Global Real Estate Markets: Why Move to Dubai

30% of the population in the UAE is Indian. Indians love buying properties. That is one way of building generational wealth. They just canceled the Golden Visa program through investment in Spain. It's gone in Portugal. Dubai it's only 2 million dirhams, right exactly. Dubai is in a true sense cosmopolitan. Property taxes is at least 1% in these top cities in the United States. There's zero property taxes in Dubai, so that's not eating into it. You still have almost twice the projection of growth in Dubai than these other major cities in the United States. Dubai has seen a record influx of investors coming from India, the UK, Canada, and the United States. But why? What is happening in those markets that are driving them to come invest here in Dubai? We're going to discuss that today on The Dubai Connect. My name is GG Benitez. I'm a certified International property specialist and a licensed realtor connecting Global Real Estate Investors with the incredibly lucrative opportunities of Dubai's real estate. Welcome to The Dubai Connect. Today on The Dubai Connect I have two of the most highly esteemed and well experienced real estate brokers who can discuss with us what's happening globally in these markets. Please welcome to the show Mr. Talal. Hi. And Ahmed Asasi. Hi. Ahmed. Hello. Welcome back, my partner in crime here. Talal and Ahmed, we have seen the numbers fluctuate about who the top investors are, but consistently we're seeing India in the top spot. UK is competing for that number one spot. Ahmed, we have seen so many Canadians and Americans starting to come in recently. I thought it would be important, especially at the beginning of 2025, to do a global comparison of these markets with regards to the main factors that investors look into: entry price points, median home price points, capital appreciation opportunities, projections, economic situation in each of these countries, rental returns, property taxes, etc. With that, let's start with India. What's going on in India that we see so many Indians bringing their money to Dubai? Indians have always been historically the top buyers of property. Year after year. From the time Dubai opened its markets to freehold and everybody could buy property, Indians have always been the top buyers. There are various reasons. Number one: 30% of the population in the UAE is Indian. That is one reason because of its strong ties with India. That being said, what is also happening is that a lot of Indians are looking at investments overseas for better opportunities in terms of rental returns. Because in India, if you look at the good markets, when I say good market I mean the top cities, India is a big country and you cannot compare all the different cities, right? So if you take about, say, the financial capital, which is Mumbai, in Bombay you would get a return on your investment. If you buy a property and put it on rent, your rental returns are around 1 to 2%. And on top of it you have to pay taxes, and it's not as organized and systemized like here. People here are making easily 6, 7, 8% return bare minimum. On top of it, if you are a non-resident you don't pay any taxes. Plus one more reason is that you hedge against the rupee going down. Let me give you an example. I had a client who invested in Dubai somewhere in 2014, and at that time the rupee to the dirham was around, I think, 15 or 16 rupees. Today it's almost 23 and a half to 24. If you look at the 10-year trajectory, just the rupee depreciation, and because the dirham is pegged to the dollar, it's like a dollar investment for them. It's also exposure into different markets. Plus what has happened is that Indians usually are very much into real estate. Indians love buying properties. That's why even in London the majority of the people who own properties are Indians, right? Would you say that is how they build their generational wealth? Yes, that is one way of building generational wealth. Indians love two things to buy. One, Indian women love buying gold. There have been times where our finance minister had to come and say listen, I heard you don't buy so much gold. But Indians love buying gold and real estate. These are things. The UAE is very close to India in terms of proximity. I'm from Bombay. If I'm not mistaken, daily there are about over 20 flights just to my city, right, forget all the other cities. Is it a 4-hour flight or 2 and a half hours? Two and a half hours. Right. These are things. Plus a lot of Indians, especially the wealthy Indians, are now looking at a base outside of India, and the first choice is Dubai. The first choice is Dubai. Migration, yes. Migration. Also having, maybe if it's a big family, maybe having one family member based outside because what happens is when you have that kind of wealth and you want to invest into, say, whatever business it is or what you have, right, moving money from the UAE to anywhere is much easier than doing it from India. It's way more easier. Like today, if someone is based here and decides, listen I want to buy something in London, I want to start something in the US, I want to start something elsewhere in the world, transacting and having a business over here is much easier. Also, a lot of people who are into, say, exports or