Brexit brings Brits to Dubai: Can they find opportunities in the city?
Brexit causes uncertainty in the UK forcing residents to look at options for overseas living.
UK residents are seeking an increase in security and earnings.
Allsopp & Allsopp have seen an influx of CV’s from Brit’s after the announcement of Brexit causing political uncertainty. Residents of the UK are uncertain of the future of their country and looking to improve their lifestyle and earnings by moving further afield.
An average of 1,800 CV’s are received monthly by the award-winning real estate company. Majority of these CV’s are from people residing in the UK and who are looking to build a life overseas.
As well as escaping the political unrest of the UK, applicants are enticed by the higher earnings and tax-free incomes of the UAE. 50% of a property sale or rental is available in Dubai as commission compared to between 4-8% of a sale or rental in the UK. As well as this, the average property price in Dubai is almost double that of a property in the UK. In October 2018 the average property price in the UK was AED 1,299,526 (GBP 276,315) according to Zoopla compared to AED 2,693,090 (GBP 572,880) in Dubai according to Property Monitor thus giving real estate agents in Dubai an opportunity to earn more.
Lewis Allsopp, CEO of Allsopp & Allsopp explains “We have seen an increase in interest from people already working in the real estate industry back in the UK who are looking to increase their earnings. We have employees who have made the move and have changed their life with the opportunities the city has to offer.
Brexit has caused unrest and many individuals and families are widening their horizons and looking at other options, perhaps, for the first time.”
Dubai is an increasingly popular city for young professionals. The population has grown by almost 200,000 people from 2017 to 2018 according to Dubai Government statistics. With this increase comes more demand for properties and therefore more demand for real estate agents.
In 2018 Allsopp & Allsopp opened three new branches to keep up with the increase in demand for properties. They opened in Jumeirah Golf Estates in February, Springs Souk Mall in June and Golden Mile on the Palm Jumeirah in July. These new branches opened an opportunity for another fifty-five highly motivated individuals to reach their potential.
Allsopp says “Confidence in Dubai is growing, and it is fast becoming home for many expats. The Dubai Government are continually introducing legislation to benefit expats such as the long-term visa, the retirement visa and the full foreign ownership of businesses. Majority of our clients are end users who are looking to buy a family home and there seems to be an increase in interest from first-time buyers. We saw this as a great opportunity to expand our business into key areas in Dubai to keep up with client demand.”
The amount of CV’s received over the last two years has increased by 28% showing the desire for people to want to live and work in the vibrant city of Dubai. With this increase, there has been a rise in new starters to Allsopp & Allsopp per month from 6 people on average in 2016 to between 9 and 12 people on average in 2018. Candidates showing interest are mainly from a Sales background with an average age of 28 who are looking to challenge their skills and live a better lifestyle.
With this increase, Recruitment events were run across major cities in the UK where registered applicants gather to receive all information on what a real estate job in Dubai would entail, about the city itself and Allsopp & Allsopp as a company. The recruitment events always cause a spike in CV’s and sometimes up to 3,000 can be received, almost doubling the monthly average.
Kameron Hutchison, Head of Recruitment for Allsopp & Allsopp says “The candidates reaching out to Allsopp & Allsopp, are more often than not, looking to improve their lifestyle and open an opportunity to earn more than they would in the UK.
It is a very big move for a lot of people. Moving away from families to a different country and sometimes even a career change can be extremely daunting, but many people feel like they need to make the move to better their financial situations after the effects that Brexit has had on the UK.”
British-owned Allsopp & Allsopp won 23 international property awards. Its growing team offers deep local knowledge with four offices across Dubai; Palm Jumeirah, Jumeirah Golf Estates, Springs Souk Mall and Business Bay.