The United Arab Emirates is a cosmopolitan country with strong Islamic traditions. The state welcomes foreign residents from all over the world providing good business and life opportunities. Purchase of houses and apartments in UAE with sea view is a sensible choice for expats as the UAE provides outstanding living conditions.
What does it feel like to buy real estate abroad and what to expect from life in the cities of the UAE? Read more about these issues in the article.
Living standards and level of economy in the UAE
Most foreigners consider that the economic flourishing of the UAE is provided by oil and gas extraction. However, the share of the income from oil and gas is only 30%. Most profit comes to the country from the tourist sphere. Constant flows of tourists give the push to the development of all spheres of economy.
The UAE boasts of low inflation. Consumer prices have undergone slight changes in recent years. Affordability of real estate and comfortable living conditions push the UAE to the 31 place in the rating of Human Development Index.
Facts about the UAE to be aware of
Before investing in a housing unit in any country abroad, it is advisable to get as much information as possible. Geographical position, lifestyle, prospects of development, available infrastructure and many other characteristics may appear crucial in making the final decision.
Geographical position of the UAE
Most of the territory of the UAE is covered by the desert. The weather in the UAE corresponds to the subtropical climate of the country, which makes it attractive for resort holidays. At a time when winters in European countries are cold, the average daily temperature in the Emirates in January is +24 °C. In summer, it is much hotter – about +41 ° C. Summers are less hot, but more humid in El Fujairah due to the fact that the city is located near the ocean and mountains.
The Arabic language
The Arabic language is the only state language in the country. However, locals as well as expats use English mostly in their common life. The international language helps to avoid misunderstandings and confusions in terms of communication.
Islam as a state religion
The official religion of the UAE is Islam. It determines the way of life of local residents, and even the legislation of the country. Almost 90% of the residents of the country are Muslim. However, the government tolerates all the religions and issues specialized law connected with the worship freedom to attract more migrants to the country.
Cost of living in the UAE
The common expenses for living in the UAE are the following:
- The rent or the purchase of a home. As everywhere else, prices for renting and buying a home vary. It all depends on the area you want to live in, the location, the infrastructure. On average, it costs $9,000 a year to rent a small studio in the center. And for $12,000 you can rent a villa in a remote area. To monitor the relevant prices on real estate purchase, visit the website Emirates.Estate.
- Transport. If you have an international driving license, you can buy or rent a car for $545/month or $5445/year. You can also get around the city by bus, subway, or taxi.
- Food. Almost all products in the UAE are imported, so they are quite expensive. But you can seriously save money if you look for promotions and discounts in large supermarkets, which can be up to 60%. Almost any store sells ready-made food, which costs less than lunch in a cafe.
Clothes, entertainment, sport, and other options are to be added to the list. The prices on them vary depending on the needs and desires of the resident.
On the whole
Moving to another country is always a challenge. This complicated process requires careful preparation and big investments. Purchase of real estate facilitates the process of relocation as it gives the opportunity to stay in your own home and rent it out in case of further movements.