Is There An Exodus Of Dubai Taking Place?
The UAE and Dubai is a transient place, people come and go all the time. There is even a third Ikea opening up in the UAE suggesting a rise in demand for quick and easy furniture. Many reports illustrate an ever-rising population, so it's surprising to hear that an increasing amount of expats are leaving the UAE this year - three or four times the normal rate. This has been reported by some removal companies and mentioned in 7days.
Reports of a large increase in number of families leaving the country
“An unusually high amount of expats leaving the UAE and the region in comparison to past years... This is about three to four times more than normal. The top 10 movers in the country would probably have packed out a 100 to 150 families per day in June.”Curt Clements, CEO of Move One
Cause for concern?
Cost of education and rent are often said to be reasons for people leaving as they can't afford to sustain the lifestyle. Macro economic trends such as uncertainty over oil prices and job security as a result, may have an impact. Or, this could be exaggerated and simply a cyclical trend. The UAE economy has a revised forecast of GDP growth rate of 2.4% for 2016, down from 3.9% in 2015 according to the International Monetary Fund (IMF).
UAE Economic growth has decreased from last year, but there are robust forecasts over the next four years
Lovin Dubai's humble opinion is that...
There is a maturing economy. As economies grow, it's harder to sustain high growth rates. Also, this is an evening out, not just on the property market, but a correction is taking place across all sectors. Those who stick it out, and stay will reap the rewards over the next few years. The UAE has the right infrastructure, which makes it a place for growth. If you are considering upping sticks, don't rush into a move just yet! At least hang tight until the temperature cools down and then make an informed decision in six months or so.