When the stakes are high, the situation gets complicated. Imagine you are a millionaire worth crores of money and trying hard to figure out how to hold on to your riches. Now, throw in the fact that you are heavily taxed in your own country, the weather doesn’t suit you, or xyz reasons are not letting you stay in your native land. Is there any ‘safe haven’ for you where you can retreat for a while, buy a second home and make it your ‘own’ home? Yes, the answer to that is Dubai.
Apart from the social and political reasons explaining Dubai’s popularity as a safe haven, let’s see economically how that makes sense. It’s also a safe haven for people from the rest of the GCC countries and the Asian subcontinent. In fact, some of the expats from UK, US have been living here for so long that they don’t want to go back to their respective countries.
The oil prices are falling everyday but Dubai is not too affected. Why? Because the country has already diversified its economy and it is less oil-reliant now. In fact, a recent report released by Deloitte clearly mentions that Dubai is at an advantage since it already read the ‘signs’ in the air and made proper provisions. The oil prices falling and the neighbouring countries suffering badly, Dubai has made great strides in moving away from reliance on the petrochemicals. That’s a winning move since that has reduced the dependence on oil, ensured that the whole economy didn’t destabilize on account of violent fluctuations in oil prices. And, oil does have a penchant for huge swings, which could have adversely affected the economy. Not, anymore, Dubai has moved beyond it and is now, reaping all the benefits of that strategy.
Combine that with the fact that the government is making a sustained push towards tourism, infrastructure and logistics. This attracts a very skilled workforce to come to the country while at the same time, ensuring that jobs are continuously being created and a lifestyle being supported. This encourages a lot of expats to ‘finally’ make their home there. It is a lot like the Western lifestyle minus the discomforts. The government ensures that when the expats make it their home, they don’t ever leave with all the supporting comforts being provided without asking. There is less red tape, more efficiency and an efficient administration that delivers on all fronts.
Good weather, great investments leading to job creation for skilled and unskilled work-force, and housing that compares to none in the world. The real-estate in the desert country has always been in full-bloom and now, it’s even more. So, the HNW individuals are actually splurging their millions in owning a piece of the luxury real-estate pie there. The houses are amazing, futuristically built, offer great value for money and supported by smart infrastructure. After London, Dubai is the most preferred destination for HNW individuals to invest in a property. No wonder, all the movie stars, Hollywood, Bollywood have made it the true investment destination and a safe haven for the High Net Worth individuals.
The government is making it their business to attract everyone to their country. Come, be a part of the Dubai growth story!