imports, right, if they have an office over here it makes it much easier for them to deal with other countries being based here as a UAE entity as compared to an Indian entity. That makes complete sense. So it's not just for real estate. Not just real estate. It's also for a lot of business opportunities. The Golden Visa is very attractive for them. Absolutely, right? Because if you buy a property for 2 million you're getting a Golden Visa for yourself, your family, and the biggest thing is for a lot of wealthy Indians, especially it's also the quality of life, right? The kind of life they can enjoy over here it's really amazing. Because what happens is in India, no matter how much wealth you have, you could be a millionaire or a billionaire, but the lifestyle in general is not what you can enjoy over here. How many years did you move from India? About 10, 12 years. 12 years now. But you go back and forth often? I do go back and forth. And then how do you feel when you come back to Dubai? Dubai is a place which spoils you. I'm born and brought up in Bombay and spent probably three decades there. My entire life there. But what happens is when I go there now, I do love my city and everything, but I'm so spoiled in the last 10 years that I'm like I want to come back. You're so used to the convenience that Dubai offers you as a place. It's nothing to do with someone who's living a basic lifestyle or a very high lifestyle. It's nothing to do with that. But just the place, the place in general. You come to the airport and you just see the ease of coming out, right, and how quickly you're out and in the cab. That experience, right, is something which I think a lot of places lack. I'm not just talking about places I've visited, I mean I've traveled to a lot of places globally, Europe, the UK, you know airports there, sometimes it takes 2 to 3 hours just to clear the immigration and get out. Here you come and it's like, everything is systemized. Everything is systemized. It's so true. We were just having this debate with a few people yesterday and we were talking about how Dubai makes the transition so smooth into whatever it is. For example, you were talking about Europe. I remember when I traveled to Barcelona it took me almost an hour and a half to get my luggage through the immigration line. It took us another 40 minutes. When you're walking through Dubai airport it's the smoothest transaction you will ever experience anywhere in the world. That's one of the reasons I feel we're so spoiled. The minute we touch down and land in Dubai there's this sense of relief that wow we're here. I just got voted again for the fifth year in a row as the cleanest city in the world. That's a huge factor that draws people too. That is a huge factor. Apart from that there's so many things. It's not just one thing. It's the whole package. It's the whole way. It's located, the airline connectivity, the government efficiency, the way the government functions here, the safety, security. All these things put together make Dubai an attractive place. So Talal, you do agree that people who claim that Dubai is nothing and it's all about the glitter and glamour? No. This is because a lot of people who see Dubai from overseas and don't know much about Dubai probably they've just visited here for 3 to 4 days. They feel that way. I don't blame them because they've come here just for a few days to experience Dubai. If some tourists are coming here for 2 to 3 or 4 days they're going to go to the main tourist spots. When you go to those places you will obviously see the glitz and glam. But Dubai also has a subtle side to it which I feel is the more real Dubai, which a lot of time tourists don't see. Also, people who've not visited Dubai, they see Dubai only on Instagram and probably some shows online. You come over here and you have people from all around the world. One thing which I really love about Dubai and this is my personal experience, you get to meet so many people from around the world. Dubai is in a true sense cosmopolitan. It's a mix of people from around the world, and they all live in peace and harmony. Usually when you go to different parts of the world you see certain people staying in certain areas, but here it's not really that. People from around the world live over here and you get to meet so many different people. You understand their culture, you understand what their countries are about, what the people are about, and what their food is like. It's amazing. And that is actually even shown in the real estate market because everybody has an opportunity to invest and purchase real estate here, wherever you come from. Everybody. For example, I had a client the other day who's Pakistani and he said will I still get the Golden Visa in Dubai if I'm a Pakistani passport holder? I said what do you mean? The Golden Visa through investment is 2 million dirhams. They don't care where you come from. Now I will segue that to other countries such as Canada. Let's say if you are an Indian national that comes to Canada there are regulations about you buying property there, right? Ahmed, just like in the US as well. Which is why we're seeing such a huge number of our calls come in from Canada. Ahmed, what's happening in Canada's real estate market where we're seeing such a huge number of