Back in 2004, Sheikh Mohammed bin Rashid Al Maktoum, the Emir of Dubai, got on board with determined plans to turn the emirate of Dubai into a booming tourism and business hub. Fueled by growth in the double digits, building boomed and thousands of expatriates from all around the world began arriving, more and more every day. The incoming foreigners were eager to profit from Dubai’s promise for wealth and easy living.
Many, many people have invested money into the emirate’s blooming real estate market. Foreign real estate investors began buying and selling homes and businesses before construction was complete. However, as the effects of the recession began to become more apparent, thousands of employees were made redundant by financial and real estate companies, and the banks began to tighten up on their lending. Construction projects have either been delayed or completely cancelled and tourism in Dubai has begun to slow considerably.
As the economy suffers in Dubai, more and more of the expats who once flocked to the emirate are now fleeing. One Western diplomat said, “There is no way of tracking actual numbers, but the anecdotal evidence is overwhelming. Dubai is emptying out.” So where is everyone going?
Shelter Offshore, a finance company, has taken the time to identify the possible destinations for relocation of the expats that are living in Dubai. According to the most recent Knight Frank House Price Index, the real estate prices in the emirate have decreased by nearly fifty percent annually.
Another state in the UAE, Abu Dhabi, as well as Qatar, are recommended to expatriates who are looking to get out of Dubai, but wish to stay in the Middle East. Abu Dhabi is ideal for expatriates who want to trade in the Dubai lifestyle and relocate to a more sustainable region.
Expatriates who are concerned with the situation surrounding international jobs need to consider relocating to Qatar. According to Shelter Offshore, Qatar provides several opportunities for employment in the gas and oil industry as well as in “alternative economic sectors”.
In South America, Argentina and Brazil are both emerging as ideal destinations for expatriates, providing positive opportunities for international real estate investment.