The UAE is one of the top destinations for European expatriates looking for new opportunities and an improved quality of life, according to the latest study.
With average unemployment across the Eurozone countries at record levels (11.6 per cent in September 2012, according to Eurostat), expatriates are increasingly looking to build a new life abroad. Senior executives at Damac Properties, the Middle East’s largest luxury private developer, says it has experienced a strong upturn in investments from Europe as people look to move their money to a more stable and secure environment.
“As the global financial crisis continues to hang over the eurozone, we have seen a significant increase in clients from Europe looking to improve their standard of living and benefit from the tax-free incomes on offer in Dubai,” said Niall McLoughlin, senior vice-president, Damac Properties. “The crisis, and the high levels of unemployment, has been the catalyst for many people to say ‘enough is enough’ and make the move improve their family’s way of life.”