investors from Canada calling us? Yes. Let me start off by saying 2025. Muhammad Al Maktoum, CEO of Emaar, just recently said don't kill the Golden Goose. And unfortunately that's exactly what has happened in Canada. The average Canadian cannot afford homes due to the unaffordability and prices of homes that have been inflated to a point where people, just like America is facing the same issue, cannot afford homes. The average home today in Canada starts anywhere around 670,000 to all the way up to 860,000 dollars. It's almost tenfold an average Canadian income, especially knowing that the banks are giving you only fourfold of what your income is. That's been one of the biggest factors why people in Canada have not been able to afford to buy homes recently. People need to start seeing beyond the high-rise buildings. One of the most important factors which people nobody looks at is look into the economy of the country first. How strong is the economy of the country in order to strengthen or continue to strengthen the real estate industry? In Canada, unfortunately, for the last, I'm not even going to go back all the way up to 2017, let's just go four years back. 2021. It has been a flatline in Canada's housing market. One of the biggest factors that has pulled the entire real estate industry in Canada is unfortunately the pre-constructed condo projects. The problem with this was that 67% of the buyers for pre-constructed condos were investors looking either into Airbnb rentals and of course flipping at the same time. Unfortunately when these projects were sold 3 years ago, majority of these investors came in and picked them up in a resale market at a very high premium. So with today's current situation in the real estate market, those condos are extremely overpriced. The banks will not finance these people, which is the problem they're facing right now. Majority of these investors are making a decision whether to hold or pull out because they obviously cannot continue paying or afford to continue. They're thinking about pulling out. We have seen, especially in 2024, a lot of investors cashing out. They are either selling or dumping these properties. With the high interest rate it makes no sense to continue, especially with the rental market being so weak. Majority of these investors have realized that the rent is not worthy of even renting these apartments now that they are completed. They're averaging anywhere around 1 to 2%, just like in India. Compared to when you're telling the people in Canada, come to Dubai, invest minimum, you're looking anywhere from 6 to 8% net rental returns. What do you think is going to happen? It's having a domino effect. Trust me when I say this, majority of our investors that we speak to are cashing out in order to buy properties here in Dubai. The economy is struggling big time. Well, Trudeau, now that he has put his resignation, people started seeing some sort of a light throughout the tunnel that 2025 will be great. But guess who kind of spoiled it up for the Canadians right now? Trump. With Trump's 25% tariff that he has imposed, which he will, it has not gone 100% in effect, but if it does it will be one of the biggest trade wars between US and Canada because 25% will definitely hurt their already broken economy. 2024 their GDP was 1.1% compared to Dubai, we were over 4%, with projections for next year it's close to 5%. This is what people need to see. When the economy is broken down and is weak it is definitely bound to have a domino effect which will affect the jobs over there, which will affect the cost of living over there. We have already been seeing that taking place in Canada. Now don't get me wrong, not the entire Canada is all black and white. There are certain locations and certain cities that are doing well. But due to the pre-constructed condo project, that itself is driving the entire market further down. With if the 25% tariff comes in effect, that is definitely a big fear factor for the Canadians at the moment. Unfortunately it will have a massive negative domino effect. Definitely. But even with the United States having a strong economy, the GDP growth projection for the United States is probably half of what we're projecting for Dubai's GDP growth, right? But Dubai and the United States is still a strong economy. But there are factors even within that strong economy that have affected Americans when it comes to real estate. Indeed. We know that the majority of wealth is built through real estate. We know that generational wealth is created through real estate. There are many cultures and subset cultures in the United States that bring that, such as the Indian nationality, etc. They love to own real estate. Because they build that wealth for their families, etc. However, if we look at the median prices for a home, for example in New York it's over a million dollars for a median house. In San Diego, because I'm also a licensed realtor in California, so I do sell real estate in California, we're almost at a million dollars. San Francisco it's 1.3 to 1.4 million dollars. Los Angeles almost a million dollars. Just the median price and the income you have to have to be able to afford that median price. And then let's factor in how much Americans pay in taxes, correct? Even if we're on an apples to