UAE-Based Housing Developers Are Attempting To Capitalize On The Golden Visa Scheme By Providing Attractive Golden Visa Perks To Qualified Customers, Such As Covering The Cost Of Getting A Golden Visa.
According to Dubai Land Development, UAE housing developers are hoping to take benefit of the Golden Visa program. Because of the risen property demand. Dubai property market recorded AED 22.7 billion sales in June, and the highest sales data in the last 13 years. In addition, reached nearly 71 % of the total 2021 sales volume. As part of the UAE’s strategy to draw in more investments and improve the benefits for long-term residents. Especially for those buying property off-plan or even with a mortgage have the option to apply for a Golden Visa. Which grants holders a 10-year residency.
According to previous industry stakeholders, the permissive rules for obtaining the 10-year residence permit through property investment will encourage more foreign investment in the nation. Building on the momentum, the UAE’s real estate market has developed over the past 18 months. Therefore, the Golden Visa regulations are a “game-changer” for the sector. “Now that you can get a Golden Visa when buying a secondary or even off-plan property for AED 2 million that can be mortgaged. It pretty much describes all common scenarios by not only investors. But for UAE residents who own property,” stated Lynnette Sacchetto, a consultant for the UAE property market.
How Revised Golden Visa Regulations Are Increasing Demand for Real Estate In Dubai
According to Madhav Dhar, co-founder and COO of ZZEN Properties, recent changes to the UAE’s Golden Visa rules have benefited a number of industries, including Dubai’s real estate. Dhar attributes the recent significant boom in Dubai’s real estate market to the recent revisions to the ten-year residency as well as the UAE’s effective response to the coronavirus. In a special interview, Dhar also goes into detail about the value of sustainable real estate, particularly in light of the UAE hosting COP28 in 2023.
How Do You See Dubai’s Real Estate Market Developing?
The property market in Dubai appears to be in good shape going forward, and over the past few years. We have seen this industry grow steadily. The reason for this is that the world recognized and witnessed the UAE government’s response to as well as management of the pandemic. The great work of the entire healthcare sector, the success of the vaccination drive, and how each citizen/resident strongly contributed to the improvement of the UAE community.
What Do You Believe Is Influencing The Market’s Current Demand?
The UAE government’s initiatives, like the increase of the Golden Visa regulations, are, in my opinion, the main cause of the steadily rising market demand. In addition to the UAE is one of the best places to live and work. Market will keep getting better as long as still strong demand from foreign buyers and prices are becoming affordable.
Additionally, Dubai will continue to enjoy few restrictions after 2021, making it the only significant global city in this position. In addition, it will ultimately profit from any crises in the region and elsewhere. Like other countries, the UAE has not placed sanctions on Russia’s invasion of Ukraine despite its close ties to that country. Additionally, Russian citizens will drive demand as long as the funds are received through legitimate banking channels.
What Is The Regional Trend When It Comes To Sustainable Real Estate?
Governments, businesses, and individuals alike are more conscious of their responsibility toward a sustainable future. Along with the declaration that the nation will serve as the host nation for the COP28 UN climate change summit in 2023. Given that, buildings in urban areas contribute nearly 40% of the world’s carbon emissions. It is now the duty of all property developers to place sustainable solutions at the center of the development process. In addition, it is the responsibility of governments to put legislation and incentives in place to encourage sustainable growth opportunities. In keeping with the UAE’s path to delivering net-zero by 2050.