Man buys 32 properties whereas incomes $400k in Dubai

A person who constructed a multimillion-dollar property empire after transferring to Dubai to chase a tax-free wage has revealed the darkish facet of his six-figure wage and Instagram life-style overseas.

Euan Craigie was in his mid-20s when he gave up a profitable profession as a automotive salesman within the UK in 2016 to try the Dubai dream of zero tax in a worldwide beachfront metropolis.

Craigie would possibly hail from the UK however he’s not alone in chasing success in Dubai – thousand of individuals, together with Australians, flock to town yearly trying to obtain the identical factor.

Atlas Wealth Group estimates about 20,000 Australians dwelling within the UAE throughout Dubai and Abu Dhabi in a bid to flee skyrocketing home and rental prices again residence.

Some Aussies, like 33-year-old Louise Starkey, are loving the monetary freedom transferring to Dubai has offered.

Ms Starkey advised News Corp Australia her life-style in Dubai was cheaper, extra luxurious and extra thrilling than her life in Australia whereas permitting her to avoid wasting for property again residence within the subsequent few years.

On the opposite facet of the fence, although, are individuals like Craigie.

Despite grinding his method to the highest as an actual property agent and pouring his cash right into a property portfolio again residence, 33-year-old Craigie told The Sun his time in Dubai took a giant toll.

“Dubai life looks glamorous online, but I was making 100 cold calls a day, finishing at 11pm, then hopping on Zoom calls with Canadian clients at 3am and back at work at 6am. Everyone was fighting for deals, and I barely slept,” he stated.

The few hours Craigie wasn’t working have been spent in terrible rental lodging he may barely afford after taking a ‘zero salary’ job which meant he didn’t receives a commission a cent until he closed offers.

“I’d left the house of my dreams in the UK to live in what’s called a ‘maids room’ in Dubai,” he told The Sun.

“It was a mattress on the ground, and a tiny standing bathe within the nook – that was it. I shared a kitchen and bathroom with 4 different individuals.

“A single mattress didn’t fit on the floor, so I slept on it with the corners bent in, but the rent was still £800 (AUD $1620) a month.”

Craigie stated he hated the hustle tradition in Dubai and the gruelling 18-hour work days left him exhausted and lonely.

His first yr in Dubai noticed the UK native earn AUD $120,000 however, as he constructed expertise and contacts, that yearly wage grew to an enormous AUD $400,000.

Craigie poured that cash into property again residence and by the point he left Dubai 5 years later in 2021 he owned a 32-property portfolio making AUD $140,000 in revenue annually.

While Craigie discovered success in the long run, he stated the Dubai transfer wasn’t for everybody.

“Dubai is the most competitive place in the world. There were thousands of estate agents fighting over the same crumbs – and it’s even worse now, so many more are out there,” he stated.

“I didn’t see any of the large Dubai sights everybody’s posting on social media; it was simply work, work, work. I hated the hustle tradition, and it was actually lonely.

“The Dubai dream appears improbable while you hear about big salaries, however a lot of my buddies who’re nonetheless there now would give it up in a heartbeat as a result of it’s so anxious.

“Every month you start on zero again – thousands of British property agents are now out there fighting for scraps. They’re making enough to survive but not much else.”

Craigie now lives again within the UK along with his spouse and two kids.