apples comparison of income, how much of mine is eaten away as an American, leaving me less disposable income in order to be able to invest? Medium income and median price point is too high. Then we look at, and it's funny, I saw Zanab Fathi on Bloomberg talking about the projections for Dubai's numbers for 2025. I believe the projections were 8% for the market as a whole. I think 4 or 5% for the luxury market. I had a client from America say, "Ah it's too late for me." I don't think people are still late. It's only that they need to be selective, right? Prices in Dubai, if you compare it with global prices, they're still reasonable. There's still room for growth. Yes. How much growth is something which we cannot say, but yes it will still grow. If people are selective and they understand what they need to buy, and if they know what they need to buy, that is where they will make money. Because in the last few years there are so many projects that it's not possible that every project will make money. That's where people need to be very selective on what they're buying. If they just eyes closed buy, saying, oh, this happened 3 years back and I'll buy this and I'm going to get the same results, that's not the thing. You need to know what you're buying. You need to be very selective on what you're buying. It has to be a good product. When I say good quality I just don't mean a branded developer. No, it doesn't need to be branded. Unbranded doesn't matter. The property has to be a good fit, finish, good layout. It has to be something which stands out amongst 10 other properties. If that kind of property comes ready and handed over, the rents are really great on those properties. The prices on those are also really high because what is happening is when the client is coming in the market today they want something good. They want something really nice. They're willing to pay top dollar for it, but they want something good quality. This is across the different types of property, whether it is a one bedroom for 1 million dirhams or you're talking about a villa for 100 million dirhams. When the client is coming, fine, instead of 1 million I'm ready to pay 1.1, 1.2 if I get something really nice because that property is renting faster, doesn't stay vacant and is giving a much better ROI. That is where people need to be very cautious. When they are investing they make sure they invest in the right stuff, correct? Don't just go by things like just because you attended a roadshow of someone, you know, or they saw so many holdings or so many ads. That doesn't need to be the criteria. Your fundamentals of buying property need to be right. If you buy with that, I think there's still lot of scope of appreciation. But even hard to go back to just the numbers, if we were just to look at the projections of 8% and then 5%, if you compare that, for example, to New York, New York is only expected to go up 3 to 4%, right? That's just projections for increase of price per square foot. Then you talk about the rental returns. I know you were both saying that in Canada 1 to 2%, India 1 to 2%, San Diego is like maybe 2%, Los Angeles maybe 3 to 4%, New York is maybe 4%. And then we're not even talking about property taxes. Property taxes is at least 1% in these top cities in the United States. There are zero property taxes in Dubai, so that's not eating into it. You still have almost twice the projection of growth in Dubai than these other major cities in the United States. The median price and entry point and what you can get for a million dollars significantly greater than the US. Greater long-term returns and Airbnb opportunities which is being limited in the United States. These are definitely all the factors. But also what has changed, right, in the last few years. See, for example, a lot of Indians, and when I say Indians I don't mean just Indians living in India, but Indians globally. They always used to, especially the wealthy ones, I'm talking about the ultra-wealthy Indians, used to have a thing that, okay, we want to have a base in London. When I say have a property over there, you know, just to secure something there, have a foot over there. Maybe tomorrow kids go to study, etc. And Dubai was nowhere in the picture at that time. People used to think, okay, I need to have a base in Singapore. Usually 10 to 15 years back, London, New York, Singapore, Hong Kong, these were the main places where money used to move. The big bankers and all used to go. Now that shift has happened and UAE has become a place where people are now looking to bring their wealth and set up their family offices. Just to give an example, Black Rock just set up an office in Abu Dhabi. Over a period of time now people have confidence in the region. That's why the place is still an emerging market. It's not just about what you're saying. It's not just about those numbers about rental returns and capital appreciation. It's about having a foothold here. A foothold beyond. Look, a very simple thing, right? India. One of India's richest men, Mukesh Ambani, he never had a property here. I mean, he never bought a property here. In recent years, they bought one of the most expensive houses on the Palm. It belongs to him. They could have bought even years back, but it's now because the place is