UAE named best country for first time property buyers
If you’re thinking of relocating outside of the UAE, you might want to read this and re-think. Movehub, an award-winning relocating website, has released its list of the best and worst countries to migrate to and, the UAE has been named the best country for first time property buyers to move to.
The UAE beat out the likes of the UK and Canada thanks to its unexpected increase (0.90 per cent) in salaries as well as drop (7.93 per cent) in property value over the past year.
Aside from its recent drop in property value, the nation’s many attractions such as The Dubai Mall, Dubai Parks and Resorts and Ski Dubai as well as it diverse culture and leisure activities have made it a favourite with many looking for their next home.
Coming in a close second was Spain. The buzzing European nation experienced a 5.75 per cent decrease in property value and a 2.20 per cent increase in salaries since 2016.
Its recent economic downfall saw Greece come in at third place while government intervention saw famed tourist hub Singapore place fourth. The government’s attempt to bridge the gap between housing prices and wages saw property rates drop by 3.37 per cent and salaries increase by 3.70 per cent.
According to the survey which spanned across 33 countries including South Africa, New Zealand and Denmark, Turkey was named as the worst country for first time property buyers to migrate to.
The nation which sits comfortably on the border of Europe and Western Asia (talk about the best of both worlds) has seen a staggering 16 per cent increase in property value with salaries raising a mere 0.60 per cent in the past year.
Coming in second was Colombia – it experienced a 14.94 per cent property increase with salaries increase by just 0.30 per cent.
Rounding up the list as the third worst nation for first time property buyers was Egypt. The home nation of the infamous Giza Pyramids experienced a 13.27 per cent property increase with salaries decreasing by 0.40 per cent.