Living in Dubai is an interesting journey for those who want to access a tax-friendly system, job and business opportunities, advanced healthcare, and an education system. But before moving to Dubai, there are some key questions like what is the cost of living in Dubai that you need to consider.
In this article, we’ll talk about the reasons for choosing Dubai for living, its pros and cons, cost of living, and visa types.
- The main reasons for living in Dubai are its tax-friendly system, job opportunities, stable economy, safety and security, world-class education, and Golden Visa Program.
- Through the Golden Visa program, applicants who invest at least AED 1,000,000 can qualify for long-term residency in the country.
- In 2023, Dubai experienced over 44 million visitors, which indicates that real estate is in high demand. Buyers who are interested in investing in Dubai’s property market can gain high returns.
- Key business opportunities in Dubai are in industries like real estate, import & export, renewable energy, and smart cities.
Why Choose Dubai for Living?
According to Global Media Insight, as of November 2024, the UAE has a population of 12,50 million people. The majority of its population (88.50%) are expats. It’s also worth mentioning that Dubai has the biggest population among the seven emirates, at over 3,6 million. These numbers indicate that lots of expats prefer living in the UAE and a huge percentage of them prefer living in Dubai. Here are the main benefits of living in Dubai.
Tax-friendly System
Dubai has one of the most tax-friendly systems all over the world. In fact, as a Dubai resident, you don’t need to pay income taxes, property taxes, capital gains, or VAT on resales and rentals. This helps its residents maximize their profits.
Job Opportunities
Dubai’s booming economy comes with many job opportunities, especially in sectors such as technology, finance, hospitality, and real estate.
Stable Economy
The UAE’s economy owes a lot to Dubai, which is one of the centers of tourism, financial services, and construction. These sectors are cornerstones of UAE’s growing economy and rising GDP.
Safety and Security
Is Dubai a safe place to live? Yes! The high level of safety and security is yet another key factor for people living in Dubai. In fact, according to Numbeo, the level of crime in Dubai is 12.36 (a very low indicator) and the safety index is 83.77 (a very high indicator).
Golden Visa Program
Golden Visa is yet another reason to move to Dubai. The program is specially designed for entrepreneurs, investors, and professionals. As an investor, after meeting the eligibility criteria, all you need to do is to invest at least AED 2,000,000 in real estate. Make sure the property you try to acquire is in the free zone area.
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World-Class Education and Healthcare
Another great benefit of life in Dubai is its world-class education and healthcare system. Both sectors are consistently prioritized, ensuring residents have access to top-tier education and exceptional medical care.
Cost of Living in Dubai
The average cost of living in Dubai can vary depending on several factors such as do you have a family with you, whether you are going to rent an apartment, which location you’re going to live in, etc. In this section, we’ll compare the cost of living in Dubai vs the US.
The average cost of living in Dubai will be 23.4% lower than in Los Angeles. Rental prices in Dubai are 18.6% lower, restaurant prices are 25.5% lower and groceries prices are 44% lower in Dubai than in Los Angeles. This states that living in Dubai as an American can be financially beneficial. Here’s a pricing list that you’ll find useful.
- The average pricing for a 1-bedroom rental apartment near the center of the city is $2,261.09 (8,304.97 AED).
- The price per square meter to buy an apartment in the city is $6,305.
- The basic utilities (electricity, heating, cooling, water, garbage) for an 85 square meter apartment is $210.54.
- A one-way ticket for local transport is $1.91.
- Meals in an inexpensive restaurant cost $10.89.
Dubai’s Housing and Real Estate Market
According to one of Statista’s researches held in 2023, Dubai’s real estate market contributes 8.2% to the emirate's GDP and is considered one of the key drivers of its expat workforce. In 2023, Dubai has experienced over 44 million visitors. The growing tourism sector makes this place an appealing investment destination for professionals. Investment villas dominate the urban landscape, totaling nearly 72,000, followed by approximately 40,600 private villas.
As for the real estate market, based on the data provided by DXB Interact, in 2024 there have been 150.7K property sale transactions (this includes apartment sales, villa sales, etc), which is 37.11% higher than in 2023.
Market Overview, Buying Property in Dubai, Types of Properties
Dubai’s real estate market is well-known for its properties like apartments, villas, hotels, and duplexes. One of the key reasons why real estate investment in Dubai is in demand is its Golden Visa program, which grants the applicant residency. Investing at least AED 2 million in the Dubai real estate market and meeting eligibility criteria will make it possible to apply for a 10-year residency.