emerging. You see a lot of wealthy Indians, but people from around the world, ultra-high net-worth individuals are coming here. If Dubai is selling the most houses over 10 million dollars a year, comparing them, they're twice as many as London, right? Almost. So if you're selling so many houses worth over 10 million dollars that speaks for itself. There is something which people have now identified. Okay, yes, this is a place where your capital is secured. It's easy to do business over here. The entire environment over here is a growth mindset. That is one reason where people are looking at buying property in Dubai, as in they want a base over here. Even if they use it, they don't use it, they want to have a property. Why? Because they want to be a part of this. I'm hearing you and I mean just to reiterate, if I'm understanding correctly, it's yes we can talk about the numbers and the numbers still make sense, absolutely, right? So just if we were just to look at the numbers it makes sense. But the draw when you see the ultra-high net-worth individuals that are coming here, that aren't necessarily worried about their 8% rental returns or whatever, they're not even worried about the taxes, right? They want a foothold here. They want that. We need a presence now in the UAE. I actually did a podcast episode yesterday with an attorney here to talk about how to start a business here. Fortune 500 companies that have set up their headquarters here. In Expo City, for example, we're seeing so many Fortune 500 companies and businesses that are setting up here to be able to cater to the rest of North Africa and Asia, etc. But also to rub elbows with other people in these top businesses of different industries, right? Because that's the other thing. The diversity of the industries in Dubai. Of course we talk about real estate, but the trade agreements that are happening right now that are pulling in China and South America here, right? Absolutely, right. And then tech which is a huge part. You're seeing tech hubs starting here, tech, AI, crypto. Crypto, yeah. They have a proper crypto tower coming up in Dubai. Just heard that. Well, I think that's a valuable point that you make. We can talk about the numbers, it makes sense. But there's something bigger going on in Dubai. Be a part of it or don't, but this is your opportunity. To be able to get the Golden Visa through an investment so minimal, I also have offices in Spain. They just canceled the Golden Visa program through investment in Spain. Gone. Portugal gone. Dubai it's only 2 million dirhams. Even if you've not paid the whole amount, still, if you buy a property, register the document, you still can get the visa. There's a very good explanation and a reason why Muhammad Al Maktoum came and said and used the word don't kill the Golden Goose. I've always repeatedly said that Dubai learns from other countries' mistakes so we avoid losing that time frame by not repeating those mistakes. The reason he made that very clear was he's trying to send a message out, especially to the newcomers in the market. Yesterday, for example, I was speaking to an investor in the US who's entering the market for the first time. He has been following the market the last three years and he's been seeing the growth, the enormous percentage growth we have seen. His question was, why am I not going to see that sort of growth now that I'm entering the market in 2025? Coming back to don't kill the Golden Goose, we do not want to be where Canada is today where the prices are so exaggerated that people are having a hard time. The newcomers are having a hard time to come in the market. If we try to control our growth and prices and not inflate the prices to a point, we will see a healthy return of a new wave of investors who missed out on the boom, be able to afford a place too, exactly. We do not want to harm the residents who are already here where they will feel the pinch of the inflated prices. Because now the second wave is also people residents who have been living here. If loans and mortgages are going to be very accessible, which we will see a wave of mortgages being more and more convenient, for example, right, you have to pay minimum anywhere from 40% in order to be qualified for a finance, just like in the US. They will come a time where you will only need to put a deposit of 10%. Dubai will never lay out all ace cards in one shot on a table. Everything gradually will come in its time. Strategic execution. There has to be a strategy. Why do exactly? Why do you think we came up with the rental index right now, where now we're going to have a rating system? Because what Talal just made earlier, it is very important now to choose the right project because your rating, the star rating, will be based on what sort of amenities you have, what location you have, what's the quality of your project. Based on that you will be allowed to hike your rent as per the index. Because 2024 rents went up to almost 24%, and there's no control. Exactly. Is that healthy to continue? No, it's not healthy. If we don't want to see that bubble that everyone talks about, no, there is no bubble. A correction. If this continues, this attitude continues, yes, we will see a major correction. But to avoid the major corrections there has to be a streamline of