In the lap of luxury in Dubai

In the lap of luxury in Dubai

Going into 2023, the outlook for Dubai is auspicious. With the IMF having recently revised the UAE’s economic growth forecast upwards to a projected GDP of 5.1 per cent for this year, compared to its previous forecast of 4.2 per cent , we can expect to witness the highest growth rate the nation has experienced for several years. At the same time, the emirate’s property sector is booming, with property transaction volumes rising by 60 per cent in the first half of 2022 and values by 85 per cent over the same period. The real estate revival is far from being a bubble, with demand expected to be spurred by the predicted influx of expatriates seeking respite from rapidly rising living costs in their home countries. With inflation hitting close to 10 per cent in the UK, eurozone growth expected to stall in the last quarter of this year, and mortgage rates in the US having reached a 15-year high, Dubai is rapidly increasing in appeal. In addition to robust compensation packages with zero income tax, high quality of life and world-class infrastructure, numerous government initiatives are rapidly transforming Dubai from a temporary home along the expat trail to a