The number of UAE expats planning long-term residency in the UAE has increased mainly due to falling property prices, UAE-based finance comparison group compareit4me.com has revealed.
According to a survey carried out by the firm, only 36 percent per cent of UAE residents said they would not consider buying a property in the UA, a drop from last year, when 45 percent stated high property prices and cost of living as the main reasons for uncertain long term plans.
Property prices in the UAE have dropped between 10 to 13 per cent last year and are set to drop another 10 per cent this year.
“There is no doubt that the stabilisation in the property market, which is thought to be a knock-on effect of low crude oil prices and the subsequent strength of the US dollar, must be having an impact on people’s long term plans,” commented Jon Richards, CEO at compareit4me.com.
“Additionally, with the recent exciting developments - both commercially, in terms of business opportunities, and physically, with projects like the impressive Dubai Canal - staying and committing to life in the UAE is becoming even more of an enticing option. The recent drop in housing prices has obviously removed a big weight from people’s minds and made settling here a more viable option,” he added.
In the past two months, the prices of oil per barrel have risen from $27 per barrel to well over $40 per barrel.
The UAE’s population, which is approximately 9.5 million, consists mostly of expats. The country’s total population is expected to rise to 12.41 million by 2030 with the population in Dubai alone expected to double to 5 million in the same year.