The UAE has approved recently a new system in November 2018 that will attract foreign investors to the country. The UAE’s 10 year visa system does not only focus on local and foreign investors but will also cater to professional talents.
The Dubai Media Office said in a tweet, “The UAE’s residency departments will start receiving applications. The UAE has always embraced talent, and it will continue to,”
The Dubai property market will depend on how the market responds to the government’s initiatives and regulations announced to encourage demand.
With the new system in terms of visa that includes short-stay transit visa, five-year retiree visa and the highly anticipated 10-year residence visa along with the decision to allow foreigners own 100 percent of the property as well as business in mainland and onshore UAE. Previously foreigners are only allowed 100 per cent ownership on off shore. This will have a big impact on the property market as it will attract more foreign investors which in turn reverse the current downturn in the market situation. Property investors and home buyers buying more than AED 1 million, a two-year visa is also granted.
Earlier this year, the first batch for the UAE’s 10 year visa has already been granted to the winners and finalists of the Mohammed Bin Rashid Medal for Scientific distinction. The second annual meeting of the Mohammed Bin Rashid Academy of Scientists saw over 150 scientists from around the world.
Dubai remains to be a Buyer friendly city with Owners and Developers providing attractive sales opportunities for new home buyers and investors in the market. Attractive payment plans from Developers and the availability of longer term residency visas is due to the change of the traditional attitude which majority of the expats does when it comes to properties.
According to JLL , both sales prices and rents declined in 2018, with apartments recording average declines of 8 percent in sale prices. Similar declines were experienced in the villa market with sales prices declining by 9 percent in 2018. With supply expected to increase further, sales prices will continue to face downward pressure in 2019.
Dubai is a country that consists of 80 per cent foreign residents from all over the world; in efforts to target foreign investors, the new law and regulations are seen as a vital.
The UAE’s 10 year visa provides security to the investors and professionals about their future in the country. It also gives them reassurance and confidence to invest in more properties.
In addition to the long-term visa which Dubai has announced is a number of policy changes that are seen as actions to control the increasing cost of living and doing business which in effect improves the appeal of UAE as central hub for business and residence.