They emphasized that the "sector" would directly benefit from the "program" with the increase in demand and the stimulation of the market
Realtors: "Retiring in Dubai" encourages more new investments
Owning real estate in Dubai worth two million dirhams allows for a retirement visa that is renewable every five years.
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Real estate developers considered that the real estate sector would be one of the most direct beneficiaries of the "retirement in Dubai" program, given the emergence of a new category of demand other than the traditional ones, pointing out that this would stimulate real estate investment in the short and long term, and encourage developers to pump more investments in Sector with increasing demand and market revitalization.
They told «Emirates Today» that the program will enhance opportunities to diversify the supply to meet the requirements of all buyers, especially with the attraction of new investors, as well as that it will contribute to encouraging foreign direct investment in the country.
It is noteworthy that the "Retirement in Dubai" program, which was launched the day before yesterday, allows obtaining a retirement visa, which can be renewed every five years, upon meeting several requirements, including owning real estate in Dubai worth two million dirhams (about $ 550,000).
Strengthening Dubai's position
In detail, Islam Suleiman, chief operating officer of the Reportage Real Estate Group, said that the launch of the Department of Tourism and Commerce Marketing in Dubai (Dubai Tourism), the "Dubai retirement" program, aimed at all retirees, will contribute to enhancing Dubai's position as a preferred destination for residency and an environment. Safe and stable on the global investment map, stressing that the real estate sector directly benefits from this decision.
Suleiman added that the new program, which is the first of its kind in the region for foreigners, will encourage real estate development companies to pump more investments in the sector with the increase in demand, and will also enhance the chances of attracting new foreign investments to the country, pointing out that such decisions contribute to attracting New segments of the real estate sector, which will lead to further diversification of the real estate supply to meet the requirements of all buyers.
A safe haven
For his part, CEO of "MAG Real Estate Development", Talal Muwafaq Al-Gaddah, said, "The world has witnessed many events since the beginning of the 21st century, as the world around us has changed, and economic power centers have changed more than once. However, Dubai has proven in every way." The stages are able to adapt very quickly to everything that happens, through quick economic decisions, and programs that support the economy.
Al-Gaddah pointed out that the UAE's handling of the Corona crisis highlighted the civilized and humanitarian aspect of the state, which equated the resident, visitor and citizen without any distinction.
He added, "Dubai has provided all facilities and embraced everyone on its land, so that the retirees' initiative comes and supports this process, and confirms that Dubai is a safe haven for every person and every investor, and everyone looking for tranquility, peace, balance and continuity."
Market confidence
In turn, the CEO of "Azizi" Real Estate Development Company, Farhad Azizi, said that the launch of "Dubai Tourism" "this new program for retirees, will be an important catalyst to enhance confidence in the market and revitalize it, by encouraging retirees to buy real estate and commit to long-term investments."
He stressed that «Dubai, with its unique lifestyle that is fully suited to this category, the program will contribute to encouraging foreign direct investment and support the development of the emirate to achieve further progress in its journey towards growth and innovation.
Dubai leadership
In the same context, Walid Al-Zarouni, Chairman of the Board of Directors of "W Capital" real estate brokerage, said that the real estate sector would be one of the most direct beneficiaries of the "retirement in Dubai" program, due to the emergence of a new category of demand other than the traditional categories.
Al-Zarouni stated that the program will succeed in achieving its goals, relying on Dubai's leadership in all sectors of services and infrastructure.
He pointed out that the timing of launching the program is very ideal, especially as it came at the beginning of the economic recovery phase after the repercussions of the Corona pandemic on the global economy, which will change many of the life concepts of foreign retirees with high incomes.
Psychological stability
In addition, Ismail Al Hammadi, founder and CEO of Al Rowad Real Estate, which specializes in real estate consultancy and real estate marketing, said, “The decision to launch the (retirement in Dubai) program will support the psychological stability of residents in general, and those who were referred to retirement in particular, and enhance their confidence in the country. Emirates and the real estate sector ».
He stressed that Dubai with this initiative offers a new experience for every retiree around the world, which the region has never witnessed before, and Al Hammadi added that the market is currently providing various options of real estate, ranging from apartments, villas and lands, with competitive prices and flexible payment plans, so that residents who desire final stability In the country after retirement age, from taking the first step to ownership and fulfilling their desire to remain.
Arab culture
The real estate expert, Dr. Raad Ramadan, said that the "retirement in Dubai" program is competitive, compared to many destinations in Europe and Canada, which require very large sums that not everyone can provide, as well as that many people will prefer Dubai as a global city bearing Arab culture. , Which is a great advantage that the emirate provides against those countries.
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