Latest news with #HighNetWorthIndividuals
Zawya
3 days ago
- Business
- Zawya
Dubai sees tenfold surge in AED 10mln+ home sales, reports Savills
Savills Middle East's first Dubai Prime Residential 2025 report reveals sustained growth across Dubai's luxury property market, marking a fourth year of rising transaction volumes and capital values. The upward momentum continues to be underpinned by strong investor appetite, favourable regulatory conditions, and increased demand for premium homes. The AED 10 million+ segment, a key benchmark of Dubai's prime residential landscape, saw a tenfold rise in transactions over the past four years, from 469 in 2020 to 4,670 in 2024. In Q1 2025 alone, over 1,300 homes changed hands at this level, representing a 31% increase year-on-year. 'Dubai's prime residential market continues to attract high-net-worth individuals seeking space, privacy and superior lifestyle quality. This is particularly evident in the consistent demand for luxury villas and branded residences,' said Andrew Cummings, Head of Residential Agency, Savills Middle East. Off-plan transactions now account for 69% of all AED 10M+ sales, up from just 14% in 2020, reflecting rising confidence in future stock and a shift in buyer preferences. Among villas, new developments such as Palm Jebel Ali, District One West, and The Acres recorded among the highest transaction volumes, while in the apartment segment, Dubai Harbour, Palm Jumeirah, and Downtown Dubai remain hotspots. Jumeirah Islands exemplifies the strength of the luxury villa segment, with 89 homes sold above AED 10 million in 2024, a dramatic shift from zero such transactions before 2021. The area has also seen an increase in properties selling for over AED 20 million, largely driven by high-quality renovations. Villas now dominate the AED 10M+ space, accounting for 70% of transactions in 2024. While waterfront apartments command higher prices per square foot, averaging AED 5,400, demand remains strong across both formats, especially in branded and lifestyle-driven projects. With Dubai ranking as the most active city globally for branded residences and expected to deliver 40% of all such developments in the Middle East and Africa by 2031, the outlook for the prime segment remains positive. Savills anticipates continued momentum through the year, with projected growth of 8–10% for the prime segment in 2025, as wealth migration, new masterplan communities, and lifestyle-led developments reshape Dubai's upper-tier housing market. 'Recent master plan announcements including the development of Jebel Ali Racecourse and the second phase of Jumeriah Golf Estates, alongside launches such as Emaar's Grand Polo Club and Resort look set to deliver further prime product to Dubai's residential market,' Cummings concluded. For further insights and detailed analysis, download the full Prime Residential 2025 report from here. About Savills Middle East: Savills plc is a global real estate services provider listed on the London Stock Exchange. With a presence in the Middle East for over 40 years, Savills offers an extensive range of specialist advisory, management and transactional services across the United Arab Emirates, Oman, Bahrain, Egypt, and Saudi Arabia. Expertise includes property management, residential and commercial agency services, property and business assets valuation, and investment and development advisory. Originally founded in the UK in 1855, Savills has an international network of over 700 offices and associates employing over 40,000 people across the Americas, UK, Europe, Asia Pacific, Africa, and the Middle East. For further information, please contact: Savills press office:
Khaleej Times
02-06-2025
- Business
- Khaleej Times
The global tax game: How UAE is winning while London forgets its own playbook
In any game, it's not just how you play — but how others play — that can work to your advantage. This perfectly captures the ongoing shift in global tax dynamics, particularly in the United Kingdom. According to the 2024 Global Migration Report, over 9,500 high-net-worth individuals (HNWIs) have exited the UK — a number that is only expected to grow. One of the most significant catalysts for this exodus is the upcoming overhaul of the UK's non-domiciled (non-dom) tax regime, effective 6 April 2025. Let's break down what's changing—and why the UAE stands to gain the most. What Was the Non-Dom Regime? Until 5 April 2025, UK residents who were classified as non-domiciled could benefit from the remittance basis of taxation. This meant: They were only taxed on foreign income and gains (FIG) if these were brought into (remitted to) the UK. This allowed wealthy individuals to accumulate global income offshore without facing UK tax obligations - so long as they kept the money abroad. This system made the UK attractive to wealthy foreigners. But the landscape is about to shift. What's Changing from 6 April 2025? The UK government is abolishing the concept of domicile as a key factor in taxation and replacing it with a residence-based system. The key changes include: End of the Remittance Basis: All UK tax residents will be taxed on their worldwide income and gains, regardless of domicile status, after a transitional period. Transitional Relief: o For 2025–2026, only 50% of foreign income will be taxed if switching from the old to the new system. o A special 12% tax rate applies to foreign income earned before 6 April 2025 if remitted in the 2025–26 or 2026–27 tax years. Ultimately, after four years of UK tax residence, individuals will be taxed like any other UK resident—with no FIG exemptions. Who will this impact the most? These changes primarily affect HNWIs and global families who historically relied on the non-dom regime to protect their offshore wealth from UK taxation. The shift not only undermines long-standing tax planning structures but also reduces the UK's appeal as a global hub for mobile capital and top-tier talent. How the UAE stands to gain As capital chases efficiency, tax policy plays a decisive role in location selection. The UAE, with its 0% personal income tax regime, robust financial infrastructure, and world-class quality of life, emerges as a natural haven. Here's why the UAE is poised to gain the most: Strategic location: Needless to mention not just close to Europe - but at the crossroads of East and West, connecting global markets with ease. Stability and predictability: In a rapidly changing tax world, the UAE offers clarity, consistency, and long-term visibility for individuals and families. With a bold vision and cautious implementation of compliances, it emerges as a strong contender. Transparent and rules-based Golden Visa regime: Unlike jurisdictions such as Singapore - where the PR process is often seen as opaque and discretionary- the UAE has published its Golden Visa rules in black and white, creating a rules-based and inclusive system that welcomes both wealth and talent. Limited competition: With Hong Kong effectively out of the race due to political and regulatory concerns, and while traditionally leading in the race, Singapore, it's PR regime becoming increasingly restrictive, the UAE is among the very few jurisdictions offering competitive, clear, and welcoming advantages. The bigger picture: The global tax game The UK's tax reform is part of a larger pattern: nations are rewriting tax codes to balance fairness, revenue, and global competitiveness. But when one jurisdiction tightens its rules, others gain ground. For the UAE, this is not just a short-term win - it's a long-term opportunity to attract global talent and wealth. Follow us for more insights in our series: The Global Tax Game —where we explore how countries are competing to attract capital through smarter tax policies.
