DUBAI: Cheaper Dubai property prices may attract rich expatriates who are affluent enough to move for lifestyle and wealth preservation reasons, Tellimer said.
Dubai has liberalized its visa regime, falls under the UAE’s Abraham Accords with Israel, and has maintained a globally rare sense of normality during the pandemic helped by an efficient vaccination program, the emerging markets research group noted.
The emirate, famed for its glitzy developments and lavish lifestyle, now has a cost of living that is 20 percent below Hong Kong and Singapore.
“The main driver of this competitiveness is residential property prices, which, since the start of 2015, are up 35 percent in Hong Kong, flat in Singapore, and down 30 percent in Dubai,” Tellimer said.
Since 2010, property rentals are down 45 percent and other items (groceries, transport, utilities) have fallen by 10 percent.
The emirate has relaxed its visa rules recently and has attracted an influx of so-called digital nomads and other investors.