Gulf dream still burns bright for expat professionals
HSBC survey attributes trend to pay, incentives and simple environment to manage finances
Despite slowing growth rates, the Gulf states remain the most favoured place in the world for expatriates — even young professionals — to work and realise their dreams of financial security.
Apart from the higher salaries and “better” work incentives, the Gulf also offer “a less complex environment to manage finances”, according to the annual ‘Expat Explore’ survey by HSBC.
Expatriates in Qatar (76 per cent of respondents) and Oman (72 per cent) say that they have more disposable income since moving, compared to a global average of 57 per cent.
White-collar professionals turned residents in Oman (76 per cent), Qatar and Saudi Arabia (75 per cent) state that “they are able to save more since moving, far above the global average of 52 per cent”.
The UAE also ranks highly among these criteria with 65 per cent and 61 per cent of expatriates expressing similar sentiments.
The Expat Explorer survey polled 21,950 expatriates from 198 countries through an online questionnaire in March, April and May. The report measures the responses across key factors including financial incentives, quality of life, ease of raising children, and the cost of living.
“We see that they [expatriates] are, in particular, highlighting the growth in their disposable income and their ability to save as factors boosting their long-term planning capabilities, which allow them to achieve their biggest aspirations, including purchasing a home,” said Gifford Nakajima, head of Regional Wealth Development, HSBC Bank Middle East.
Indeed, UAE and Gulf developers have reasons to be encouraged by the findings. One key finding suggests that Gulf expatriates are by far more likely to say they “can own additional property” in their new host country.
Of even more importance is the suggestion that young expatriates in Qatar (31 per cent of respondents) and the UAE (25 per cent) figure among the top tier in saying that they can afford property in their host countries. Among other countries favoured by expatriates, only Canada (with 26 per cent) had a high share of the younger ones confident in their ability to buy property there.
This is backed by a majority of young expatriates in the region — 71 per cent in Qatar and 58 per cent in the UAE — saying that they earn more in their host country, compared to the global average of 43 per cent.
Retirement
There is another facet that local/Gulf developers should pay heed to.
According to HSBC’s ‘Future of Retirement’ research, “working age people in the UAE have the highest degree of confidence in property as a