balance and controlling everything. Coming back to Canada, for example, one of the biggest beatings that is being taken by investors is in the luxury market section. And why? Once again, a 50, for example, a 50 million dirham villa is selling at 150 million due to the spike in the market. Who do you think is going to take the first beating if the market goes to a correction? Is the luxury segment. So yes, it is very important to choose the right projects, the developers. I'm going to be very 100% confident they will start being more conservative on how they start increasing their prices in the upcoming year. The Emaar founder just announced that this year instead of focusing on increasing pricing they're going to focus on delivery. But of course we know that these developers are working with the government in the DLD to make sure to support the price. I mean, I'm not really worried about the supply. Whatever supply people are getting worried about, 100,000 units coming, see first of all, 100,000 units don't get delivered in a year, correct? It's like 60% of what it takes. It takes time. And on larger projects there's delays can always happen. It's not about them delaying because of some financial issues or anything, but building such massive projects do take time. Sometimes it could be something related to infrastructure, electricity. There are a lot of things when it comes to development. I'm not really worried about that because gradually when the supply keeps coming, we're expecting more people to come into the city. The way Dubai is going, more and more people will come. Somewhere we need more homes to come in because then the affordability will remain right. It's a cycle. If more homes get delivered, what happens? Obviously rents will cool down. If rent cools down, that means more people will then make the move, right? Yes, it's I want to move. It's a cycle, and that is fine. But one thing which people really need to be aware of is like what Ahmed said, buying a good developer and a good development, a good area, a good property, right? It doesn't matter if you're buying in the most remote area, place, it's okay, but as long as the development is good, it's good quality, good layout, nice space planning. Which is why it's important to work with a team like us. There is so much stuff and people are selling, everything and anything. But only in the next few years people will realize what they bought probably was not the best decision. Hopefully none of our clients are there. For the final comparison I wanted to talk about because they are the top buyers: the UK. What's happening there? A lot of people from the UK are migrating to Dubai, especially the millionaires. Last year one of the places where most millionaires migrated out of was the UK. For various reasons. Safety and security being one of the key reasons. That's one. Taxes is second. Because there are a lot of taxes. Plus even after paying taxes the healthcare system and education, I mean though the UK has some amazing colleges, but they're still not really happy with what's going on in the UK. What has happened in the last few years, especially if it's a high net-worth individual who has multiple businesses and all, today you don't really need to be physically in a place if you're running a big business, right? As a business owner you could probably operate from wherever and go back and forth. We're seeing a lot of people actually move their families here. This is another trend which we are seeing change, right? Typically, 10 years back, if someone came to me and asked me what's the best type of property I should buy as an investment, I would have said, eyes closed, just buy studios, right, and one bedroom. Because there were single people coming here. Those were the best yielding properties. But that is changing. In the last few years now we're seeing families coming in and the larger units, the two bedrooms, three bedrooms. Obviously that's the reason. Townhouses and villas because townhouses and villas start only from three bedrooms plus, right? We're seeing much higher demand because people are moving with families. If they have kids they want bigger spaces, larger units. Larger units are more in demand now. I see that demand even growing. You see the number of schools which are opening. Obviously when they open schools there is some sort of study and requirement, right? There are a lot more schools coming in Dubai in the near future. That is going to attract more people coming here. I would say if anybody is today buying into Dubai, look into the bigger units. Don't go for the typical studios or one beds. If you can afford, of course it's a different thing. To your point, if their budget only allows for a one bedroom, be very picky and choosy about where it is, which developer, what area. That's why Ahmed and I really only recommend a handful of areas. We're constantly analyzing the market to say, okay, that's it with this area. It's rare that one hand overcomes. You stand up. Incoming community to start from the bottom over there. Absolutely. One of the most biggest advantages, GG, we have over what I've been seeing in Canada, is why they're in a big mess even though their real estate market is struggling. But guess what? Property prices. For example, new developers that are