Millionaires Find their Dream Lifestyle while investing in New Launch Properties in Dubai

New residents of the UAE have told The National that the country is surpassing the expectations of high-net-worth individuals relocating to the country.

According to a recent survey by international investment migration advisory firm Henley & Partners, a record 6,700 millionaires are expected to make the UAE their home by the end of this year. This has earned the UAE the title of the world's top wealth magnet for the third consecutive year.

The UAE is set to attract nearly twice as many millionaires as its closest competitor, the US, which is expected to welcome 3,800 millionaires by the end of 2024.

There is nothing Los Angeles can offer that Dubai couldn't,

Said multimillionaire celebrity therapist Marisa Peer, who recently moved to the UAE after living in London and Los Angeles.

Marisa Peer, a well-known speaker and bestselling author, decided to move to Dubai after her first visit in February 2023. "Our social life is better than it has ever been anywhere else in the world.

She added "We didn't plan to move here initially, but we quickly fell in love with Dubai,” she told The National. “It felt like the UAE embraced us and made everything easy for us.

We have many job opportunities, and I now find it one of the most exciting cities in the world.

A few months after her first visit, Ms. Peer bought two connected New launch properties in Al Barari and now sees herself living there permanently.

Dubai offers everything that LA does, and more, except for my family, history, and charm of London,” she added.

There are many things I love about Dubai, including the people, the tremendous support for our business, and the safety. You can't put a price on that.

My Favorite City I've Ever Lived In

Ben Harvey, CEO of Zuru Group, a digital and creative solutions company, moved to the UAE in 2021 and shares similar feelings.

The UAE has exceeded my expectations," he told The National.

I've lived in London and New York, and I wondered if Dubai could match those great cities with their history and legacy. But what the UAE has achieved in the past 50 years is remarkable," said Mr. Harvey, who relocated to Dubai after selling his first company.

We have the best hotels, restaurants, and some of the finest facilities in the world. It's safe to say this is probably my favorite city I've ever lived in.

Mr. Harvey loves the UAE for its exceptional lifestyle, vibrant expat community, and forward-thinking business culture.

It's amazing to see how quickly and progressively the UAE has developed in the four years I've been here, and I can't imagine what it will be like in the next 10 years," he said.

One obvious challenge is the hot summer, but I compare it to winters in London or New York, where it's freezing and raining, and you're always indoors.

So, in the summer, we just adapt our lifestyle. Dubai has so many facilities, whether I want to go skiing, hit the gym, or dine at fantastic restaurants, there's always something to do.

Mr. Harvey said the UAE is very open to collaboration in business.

In the US and UK, you often find more barriers. In the UAE, it feels like all doors are open. You just need to have initiative, a good work ethic, and, most importantly, follow through.

If you do that, you can build an excellent reputation, a successful business, and an incredible life.

A Rise in Western Wealth

Joanne Doran, founder of JGD Luxury Lifestyle Operations, says her clients, including high-net-worth individuals, love the UAE because it allows them to manage their lives like a global business.

It's unmatched," she said. "The UAE is the perfect place for families to come and preserve their legacies.

Ms. Doran started her business five years ago after 15 years in hospitality with the Jumeirah Group. She began with personal consulting and executive estate management services, which expanded to include concierge and private lifestyle operations due to high demand.

Historically, many millionaires moving to the UAE came from Russia, China, Britain, and India. Now, she is also seeing an influx from Germany, Sweden, Switzerland, South Korea, and Japan.

The motivations of people are changing. For those from Japan, South Korea, and Russia, it's all about investment. Europeans, Germans, Swiss, British, and Americans are more family-oriented. Husbands come here for business and then convince their families to move here.

Zarah Evans, owner and managing partner of real estate broker Exclusive Links, has also seen an increase in people moving from Western countries over the past year, including younger people, entrepreneurs, and technology professionals.

The company's luxury brand, The Elite Collection, has seen a 20% increase in inquiries and clientele from wealthy individuals over the past year.

The reasons for moving to the UAE vary, she said. "Western high-net-worth individuals often seek tax benefits and a high standard of living, while those from Asia and the Middle East are attracted by business opportunities and the city's cosmopolitan environment. Entrepreneurs and younger professionals are particularly drawn to Dubai's vibrant economy and because it’s the place to be and to be seen.

Luxury Real Estate a Major Draw

While many still view the UAE as an ideal location for secondary or third homes, Ms. Evans said more clients are making it their permanent base. This is thanks to government initiatives such as the golden visa residency program.

Earlier this year, the UAE canceled the Dh1 million ($272,294) minimum down payment required to qualify for a golden visa through real estate investment, making it easier for more residents and investors to establish deeper roots in the country.

Ryan Almond, senior private client adviser at Maria Morris Real Estate, said decisions like this will ensure the trend continues.

"Improved regulatory frameworks are likely to further secure investments among ultra-high-net-worth individuals moving to the UAE, through initiatives such as the golden and nomad visas with favorable tax conditions, reconfirming Dubai's position as a global city of choice for wealthy individuals."

The luxury real estate market, newly launched branded residences, and privileged services offered to this affluent group also play significant roles in drawing wealthy families to the region, said Ms. Evans.

For those looking to buy property in Dubai, the market offers a range of new launch properties in Dubai. Inch & Brick Realty Dubai can assist in finding the perfect home, whether it’s a primary residence or an investment property. The growth in the luxury real estate market, coupled with government incentives, makes now an excellent time to invest in Dubai’s vibrant property market.