Dubai real estate and the second generation of residents' children

Walid Al Zarooni

September 20 2022

At a time when the Emirate of Dubai is planning how to maintain the momentum of the continuous real estate boom and enhance the future of the sector in various ways, whether by providing unprecedented residency facilities, or supporting the non-oil economy and the transition to a more sustainable economy, an important factor emerges represented in the second generation of children of residents who were attached In Dubai, I became more beloved to them than their motherland.

We may see that this generation is associated with Dubai as their original homeland and cannot stay away from it.

The increasing connection of the children of residents to the UAE in general, and Dubai in particular, came with the facilities approved by the state in recent years, in terms of granting residency and providing attractive investment opportunities.

There is no doubt that the approval of owning a property as a prerequisite for obtaining residency in Dubai - long or short-term - opens the way for residents to continue for longer periods, and even allows their children to inherit these properties, especially since Dubai has become the best places to live and work around the world.

This coincides with the radical change witnessed by the real estate market in Dubai during the past few years, amid a noticeable shift in investments, as it has become attracting foreign investors and capital after it was based on local investors, to witness a significant increase in the sale of luxury and distinctive properties in conjunction with the increase in the investments of wealthy owners. And high income, thanks to the presence of advanced infrastructure along with a distinguished lifestyle that includes the best hotels and restaurants in the world and the exceptional amenities they offer.

All this provides temptations for parents residing in Dubai to continue, and to search for opportunities to own a property if their residency depends on renting a house, and some of them may think about investing in the real estate sector in light of the recent shift and the positive returns that it gives rapidly.

Finally, Dubai has become the affectionate mother that embraces all nationalities of more than 200 different nationalities around the world, and has been able to enjoy cultural and investment diversity that maintains its reputation as the best preferred haven for investment, work and living, as it is the home of everyone.

• «Declaration of owning a property as a prerequisite for obtaining residency in Dubai opens the way for residents to continue for longer periods, and even allows their children to inherit these properties».

@WalidAlzarooni

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walid.alzarooni@gmail.com

Chairman of the Board of Directors of “W Capital Real Estate Brokerage”

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