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By Fiona Moore, for ExpatBriefing.com
23 February, 2015
A combination of factors has resulted in a cooling of Dubai real estate prices, and expats are set to benefit.
Foreign Dubai-based property owners are said to be cashing in, with a relative fall in European currency values improving gains for Europeans. This increase in supply is contributing to a slowdown in property price rises in the region, and the volume of transactions is said to be falling.
A new report from Standard & Poor's states: "We project a softening in residential real estate prices this year, particularly in the secondary market, given our expectations for an economic slowdown and deteriorating investor sentiment, which will cool demand."
Falling oil prices are said to be affecting buyers from Gulf countries in particular, and the introduction of higher capital gains in India on foreign property holdings is further depressing demand. A serious price slump, such as was experienced in 2008-9, is not, however, predicted.
Dubai attracts several expats, particularly from higher tax nations, with its zero percent income tax rate. However, a report from the Economist Intelligence Unit (EIU), entitled UAE Expats and the Bottom Line, released last year, warned expats to take into account the high cost of living in the United Arab Emirates (UAE) when deciding upon a move. New down-payment rules have meant that property is not affordable for some expats, and there is limited availability of affordable properties to rent. The UAE is also one of the world's most expensive locations for international schooling.
Tags: United Arab Emirates | Tax | India | Mortgages | International Financial Centres (IFC) | Offshore | Currency | Dubai | Expats | Foreign Exchange (Forex) | Investment | Property Investment | Europe | Invest | Investment
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