Architecture and real estate

Wetag Consulting, round trip

22 January 2025

Edited by the Editorial Staff

An evening dedicated to Dubai, organized at the Hotel Royal Splendide in Lugano, an informative moment to discover the New York of the Persian Gulf and its ambitious growth project. Event coordinator Philipp Peter, co-owner of Wetag Consulting and director of the Lugano office

Why did you decide to return to Dubai? We talked about it at the end of 2021, when you were invited to visit, exclusively, the tallest skyscraper in the world: the Burj Khalifa…

"Yes, I remember that trip well. Dubai is a city in constant evolution, where construction is going on 24/7, a place capable of changing at an indescribable speed compared to European times. But that wasn't the reason we decided to bring Dubai back to Lugano , but rather a specific request from one of our clients who, after purchasing an exclusive property in the Lugano area with us, asked if we had any connections with the United Arab Emirates. It was a question that made me smile, especially since Wetag's strength also comes from its valuable affiliations—I'm thinking of Christie's, with whom we collaborated on this case, but also Luxury Portfolio International , Leading Real Estate Companies of the World , and Eren , the European Real Estate Network. But back to us: this specific experience got us thinking, and we decided to propose the destination and the investment to other clients as well."

Christie's Dubai agent representing Dubai in Lugano…

We're going through a period where many families are becoming interested in Dubai . Today, Dubai offers significant financial stability; unlike other countries, it has a compact, solid government and is committed to ensuring the best quality of life for its residents, creating a safe and strong city. Speaking of security, we mustn't forget that two hundred different nationalities live together in the city, and thanks to the policies adopted, crime is almost zero. It's important to consider that Dubai's economy is only partially dependent on underground resources, such as oil; therefore, the chosen strategy is to invest increasingly in tourism infrastructure, the medical and hospital sector, high-tech and artificial intelligence, as well as manufacturing.

A country in constant growth, but which above all becomes attractive for its taxation…

"Absolutely, this is an important factor for those who decide to choose Dubai, there are no taxes on personal income, nor on real estate. Only business profits that exceed one hundred thousand euros are taxed (we are talking about a tax rate of around 9%)."

Philipp Peter, if you were to recommend Dubai to someone, what type of customer would you think of?

"Dubai is a lively market, suitable for those who want a holiday home, as well as those looking for a new tax domicile. If we look at the current situation in Europe, there are important changes that are moving investors towards the United Arab Emirates: in London, for example, they have removed tax breaks, Italy does offer a flat-rate taxation that we have seen change in just a few years and, furthermore, the political instability, in some cases, is not convincing. Switzerland is a popular destination, but the most interesting cantons remain Geneva and Ticino. Then of course you can also choose the Bahamas, but it is a different type of trip. Dubai, on the other hand, is easy to reach and is a city that also offers great commercial and growth opportunities, with customers arriving from all over the world."

Turning to Wetag's local partner, we ask whether the Emirate's ever-growing Gross Domestic Product is – according to their internal projections – a long-term trend.

"Yes, because it is a visionary urban plan, we are talking about 2040. The data indicate that Dubai will reach 5.8 million inhabitants and the national economy will reach 32 trillion Dirhams (7.6 trillion Swiss francs), adding another 400 cities to its trade network. Dubai has a well-studied growth strategy and program and Europeans like this. Even today, every construction is monitored by a government commission that ensures its quality. There are purchasing options for everyone, apartments, villas and commercial spaces for any need."

A signed collection Bentley house in the new District 11, in Meydan, just twenty minutes from Downtown. Buildings cared for down to the smallest detail, immersed in nature, fully furnished. The buildings will be completed in 2026. Prices starting at around 5.5 million francs.

Enara is the first fully commercial property on the Business Bay canal. Each floor has its own outdoor garden, and the building features a private club for employees and private access to the Lana Hotel and all its amenities. Construction is scheduled for completion in 2028, and the price for a single-story apartment is approximately 7,5 million Swiss francs.

The W Residence is located on the Harbour Marina and offers exclusive amenities such as a 200-meter outdoor infinity pool with lounge areas, a cinema room, music room, games room, and kids' club, as well as incredible views of the Dubai Fountain, Bluewater Islands, the ocean, and Dubai Marina. Prices start at around CHF 1 million.