The Great Return
There is currently a substantial migration from surrounding emirates into Dubai. Just as residents moved further from Dubai as rents increased, now they are returning as rents have fallen. For those who had been unable to live in the emirate previously, this is a happy development.
Perhaps the most visible evidence of this phenomenon is the surge in interest for International City from Sharjah residents. As their leases expire, they now have a strong incentive to relocate into Dubai, cutting down substantially on their commute times which had been notoriously burdensome for Sharjah residents working in Dubai. Indeed, current prices in International City can be found below prices in Sharjah from several months ago, so unless one prefers Sharjah for cultural reasons, the opportunity to live closer to work and closer to all the attractions in Dubai is very compelling.
“Dubai is further proving itself as the business hub of the UAE,” says James Gauduchon, Head of Marketing for Better Homes, “it is the epicenter to which people are drawn for economic or lifestyle reasons. As the city becomes unaffordable, residents must move out to the periphery, but when prices come down it’s no surprise that a great return begins.”
Many movers have also come from Abu Dhabi because Abu Dhabi space is still so hard to find and rents are not nearly as attractive. The reason for moving is somewhat different, because Abu Dhabi is still more expensive than Dubai, unlike Sharjah wherein prices remain perpetually below those in Dubai.
“What we understand is that UAE residents, for the most part, want to live in Dubai for its lifestyle, attractions, and infrastructure,” continues James, “as big projects in Dubai have gone from the idea stage to completion, the emirate is becoming what it had previously promised. Many of the most attractive projects in the other emirates are still far from completion and Dubai is benefiting from its first mover advantage.”
Amidst the economic downturn and the uncertainty surrounding property markets, the ability to return to Dubai is a welcome prospect for many residents who now get to enjoy life closer to the city in which they work and play. Similarly, the migration is a strong vote of confidence for the emirate during this volatile year.
Interested in relocating? Visit bhomes.com to browse available properties.
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