launching new developments, they're still launching at higher prices. They cannot control that due to the construction cost. Because the construction cost keeps getting higher in Canada and including in the US as well. In Dubai, on the other hand, we're extremely blessed where the construction cost is controlled. It does not exaggerate to prices the way it does in Canada and the US. Also, GG, when you ask me about people moving from the UK, because the cost of living is gone up high for a lot of people in the UK, a lot of people are also moving is because even if they pay the same amount of money or spend the same amount of money what they're spending in the UK, they get a much better quality of life over here, right? A much better quality of living. Also, don't forget that you also have retirement visas here, right? So people are also retiring. Even if they have assets back in the UK, if they're earning on that, but if they are not living in the UK then they save on taxes. Plus one reason why we're seeing the global rich move money out of UK properties is the inheritance tax, right? Now that is because I recently had a friend who's like, I'm now moving my, I asked him, why are you selling your property in London? And he's like, bro, just in case if tomorrow something happens, I don't want to get into this whole hassle of inheritance tax because the property is owned between him and his dad. He's like, what if it comes? I have to then pay 40% inheritance tax. They're facing a lot of this in the UK. What is happening is people are, because here we don't have any inheritance tax, right? People are like, okay, I want my money to be secured and safe, so why not here? Because imagine if you have a property worth 10 million pounds and tomorrow your kids are inheriting it or whoever is, has to pay 4 million. But what if they don't have that? By the way, what's the percentage on that inheritance tax? 40%. 40%, GG? Do you believe that? How insane is that? That is the reason. It's not just about people moving but the wealth moving. The wealth moving. Actually, talking about the UK, because I spent the summer next to Marbella on the coast of the Costa del Sol, there's a huge maybe they're the top expat community, are British. But it's not going to be enforced, but recently one of the leaders of Spain said that they want to start implementing a 100% property tax. Whether it's 100% or 100% increase in property tax, whatever it is, it's to dissuade these expats from coming in and buying property. Also, I don't know if you know this. I don't even know if it's possible for expats to secure financing in Spain. But in Dubai it's very easy. It's very easy as a foreigner to secure financing here, correct? You're not going to have a wealth tax. I didn't know about the inheritance tax. You can get the visa to live here. It's very easy. The Golden Visa gone in Spain. It's very difficult to secure any other type of visa. I am seeing that huge shift from UK British that are moving to the south of the coast of Costa del Sol, which is beautiful, it's gorgeous, no doubt. The weather's stunning. It's such a nice lifestyle. But it's not making sense with regards to money and the economy. Even though it's the strongest economy in Europe and Spain's economy actually is picking up, it does not come close to what you said. Ahmed. Always look at the economy of a place before you're investing. If you look at the D33 agenda of doubling the economy right by 2033, the Master 2040 Plan, and every day there's a new initiative implemented for Dubai to continue to grow. Because as Sheikh Muhammad bin Rashid Al Maktoum said, he wants Dubai to be the number one city for its people. Did you see that? I got to meet him. Yeah, I saw that. I got to show him the billboard that I have in the United States. In America. And I said, yeah. Because I always play his voice. I always play his vision. Whenever we talk about everything, and what's even driven me to be here is his vision. So the idea of running into him and getting to show him on the phone the reel that I have of his voice, I have on the reel of the billboards, him saying I want Dubai to be the number one city, and if you just dive into that. Yeah. That's why we do this podcast is to educate, especially Americans. Really, UK they get it. India, as you said from the beginning, they get it. The United States didn't. They heard about it. They were curious. They know that there's wealth here, but they didn't get it. Can they participate in it? How easy is it? How safe is it? That's why I created this podcast is to continue to educate. We'll continue to do that. But what I wanted to do was do this global comparison here at the beginning of 2025 to say the best time and the best place is Dubai now. Be a part of the city of the future. Absolutely. Absolutely. We're here to answer questions and help guide and help build and manage our clients' portfolios. It's not a one and done sale. It's really about the fulfillment. Exactly. So thank you both for your support as I continue to do my work. I am so honored to have you both on my team. With that I will say I hope you secured some great information and that you like this episode. Please make sure to like, subscribe, follow, and stay tuned for the next episode of The Dubai Connect. Happy investing.