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In order to promote real estate residence

Walid Al Zarooni

August 09 2022

There is no doubt that Dubai's continuous measures to revitalize the real estate sector are yielding positive results, especially in terms of granting residency in return for buying a property, which requires renewing its promotion in a sustainable manner to achieve its purpose.

The amendment of residency requirements, including real estate residency, last year had a positive impact on the real estate sector, as real estate sales increased significantly, and inquiries about real estate residency or residency with a guarantee of ownership of a property in Dubai increased.

According to observers of the real estate market, these inquiries multiplied in a large way, which should pay attention to these potential real estate investors.

The real estate investor looks at the advantages of that residence, which enables the investor to obtain a residence visa valid for three to five years, renewable, depending on the price of the property, and this residence allows him to sponsor the husband or wife and children.

This decision was among the decisions taken by the Dubai government to support and enable the local investment environment as a major contributor to the national economy, and a major attraction point for capital, in addition to the basket of stimuli and precautionary measures that were announced during the outbreak of the Corona virus, which contributed to restoring levels of growth and activity to its previous era. Before the pandemic in various sectors.

In order for the momentum of this important initiative to continue, all concerned parties must sustainably promote these residencies and raise awareness of the advantages of owning a property, the volume of services and advanced infrastructure in all sectors, that a resident can enjoy upon his arrival to Dubai.

From here, I suggest adopting more plans to re-promote vigorously such initiatives that lay the foundations for making Dubai a permanent destination for all nationalities from all over the world, and to enhance ways of innovation and to move towards new models of marketing in line with the developments of the current stage.

This important initiative helps absorb supply in the real estate market, increases Dubai's competitiveness and position as a first-class investment and tourism destination, and supports an increase in population density, and thus an increase in demand for real estate, whether by owning or renting.

The granted long-term visa will stimulate the ownership of the property in light of the stability and security that the visa provides for this category of residents, and owning the property will be the preferred option.

Once the new residents are settled, they will think about investing and owning a private company in the country, with a length of stay of about 10 years, and some may plan to invest and own real estate for the purpose of renting it out and achieving a good and stable return.

Of course, the promotion of real estate residence in the first place is entrusted to the Land Department through its official platforms, which is what it is already doing, as well as the private sector with its various specializations, whether related to the real estate sector such as real estate developers and brokers, or other sectors related to entertainment and tourism, specifically exhibition and conference tourism, during which permanent promotion can be made. For long and short term stays.

* Chairman of the Board of Directors of "W Capital Real Estate Brokerage"

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