UK Millionaires are Settling in UAE: Financial Boom to Happen in UAE Real Estate Market

It seems like London is no longer the dream destination for settling down with families. As we can see UK millionaires shifting to the UAE owing to various reasons.

Expensive lifestyle, deteriorating health care domain, and high taxation policies of the UK are reasons forcing UK rich people to migrate to other parts of the world where UAE emerged as the topmost choice. The cost of living in Dubai as a matter of fact in the entire UAE is quite low with more opportunities for business and jobs. Moreover, the taxation policies in UAE are less as compared to what was in the UK. Therefore, all these reasons are forcing millionaires in the UK to migrate to the UAE.

As per experts, the long-term residence visas, quality of life, public safety, and trusted leadership inspire more people to move here”. They also stated that the cost of living in the UK doubled last year considering the Ukraine-Russia war which has made it difficult for families to sustain over there.

Growing Migration to Benefit UAE

This sudden large-scale migration of people from the UK is going to benefit the real estate market of UAE which means large amounts of investment in the UAE Real Estate industry can be seen from the UK side.

Experts on economic factors-related migration at Abu Dhabi University stated “Apart from this, considering Dubai’s strategic location as a gateway between the East and West, many UK entrepreneurs are setting up their businesses in the UAE, which will boost the UAE economy with diverse investments.”

UK Financial Limitations Anticipated To Rise

On one side we can see UAE exponentially getting benefitted by UK population migration. However, on the other side of this, the UK economy is anticipated to decline in 2024. According to the experts “as per economic prediction, the household income in the UK is reducing and is expected to decline on a large scale as a result of the large-scale migration of the UK population.”

“Multiple multinationals have been laying off employees since 2022, and this trend continues, creating job insecurity in the UK”

There are chances in the UK of experiencing recession in 2024, there has been no growth in GDP and since September 2023 they have been experiencing negative growth in the country.

Experts of this matter confessed “Considering UAE’s economic growth, political stability, and job opportunities, UAE is now the first choice for migration,”

In the 1990s and 2010s London and the United Kingdom were considered as desired destinations for millionaires and others to migrate and have steady lifestyles. However, this position has changed for quite a decade and millionaires and people have begun to leave the country quite a few times.

A significant number of British high-net-worth individuals (HNWIs) are said to have relocated to Europe and other global financial hubs, like the United Arab Emirates, in recent years due to the declining influence of the London Stock Exchange and Brexit.