a significant new phenomenon. He noted that economic slowdowns and concerns over public safety and law enforcement are prompting residents to reconsider their stay in countries like Canada.
Over the past decade, many expatriates from various regions migrated to Western nations in pursuit of better opportunities. However, factors such as public safety, quality of life, and convenience in visiting relatives are now attracting them back to the UAE, leading to increased demand for residential properties in Dubai.
Despite global economic uncertainties, experts remain optimistic about the Dubai property market’s resilience. The consistent demand for properties meeting the Dh2-million ticket size requirement for Golden Visa eligibility underscores the enduring appeal of investing in Dubai’s real estate market.
