They considered it a paradigm shift for the sector in terms of new projects and market value
Realtors: “Nationality” amendments are a historic declaration that changes the real estate investment landscape
The recent decision has a positive impact on the real estate market in the country.
Archives
picture
Real estate developers confirmed that the approval by the Council of Ministers to amend some provisions related to the executive regulations of the Federal Law regarding nationality and passports, in order to allow the granting of Emirati citizenship to investors, professionals, talents and their families, based on a number of controls and conditions, a qualitative leap for the real estate sector, whether on the project side New, or in terms of the market value of the sector.
They considered the "amendment" to be a historic declaration that would attract more real estate investors with high net worth, and help lay the foundations for sustainable development, indicating that it would change the real estate investment landscape in the country in the coming years.
Quantum leap
In detail, the CEO of "National Bonds Group", Muhammad Qasim Al-Ali, said that the decision to grant Emirati nationality to specific groups will positively affect the real estate sector in the country, whether from the side of new projects or from the market value side of the sector.
He emphasized that the decision represents a quantum leap for the real estate sector, especially as it targets investors who want to invest in real estate, which is considered one of the best in the region, whether in terms of returns or market stability.
Investment competitiveness
In turn, the real estate developer, Chairman of the Board of Directors of Al-Waleed Investment Company, Muhammad Al-Mutawa, said that these amendments will be in the interest of increasing the country's investment competitiveness in the future, especially with the intensification of global competition around attracting and localizing capital, and focusing on the requirement for the investor to own a property in the state, Pointing out that this will revive the real estate sector.
He added: "The real estate sector is keen to know the effects of this amendment, which will benefit the investment sectors, especially the real estate sector, as it is the most prominent beneficiary, as the recent amendment is considered a catalyst for the real estate sector."
Growth forecast
For his part, Vice Chairman of the Board of Directors of "Union Real Estate Company", Fathi Bin Quraira, pointed out that real estate is an important part of the investments of non-citizen investors in the country, expecting growth in these investments after the announcement of granting citizenship.
He said that this measure will attract more high-net worth real estate investors to the UAE, as well as increase the global attractiveness of the UAE, stressing the wisdom of this amendment of the federal law regarding nationality and passports, in light of global competitiveness in attracting foreign investments and settling them.
Historic announcement
In the same context, the CEO of "Azizi Real Estate Development Company", Farhad Azizi, said: “This step is a wise gesture that officially welcomes individuals who have made valuable contributions to society and make the UAE their home, as real estate investors in the country will have an exceptional advantage, which is their obtaining On a nationality that is one of the most valuable in the world ».
He stressed that this Emirati move also reflects the friendly nature and the distinguished spirit of hospitality of the country, which has truly become a prominent global center for business and tourism, pointing to the flexibility to introduce new laws and regulations to continue supporting the state's economy and improving the welfare of its residents.
And my dear considered the granting of citizenship, a historic declaration that will attract more investors, and will help lay the foundations for sustainable development, and will benefit all sectors, including real estate.
An exceptional initiative
As for the Chairman of the Board of Directors of "W Capital Real Estate Brokerage Company", Walid Al Zarouni, he said that amending some provisions regarding nationality and passports is an exceptional new initiative to attract investors, distinguished people, and those with competencies and talents, and that it would contribute to forming sustainable societies, enhancing social and cultural identity, and bringing Qualified and skilled human resources to the state.
He stressed that the decision will have a significant positive impact on the real estate market in the country in particular, as it helps along with the various government initiatives issued in this regard over the past three years: such as the golden residency decision and the long-term visa, in changing the real estate investment landscape in the country in the coming years It is expected that these important initiatives will bear fruit, starting this year, by stimulating growth and demand for real estate.
Positive effect
In his turn, the CEO of "Binghatti Real Estate Development Company", Mohamed Bin Ghatti, affirmed that the amendments to the UAE Nationality and Passport Law place the country at the forefront of countries attracting investments, talents and innovators in various fields, as well as strengthening its leadership globally in light of the global competition to attract investments and competencies. And its settlement within the best environment to live, work and invest.
He pointed out that there is a broad positive impact on the real estate market in the country, to contribute to changing the real estate investment landscape in the country in the coming years, especially as the investor category stipulates that he owns a property in the UAE, and these are requirements that stimulate the local economy and liquidity, especially in the real estate market.
Capital stability
The managing director of "Harbor Real Estate Company", Muhannad Al-Wadia, said that amending some provisions related to the executive regulations of the federal law regarding nationality and passports, would be in the interest of capital stability in light of fierce competition to attract foreign investments by many countries of the world.
January trades
The Dubai real estate market ended its dealings in January 2021 with a harvest of 29.3 billion dirhams.
The growth rate in transactions exceeded 100% compared to January 2020 transactions.
Activate the drug
Dana Selbak, head of research at JLL Middle East and North Africa, confirmed that the government’s decisions affecting the real estate sector would revitalize the real estate sector, which is facing an oversupply.
Follow our latest local and sports news, and the latest political and economic developments via Google news