Speaking of the most famous areas for real estate investment in Dubai, here are some of them:
Downtown Dubai: Having famous tourist attractions like Burj Khalifa and Dubai Mall, Downtown Dubai is considered one of the key places for property investment. Living costs in Dubai will vary depending on the amount of money you spend on your accommodation. In this area, 96% of properties are apartments, 1% are penthouses and <1% are hotels. Real estate prices here for the apartments are starting at 64,999 AED/year for rent and 800,000 AED for sale.
Dubai Marina: This place is well-known for its waterproof apartments and fancy skyscrapers. Dubai Marina is also famous for its upscale apartments and townhouses, attracting both residents and tourists. 94% of the real estate are apartments, 2% are penthouses and 1% are hotels. The price for a rental apartment starts at 55,000 AED/year, and for sale, it’s 435,000 AED.
Palm Jumeirah: This man-made island offers a Dubai lifestyle with beaches, restaurants, cafes, and world-famous hotels. 76% of the real estate are apartments, 14% are villas and 3% are penthouses. The prices of a rental apartment start at 70,000 AED/year. As for the apartments for sale, the price is 749,000 AED.
Business Bay: Being one of the most famous business hubs in Dubai and having a central location next to DIFC and Downtown Dubai, this place automatically becomes one of the most desirable for property investment in Dubai. Covering 46.9 million square feet and having about 240 buildings, the majority of this area’s real estate (96%) is apartments, 1% are hotels and <1% are duplexes. As for the starting point in property market prices, rental apartments cost at least 46,000 AED/year, and apartment prices for sale start from 415,000 AED.
Jumeirah Village Circle (JVC): Compared to many other areas, Jumeirah Village Circle offers the most affordable prices for the real estate market. 94% of the properties in this place are apartments, 2% are villas and 2% are townhouses. The apartment prices for rent start from 34,997 AED/year, and for sale start from 355,000 AED.
Work and Business Opportunities in Dubai
Any person living in Dubai should know about the employment and entrepreneurship opportunities that this city comes with. The main business opportunities in Dubai are connected with:
- Import and Export: Thanks to its strategic location, free zone benefits such as access to advanced logistics, and high profitability, this industry is in high demand.
- AI and Smart Cities: Dubai’s smart city strategy has a goal of making Dubai one of the world’s smartest and happiest places. The strategy aims to improve areas like government services, infrastructure, transportation, healthcare, and education by integrating AI and deep data. Businesses that are involved in AI and digital innovations can benefit from this.
- Real Estate: The majority of Dubai’s population are foreigners. Having a high tourist influx in the city makes its property market a good place to invest.
- Renewable Energy: In July 2023, the UAE announced a strategy to invest $54 billion in renewables by 2030 as part of its strategy to reach net zero emissions by 2050. The companies that carry out their activities in this industry should discover the opportunities that may arise.
Healthcare and Education in Dubai
Dubai has a world-class healthcare and educational system. This city has invested a lot in advanced medical infrastructure. The public healthcare system is managed by the DHA (Dubai Health Authority). The services are free or at affordable prices for its nationals. As for the expats, they can access the system with health insurance. Private healthcare is also accessible for both nationals and foreigners. As for education, Dubai offers a charge-free education in public schools for its nationals. Foreigners can also enroll for a fee, but they need to consider that the primary language is Arabic. There are both international and local universities. The Knowledge and Human Development Authority (KHDA) affirms the education standards, ensuring high-quality learning environments through regular inspections and rankings.
Social Life and Entertainment in Dubai
Being home to over 200 nationalities, Dubai is home to diverse cultures. Celebrating festivals for foreign nationals makes it a welcoming place. People in Dubai join social clubs based on their interests, such as sports, arts, literature, etc. Having a lot of lively clubs, and rooftop bars, Dubai offers active nightlife for those who enjoy dancing, drinking, and other social experiences.
Dubai is also considered home to iconic attractions like Burj Khalifa, Dubai Fountain, Museum of Future, Dubai Mall, etc. With its wide range of shopping and dining opportunities, desert adventures, and water sports, it’s a good place for both indoor and outdoor activity enthusiasts.
