Team Blitz India
The UAE is witnessing a reverse migration. Former residents, who relocated to Canada and the US for greener pastures, are returning to the country, according to industry experts.
Property developers in Dubai have seen increased investments from such new Canadian and US nationals who used to live in the UAE. They are now buying homes in the emirate to move away from the high taxes, rising cost of living and fewer opportunities in the countries they initially migrated to.
Andrew Amoils, head of research at New World Wealth, said there is indeed reverse migration to Dubai due to high taxes in Canada. “That is true. Many wealthy expats that leave UAE return later. Tax rates in Canada are much higher than UAE which is probably a factor. Also, the winters in Canada are very long – a lot of centi-millionaires and billionaires from Canada eventually move to USA due to climate. UAE is, of course, another option with nice climate,” said Amoils.
Imran Farooq, CEO of Samana Developers, said the increase in the number of buyers from Canada and the US was “a completely new trend”.
“There is a kind of reverse migration from Canada, which was among the top migration countries. But now reverse migration trend has started due to economic slowdown and law and order there. Canadians now account for around 5 to 6 per cent of investors in Samana’s projects,” he said.
Many UAE expatriates from South Asia, Southeast Asia and Arab countries had migrated to Canada, the US and other Western countries over the past decade in search of greener pastures and to obtain stronger passports. But the public safety and security aspect, quality of life, and shorter flights to see loved ones are encouraging them to return to the UAE. This has driven higher demand for properties from such expatriates who are mainly end users in the emirate’s residential property market.
