I’m a relatively new expat in Dubai, and recently at a office dinner of 20 people all well earners staying in Dubai since 5-15 years, I asked if anyone has a property here, all of them said no. They only buy property in home country. Why?

I mean, the rents are so high here. If I plan to stay here for next 10 years with my family I can expect 2 bedroom apartment to be easily 70k aed annual which turns up to be 700k rent down the drain in 10 years. However, if I take a mortgage and buy something worth 700k over the course of 10-15 years, why is that not better? I know the value might not appreciate based on Dubai’s real estate value but even if it depreciates to 650k in 10 years, atleast I have 650k worth of asset vs nothing if I went for the rental strategy everyone goes for.