“Long residency” .. and real estate facilities
Ismail Al Hammadi
October 18 2022
A European, Asian and Russian demand for Dubai real estate is expected in the coming periods, supported by the economic, political and even climatic conditions in these areas, which negatively affected the investment environment in them, in light of the stability enjoyed by the UAE.
But the question: Are these factors alone enough to attract real estate investors to Dubai?
No, of course, there are several overlapping factors that contributed to making Dubai one of the most attractive real estate destinations in the region, and made the real estate sector the best active during the past and future periods... and long-term residence was one of the strongest mainstays in boosting the sector's activity.
The UAE has approved about five types of long-term residence visas between 5 and 10 years, each of which contributed to enhancing the psychological stability of the beneficiaries, including: the residence visa for investors, the five-year retirement visa for residents, the golden residency program for the gifted and creative, and most importantly the residence visa for investors In the real estate sector and the modifications that affect it, where the property buyer can obtain this residence, even if the purchase is through a loan, with the condition that the loan is from a local bank determined by the competent local authority, or a property on the map with the condition that the purchase is made from Local companies approved by the competent local authority, and the total value of the purchased property shall not be less than two million dirhams.
These facilities and modifications were not overlooked by real estate developers in Dubai, to make it a special feature they add to their projects to attract buyers, as we are now seeing many of them providing facilities to buyers to help them obtain a long stay or a golden visa for free after purchasing a real estate unit, whether “ready” or “ready.” off-plan”, as well as the flexibility of the payment plans they offer them.
This may be considered one of the investment opportunities that should be seized at the present time, and among the initiatives that encouraged many to buy, especially for residents with low incomes who rely on flexible plans to purchase.
The system of long-term residence visas, and the initiatives of real estate developers that have been developed into real estate facilities, were and will be the largest contributor to supporting the activity and stability of the real estate sector in Dubai, and pushing it to better levels in the future. It will also stimulate more investments in the sector, and contribute to attracting New segments of local and international investors are entering the real estate market, which makes the Dubai real estate sector in the center of a strong competition among the most important international real estate markets for international investors in the next stage.
@ismailalhammadi
Ismail.alhammadi@alruwad.ae
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