The number of UAE expats planning long-term residency in the UAE has increased mainly due to falling property prices, UAE-based finance comparison group compareit4me.com has revealed.
According to a survey carried out by the firm, only 36 percent per cent of UAE residents said they would not consider buying a property in the UA, a drop from last year, when 45 percent stated high property prices and cost of living as the main reasons for uncertain long term plans.
Property prices in the UAE have dropped between 10 to 13 per cent last year and are set to drop another 10 per cent this year.
“There is no doubt that the stabilisation in the property market, which is thought to be a knock-on effect of low crude oil prices and the subsequent strength of the US dollar, must be having an impact on people’s long term plans,” commented Jon Richards, CEO at compareit4me.com.
