The brokers in Dubai and Abu Dhabi said that the expected overhaul of the visa residency system in the United Arab Emirates (UAE) would benefit the country’s real estate market and bring a significant inflow in buyers.
The changes are all set to come into effect in September this year, including parents being able to sponsor their sons until the age of 25, permitting them to reside in the UAE after school and university.
Skilled professionals with salaries of around Dh30,000 ($8,100) per month or more will find it easier to have a Golden Visa. At the same time, real estate investors can get Golden Residence when buying a property worth no less than Dh2 million.
Investors will also be able to obtain Golden Residence when purchasing one or more off-plan properties worth no less than Dh2m from authorised local property firms.
The UAE Government Media Office has confirmed the changes after approval by Sheikh Mohammed bin Rashid, Ruler and Prime Minister of Dubai, on Monday, 18 April.
The visa residency alteration is set to give further impetus to Dubai’s property markets, which along with the broader UAE economy, have been retrieved strongly from the coronavirus-induced slowdown. The prices of property deals in Dubai have more than doubled since last year and also broke a 12-year record in terms of volumes, said the Property Finder.
“Modifications in residency requirements in Dubai have had a noteworthy positive impact on the real estate market in the past two years,” said Andrew Cummings, Partner – head of prime residential, the Middle East at Knight Frank.
The announcement made on Monday is a further step in opening up Dubai to foreign investors and possibly lead to a major inflow of buyers, boosting an already active market.
The changes to allow off-plan investors to gain residency will have the most significant impact. We can witness a rise in demand for off-plan properties, with buyers no longer being limited to having a title deed of a ready property in hand.