UAE: Expats returning from Canada and the US back to Dubai
The UAE is currently experiencing a notable phenomenon, a reversal in migration trends. Increasing numbers of former residents, who had previously sought opportunities in countries like Canada and the US, are now returning to the Emirates.
Industry experts highlight several factors driving this trend, including high taxes, rising living costs, and limited opportunities in their adopted countries.
Property developers in Dubai report a surge in investments from returning Canadian and American nationals. These individuals are purchasing homes in the emirate to escape the burdens of high taxation, escalating living expenses, and constrained economic prospects in their countries of relocation.
Andrew Amoils, head of research at New World Wealth, confirms the impact of high taxes in Canada as a significant driver of this reverse migration trend. He notes that the allure of the UAE's favorable tax environment and agreeable climate is attracting wealthy expatriates back to the region. Imran Farooq, CEO of Samana Developers, observes a novel shift in investment patterns, with an increasing number of buyers from Canada and the US opting for properties in Dubai.
The reasons for this reversal are multifaceted. Economic slowdowns and concerns over public safety and security in Canada contribute to the decision of many expatriates to return to the UAE. Additionally, factors such as quality of life, accessibility to loved ones, and efficient services further incentivize their repatriation.
Furthermore, the cost of living in Canada, particularly soaring rents, has escalated, prompting Prime Minister Justin Trudeau to address the issue. Rizwan Sajan, chairman of Danube Group and Danube Properties, underscores the appeal of the UAE's tax-free environment and exceptional quality of life, contrasting it with the financial burdens and limitations faced in Canada.
Notably, returning expatriates from Canada, predominantly from South Asian backgrounds, are driving demand in Dubai's residential property market. Farooq highlights the increasing interest from American buyers, particularly drawn by the prospect of acquiring the Golden Visa.
Despite global economic uncertainties, experts foresee continued growth in Dubai's property market, fueled by robust demand, particularly from investors seeking Golden Visa eligibility, and the appreciation of land prices. The influx of returning expatriates underscores the enduring appeal of the UAE as a destination for investment and residence.
