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The changes to the UK’s non-domicile tax law have caused a global wealth shift – with Dubai becoming one of the top destinations for many of London’s elite. This migration is most pronounced among American expats who may be currently living in London but have begun to notice the appeal of Dubai as their next home and investment destination. The proposed changes to the UK non-domicile regime include removing key tax benefits, such as the 50% discount for non-doms bringing foreign income into the UK in their first year. This means that residents can no longer enjoy reduced taxes on their overseas income while living in the UK.

As a result, many high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs) are searching for a better alternative. But there’s more – the inclusion of foreign assets in UK trusts in the inheritance tax framework has prompted many wealthy individuals to rethink their long-term residential and investment strategies.

So, who are these individuals who are shifting the demographics within Dubai’s luxury market? While the region has always been a destination worldwide, the recent growth can be seen in the international buyer profile. Recent industry data shows that 70% of high-end sales are to international buyers, 60% of whom are European and 40% of whom are British. Add to that 20% of Russian buyers and growing American interest, and you have a very dynamic market, especially in Dubai’s prime areas.

This diversity is more than just numbers; it’s a sea change in how global wealth sees Dubai as an investment destination. Instead of being a speculative market, Dubai has become a key hub in the global high-end property network, and buyers are now seeing Dubai as a long-term home and investment destination. What are the key drivers for this international interest? While the incredible properties are worth the visit, it’s these elements that are driving investment value:

Economic Stability

First and foremost, investors are looking to make a return on their investment. And with the economic stability of Dubai, that is highly likely. The city has a strong and diversified economy, with a GDP growth rate on the rise. These benefits are compounded by Dubai’s:

     ⦁ Government backing and vision

     ⦁ Diversification of economy (no oil dependency)

     ⦁ Strong banking sector with good lending terms

     ⦁ Continuous infrastructure development

A mature market makes for a safer investment. Dubai’s real estate market has been around for several decades, allowing for a more stable and predictable environment. This is further supported by:

     ⦁ Established regulatory framework

     ⦁ Transparent transaction process

     ⦁ Professional property management services

     ⦁ Strong rental market fundamentals