As rental prices continue to rise, local expats in Dubai and the UAE are looking more toward buying property outright rather than continuing to rent. This comes at a time when the UAE is experiencing economic growth and stability alongside the implementation of various initiatives that will deregulate the economy and provide attractive prospects for families, businesses and foreign talent. This is making long-term settlement in Dubai more suitable, and broadening the perspective from the city being only viable as a tourist or investment destination.

The real estate market in Dubai is known for its high ROIs and for having bounced back very well after COVID-19. Even though property prices continue to rise throughout the UAE, local expats bought about 40% of all real estate last year and the rate is projected to reach 50% by 2025.

This past year saw many of these real estate transactions done by wealthy immigrants, namely Russian expats. Russian buyers are particularly interested in villas and other elite properties in Dubai and the UAE, valued at nearly twice the amount of other expat buyers’ purchases. This coming year, the real estate market is expecting to see fewer wealthy investors and more middle class families purchasing their primary homes.

In fact, it is precisely in connection with rising property prices, and therefore rental costs, that expats are choosing to buy instead of rent their accommodation. Other factors being considered include the overall stability of the UAE, economic growth, advantages for investors and property owners, a high standard of living, as well as a host of other benefits that make long-term residency very attractive.