A latest development in the regulations of UAE has brought about a great buzz amongst the expatriate community. Having almost 80% of expatriate population in Dubai and with quality of life index ranking above London, Paris and New York the long term residency visa is going to write a new history in the making. UAE has always been proactive in offering value to its residents and this 10 year visa scheme hopes to lure cash and talent in this booming economy. Dubai is often referred to as ‘the city of the future’ heavily investing in futuristic projects but has hindered its growth with some business laws. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai made the announcement after chairing a cabinet meeting introducing the 10 year visa scheme that would be granted to professionals who excel in their respective fields such as doctors and engineers, these grants will also include top business-men, over-achieving students and their families. Pooling professionals of various fields will enhance the growth of UAE by attracting investors and entrepreneurs.
This new ruling will also impact the real estate market as they see this decision to be beneficial for both investors and the economy. This decision will be a game changer for the UAE as professionals and expats who would generally look towards UAE as a one time destination or would just settle in UAE for a short period generally 2-3 years would now have an opportunity to visualize their future within the country investing in the growth of the country as well as themselves. Long term residential visas would offer residents greater flexibility. Foreign investors can now have a controlling interest in their companies instead of sharing 51% with an Emirati partner. This makes investing in UAE an attractive and lucrative opportunity for foreign investors and entrepreneurs. This news has provided a positive boost to various markets in the UAE with companies preparing for the changing dynamics in their infrastructure. Various investment opportunities are now being provided by the UAE not just in the free zones which would create job opportunities and in turn would boost the economy of UAE as a whole.
UAE has seen an exceptional change of pace, and therefore the new 10-year UAE visas can bring their own changes to the property market and therefore the country as an entire. The new ruling may be a game changer as individuals can now see the UAE as their home, instead of simply a short lived place to work. Individuals can now verify their housing arrangements as the 10-year UAE visas can attract regular renters to invest and become householders. Relaxed visa rules, may additionally flip the UAE into a paradise where older individuals may retire to. This helps provide residents with a feeling of sustainability and stability.
The real estate market is large, and if tapped into it will provide residents safety and security of their investments as analytics predicts a soar in the UAE’s real estate market as Dubai is now predicted to see a rise in economy with the nearing of Expo 2020. The lower rents and promise of growth, maturity and stabilization in the real estate market investors now look towards Dubai as pot of gold, with analytics predicting now might be the best time to invest in UAE’s real estate market.