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Dubai keeps doors open for wealthy Europeans

Dubai keeps doors open for wealthy Europeans

The Arab Emirates have its own reasons to keep a neutral position in the current situation. The country has disagreements with the United States over the conflict in Yemen, besides, the UAE authorities have long been leaning towards China, its economy and investors.

Together with European, millions and billions of dollars arrive in the country in the form of both traditional financial assets and cryptocurrencies. However, both the Europeans and their money often get into the country in the most anonymous ways.

The main object of interest for European buyers in the UAE is real estate of a wide variety of categories. Premium real estate, of course, is at the forefront: luxury apartments, penthouses, villas and mansions.

However, all other assets are also being bought up. What cannot be bought is taken on rent or long-term rent. After real estate are sports cars, yachts and berths, a variety of securities. Fixed assets are withdrawn from Switzerland and the UK, especially those stored in cryptocurrencies.

Real estate agencies indicate that since the end of February, the market is increasingly entering a «bullish» phase. Europeans buy apartments right away or, if there is no such possibility, rent for a year in advance.

With such a concentrated demand for a fairly narrow volume of supply, premium real estate, purchase prices and rental rates naturally increase.

Taking into account the influx of European buyers, there is every reason to expect a sharp jump in prices for certain categories of luxury real estate.

This practice represents large-scale investments not only in the local economy as a whole, but also in infrastructure, social programs, medicine, and so on. Every financial effort is being made to win over local authorities.

In view of this, it is likely that in the future financial ties between the UAE and European businesses will only strengthen.

Some brokers and agents have already indicated that they have contracts to work with European investors in the amount of more than USD 20,000,000.

Similar ties of the Arab Emirates with European money have placed the country on «Grey List». However, the UAE is not going to change its position at the moment.

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