The UAE has officially come off the FATF Greylist!

And here’s everything you need to know…

New to Dubai?

You might have heard for a hot minute, the UAE was under the Financial Action Task Force’s Greylist, and has recently come off against actively fighting financial crime!

Now, you might be wondering what the FATF Greylist is?

In short, the Greylist is a list created by the Financial Action Task Force which includes countries with identified issues in their systems to prevent money laundering and counter-terrorism financing.

Being on this list means these countries have to work on improving the regulations set in these areas.

With the UAE coming off this list, what can we expect?

Being removed from the FATF Greylist brings real advantages for the UAE's economy and global standing.

Not only does it put us in a much better position to attract more foreign investment and build stronger relationships with international partners, it also allows us to stand as a key financial centre in the region.

The real estate industry, in particular, is likely to see significant benefits from this change - and we’ll break it down…

In the past, worries about following regulations and being transparent financially have made things a little tough for investors in real estate. However, with the UAE no longer on the FATF Greylist, investors can feel more confident and trusting, which inevitably will lead to more activity and investment flowing into the real estate market.

What are Lewis Allsopp’s predictions?

Our Chairman, Lewis Allsopp has some exciting predictions to share for 2024 and the real estate market in Dubai, since coming off the greylist.

Lewis believes the UAE's removal from the greylist will be a catalyst for increased economic growth across the UAE, with the Dubai real estate market set to benefit with immediate effect.

In 2023, more homes priced at over $10 million were sold in Dubai than in any other city in the world.

However, with this significant transition, it will not only attract increased foreign investments but more multinational corporations, and subsequently, more job opportunities to the city.

In 2024 our teams recorded an increasing number of Global CEOs, Institutional Fund Managers and HNWIs relocating to Dubai, buying properties across exclusive residential communities such as Al Barari, Jumeirah Golf Estates, The Palm and Dubai Hills.

Lewis predicts “I predict that global institutional investors will find Dubai's large, single-owner commercial and residential developments simply irresistible in 2024!

In the long-term, the property market can expect to see a rise in demand across commercial real estate, directly fuelled by the large institutional funds that were previously restricted from entering the Dubai property market due to the country's former 'grey rating'.

As a majority of institutional investors and funds opt for commercial real estate, usually - demand for these properties is set to soar higher across the market, given there is a pre-existing lack of supply for commercial real estate. We expect to see the market continuing to roll forward, fuelled by an increased demand in commercial real estate, funded by institutional funds.”

Impressive, isn’t it?

Planning to relocate to Dubai?

Check out what buyers and tenants are paying for their homes in Dubai on our DataHub.

But if you’re looking for a home, then check out our live listings…