Dubai one of the most favored places for expats

Wide opportunities for home ownership make Dubai a sought-after destination for expatriates: HSBC.

A new survey by HSBC Bank showed that Gulf countries in general and the UAE in particular are among the most attractive destinations for young professional expatriates from different countries, and Dubai takes leadership in this ranking.

Dubai is luring newcomers first of all due to salary opportunities, allowing them to become property owners in short terms. For their part, developers are also trying to meet market conditions and expectations through offering a wide range of property purchase options for expats including the construction of affordable housing, lucrative payment plans and even rent-to-own schemes.

“We see that they (expats) are, in particular, highlighting the growth in their disposable income and their ability to save as factors boosting their long-term planning capabilities, which allow them to achieve their biggest aspirations, including purchasing a home,” said Gifford Nakajima, Head of Regional Wealth Development, HSBC Bank Middle East Ltd.

The Expat Explorer survey by HSBC has polled almost 22,000 expatriates from 198 different countries. Questions included information about finances, ease and quality of life in general and the possibilities of home ownership. The latter factor was especially important, and showed that the UAE takes one of the first lines in the ranking along with Qatar: 25% of expatriates in the UAE have admitted that they can afford buying a house in their new country of residence. This is one of the best global indicators, only Canada had a higher share with 26% of respondents capable of buying a property.

Besides, according to the survey, 65% of the UAE expatriates admitted that it became easier for them to manage their finances and savings after moving to the country. 58% also admitted that they earn more than in their home country. This factor is another advantage of Dubai: taxation and financial legislation here is much more loyal than in the rest of the world.

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