Dubai is undeniably a thriving city to invest in terms of real estate. The property market has always maintained its status for being attractive to foreign investors, tax-free on properties as well as having the ability to acquire high return on investment.
Last year, the UAE government issued visa reforms in the UAE, such as 5-year retiree visa, 10-year residency visa, short-stay transit visa and 100% foreign ownership of foreign companies, all of which has had and will continue having a social impact and economic impact. By offering long-term residency, the government aims to further strengthen investor confidence and boost the UAE’s real estate market.
Dubai is maturing and people are wanting to reside in Dubai. The visa initiative is also expected to encourage residents and investors in addition to including property to their investment portfolio and gain long-term residency benefits. It’s all signs of a growing market and society and the transaction trends is still very healthy.
It will attract and retain more international high-net-worth individuals globally. It will also create an environment for entrepreneurship and increase employment opportunities.
With the visa rule in place and in order to benefit from the long-term visa, many home buyers will aim to acquire property at AED 5 million threshold.
Arabian Ranches 2, Dubai Hills, District One, and Palm Jumeirah are some areas that are above AED 5 million. There are plenty of stock available to satisfy demand, in which ensures that both investors and end users will both benefit from the new visa regulations.
People say that the mega developers in Dubai keep supplying properties and projects to the market but that makes them have a skill in the game.
This year will see a demand trend in the affordable property segment contributed to a disposable income increase several emerging markets.
It’s all about the supply and demand debate. The trigger is the supply and demand, and doesn’t hold back from identifying opportunities. This year will see more demand for off plan projects in Dubai.
In conclusion, the new visa reforms will spur Dubai as an investment hub in the UAE property market and will help on a long-term basis. The real impact should materialize throughout 2019 and moving forward, whether it’s the five or 10 year visa or ownership of foreign companies in Dubai.