Why the world’s wealthiest could be tempted to Dubai post-coronavirus

Why the world’s wealthiest could be tempted to Dubai post-coronavirus

Dubai could benefit from the financial fall-out of the coronavirus pandemic when countries get round to balancing their books, according to a leading real estate expert.

George Azar, chairman and CEO of Dubai-based Luxhabitat Sotheby's International Realty, told Arabian Business that the support packages implemented to aid economies through the crisis would likely result in increased taxes.

He told Arabian Business: “I personally believe that, for over a year now, all these governments (in Europe) have been subsidising businesses and families to get by in life. Eventually somebody's going to pay for this printing of money, which is going to be tax payers.

“In my opinion, all the rich families in the UK and in Europe know that taxes are going to go up because this pandemic has taken out probably trillions of Euros to subsidise businesses and individuals. Someone is going to have to pay back this money, it can't just be printed and given because that's not how the world functions.”

Luxhabitat Sotheby's International Realty has sold 70% of last year's total sales in the first three weeks of this year

In December, EU leaders agreed a $909 billion pandemic relief package that will be financed by joint debt. While in the UK