It will contribute to attracting more investors and families
Realtors: The sector is among the most beneficiaries of "long-stay" visas.
The golden residency initiative will increase the demand for quality and premium properties.
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Alaa Masoud: General Manager of Marketing and Sales at Al-Rowad Real Estate Company.
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Real estate developers have stated that the real estate sector will be one of the most beneficiaries of the incentives launched by the UAE and Dubai government, on top of which are long stays, and the recent expansion of the base of beneficiaries of the golden residency visa.
In statements to Emirates Today, they expected that these incentives would contribute to attracting more investors and families to reside in the Emirates, affirming the desire of residents of the country for stability in living in the Emirates.
Golden residency
In detail, the president and founder of "GVG" Real Estate Development, Ali Al-Salami, said, "The expansion of the scope of those covered by the golden residency will bring significant gains to the real estate market, most notably the increasing demand from new segments to own real estate, and the transition from the tenants to the owners." Stressing that the decision is clear evidence of the belief and conviction of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, that the human being is the most influential element in the development equation, and that the interest in providing an environment that supports him and helps to attract him is a guarantee for reaching horizons New to the development process.
Distinguished Categories
For his part, the CEO of Binghatti Real Estate Development Company, Mohamed Binthatti, expected that “the decision to add a group of distinct groups of society to obtain the golden visa, in addition to the categories announced during the past year, will increase the demand in the real estate market, especially as it Supports the living stability of the residents.
It will also urge individuals from many countries to come to the Emirates and establish businesses, in addition to providing a safe and family-friendly environment for those with competencies and experiences, who usually have jobs and professions with high financial income, which will stimulate ownership rather than rent. ”
“For example, when students who achieve high rates of excellence are recruited, this academic excellence is the first thing that company owners look for when introducing students to jobs, and when this societal category increases, jobs increase rapidly. If jobs increase, we will see them,” Binthati said. An increase in the rate of individual spending and domestic liquidity, especially in the real estate market, in addition to other sectors such as retail, commodities and hospitality.
He added that these initiatives have a great positive impact on the real estate market, and help change the real estate investment landscape in the country in the coming years, which guarantees the long-term recovery of the sector, especially since there are requirements for some long visas that require the resident to invest in a property of no less than Two million dirhams, and for the resident to have savings and a fixed monthly income, and these requirements enhance stimulating the local economy and liquidity, especially in the real estate market.
He expected that the increase in visas would lead to an increase in the number of end-users in the market, because it attracts sustainable, serious and effective groups in societies, and this is what we perceive from the visa requirements and usually individuals from these community groups search for long-term job opportunities, which encourages these individuals to stay in the country for periods of time. A long period of time, so they are looking for housing units that suit their needs and long stay, and this will stimulate ownership decisions.
The real estate sector
For his part, CEO of "W Capital" real estate brokerage, Walid Al-Zarouni, said, "The real estate sector will strongly benefit from the golden residency initiative, which helps reassure the buyer who has a residence that extends for about five or 10 years, and helps to increase the demand for quality real estate." And the distinction that will give new residents greater opportunities for more successes.
He pointed out that this guarantees strong support for the real estate sector, in light of Dubai's attractiveness among the best living destinations around the world, which enhances the demand for real estate, reduces the supply of housing units and increases liquidity levels in the market, in order to achieve the added value of the property and the sectors that feed it.
A second country
In turn, the CEO of "Harbor Real Estate", Muhannad Al-Wadia, said, "The golden residency for the elite and the investors will make those who obtain it think of the Emirates as a second country for them, and think of stability through ownership. The residence for 10 years will have a positive impact on the real estate sector, and what goes with it From changing the behavior of residents of the state, including going to ownership as an alternative to rent. ”
He expected that the segment of beneficiaries of these residencies would expand in the future, given the UAE's tendency to attract human minds that support development and achieve the UAE's future vision.
Strengthening the economy
For his part, Senior Vice President at Damac Properties, Nile McLoughlin, said: “The market is expected to continue to respond positively to the efforts made by the government to boost the country's economy.
The real estate sector has been an integral part of the UAE’s diversification plans and its move away from the oil economy.
Today, the various initiatives of the UAE government have had a positive impact on consumers, which in turn helped increase the demand for real estate.
In addition, with the approaching date of the Expo 2020 Dubai next year, we expect the real estate market to stabilize after relatively low returns in the past two years. ”
He expected that «long visas stimulate investors and residents to buy real estate in the country instead of renting it. Previously, people were reluctant to make a decision to make long-term investments in the country, as they do not know how they can stay in the country, with visas of shorter duration.
But the decision to introduce long-term visas sent a strong message that the UAE is a place where you can create a permanent home.
What will benefit the economy more, because it will make people stay for a longer period in the country and contribute to the overall development. ”
Great facilities
The General Director of Marketing and Sales at Al-Rowad Real Estate Company, Alaa Masoud, said that “the facilities provided by the UAE, most notably the golden residency, will have a great impact in attracting investors, which will support the real estate sector in the UAE and Dubai, in conjunction with the upcoming Expo. And the expected human flows to the Emirates ».
Attracting human cadres
The real estate expert, Dr. Raad Ramadan, said, “Focusing on attracting human cadres and investors through long stays, ranging between five and 10 years, is a very positive thinking,” citing Canada, which has been able to attract many investors through long stays, This has positively affected the Canadian economy, especially in the real estate sector.
He expected that these initiatives would contribute to supporting the UAE economy in all fields, especially the real estate sector, in conjunction with the desire of many investors from all over the world to reside in the UAE.
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