Residency Options and Golden Visa
Dubai comes with different types of visas. Each of them will give you a different status and provide you with a residence permit. The main residency visas include:
- Golden Visa
- Green Visa
- Virtual Work Visa
- Retirement Visa
- Blue Visa
Now let’s go through each of these visas.
Golden Visa
Golden Visa is granted to investors, entrepreneurs, professionals, and talented individuals, who meet the eligibility criteria. It gives the applicant a 10-year residency.
Investors should
- Own a real estate property worth at least 2,000,000 AED.
- Invest in a UAE-accredited fund with a minimum amount of deposit of 2,000,000 AED.
- Found a company with at least 2,000,000 AED capital.
- Be a partner of another company with a share of at least 2,000,000 AED.
Entrepreneurs should
- Own or be a partner of a pioneering project registered with Dubai Future Authority,
- Own or be a partner of SME (small or medium enterprise)
- Be a founder of a registered pioneering project that’s been sold for at least 7,000,000 AED.
Humanitarian workers need to
- Have a recommendation from the Ministry of Community Development
- Have a university degree
Green Visa
A Green Visa is a five-year visa given to professionals, freelancers, and self-employed people. Freelancers and self-employed people need to:
- Have a freelance or self-employment permit given by the Ministry of Human Resources and Emiratisation (MOHRE)
- Have a bachelor’s degree or its equivalent
- Have a minimum annual income of 360,000 AED
- Have proof of sufficient funds during your stay
Skilled professionals need to:
- Have a valid employment contract
- Have a bachelor’s degree or its equivalent
- Have at least 15,000 AED monthly income
- Acquire an occupational level classified as first, second, or third by the Ministry of Human Resources and Emiratisation (MOHRE)
Virtual Work VisaThis program is designed for people who work remotely at non-UAE companies. It grants them one year of residency. As an applicant, you need to
- Show proof of employment with a non-UAE based employer with a minimum one-year contract validity
- Have at least $3,500 monthly income
- Show proof that the work will be conducted remotely
Retirement VisaThe retirement visa is designed for those who are at least 55 years old and have their own property or sufficient income or savings. As an applicant, you need to:
- Have at least $49,000 (AED180,000) annual income
- Have at least $275,000 (AED1 million) in savings in a three-year fixed deposit
- Have an unmortgaged property worth at least $275,000 (AED1 million)
- Have a mortgaged property with at least $275,000 (AED1 million) paid off
- A combination of three-year fixed deposit savings and property, worth a minimum of $275,000 (AED1 million) in total, with property making up at least $137,500 (AED500,000)
Blue VisaA blue visa is a newly designed visa that gives 10-year residency to individuals who have made an exceptional contribution towards the environment's protection and sustainability. It can be done both inside and outside the UAE.
How Mirabello Consultancy Can Assist You in Moving to Dubai
The affordable cost of living in Dubai is one of the main reasons why so many people choose to move to Dubai. However, the process may be complicated especially if you want to apply for a Golden Visa. Such programs often implement changes in their requirements and it’s essential to be aware of up-to-date data. That’s when Mirabello Consultancy can assist you. Having guidance through the whole process - starting from document preparation and ending with submitting the application - is something that could be useful for each person who’s interested in living in Dubai. Just contact our agents, and they’ll come up with a personalized strategy designed especially for you.
Known for its famous attractions, tax-friendly system, diverse cultures, and welcoming atmosphere, Dubai has become a home to many foreigners. People like the idea of having a highly paid job, active social life, and benefit from the advanced healthcare and education systems. For these people, Dubai has designed a Golden Visa program, which aims to receive economic contributions and an exchange grant for applicants with a 10-year residency. If you’re interested and want to apply for this program, don’t hesitate to contact a specialized agent, who’ll create personalized strategies for you to find your way to Dubai.
FAQ
Buying a property as an expat is possible. You just need to consider that you can buy real estate only from the Freezone Areas. Some of the most common investment places for foreigners are Dubai Silicon Oasis, Jebel Ali, Dubai Media City, Dubai Marina, Downtown Dubai, and Business Bay.
Based on your goal of living in Dubai, there are several types of visas for expats. The most popular ones are employment visas for those who work in UAE-based companies, investor visas, tourist visas, and Golden visas.
Yes, Dubai is a family-friendly city. Having a safe environment, advanced healthcare and educational system, beautiful parks and beaches, it’s one of the best to spend your family time.
