17 August 2022 – Gulf Today – www.gulftoday.ae
With continued closures due to COVID-19 and political turmoil and high costs pushing expats out of Hong Kong, in addition to Singapore’s tightening its policies to bring in foreign workers, young professionals who are looking to settle abroad, the Bloomberg Agency, considered Dubai an extremely attractive destination for drawing expatriates.
They are looking for adventure and jobs and are facing difficulties in migrating abroad.
The agency said that Dubai has been challenging Hong Kong and Singapore for more than a decade in attracting skilled workers, and factors such as the COVID-19 pandemic and the war in Europe have increased the emirate’s popularity.
Dubai has invested billions of dollars in developing its infrastructure, constructing high-rise buildings, including the Burj Khalifa, and enhancing luxury living standards.
Bernd Hanke, a partner at a London-based fund, moved to Dubai during the pandemic to escape the closures in Stuttgart, where he had been for nine months, to join a growing number of financial professionals relocating to a city with an interest in financial markets and cryptocurrency.
Hanke enjoys waking up to the view of the lush green golf course from his Emirates Hills residence, as well as the warmer climate.
Since Dubai is in a similar time zone to Europe, this makes it easy for him to reach UK-based investors.
“Dubai coped with the pandemic very well and there was almost no closure,” Hanke said, noting that he is now considering whether to make the transition more permanent by buying property in Dubai.
“I would like to be in Dubai even for the long term, and I have to make a decision on that,” he added.
Separately, Dubai real estate market recorded 528 sales transactions worth Dhs1.28 billion, in addition to 91 mortgage deals of Dhs169.72 million, and 10 gift deals amounting to Dhs23.06 million on Monday, data released by Dubai’s Land Department (DLD) showed.