- Timely government stimulus may send property prices skyrocketing
- New rules make the UAE a truly second home for expats
Dubai, United Arab Emirates: The number of enquiries by Dubai residents and visitors registering their interest to buy real estate units has tripled following the government announcement laying down the new UAE visa rules, according to real estate brokerage Union Square House (USH). The new visa regulations will come into effect in September 2022, making the UAE a truly second home for many expats.
Gaurav Aidasani, Founder & Managing Director, Union Square House, said: “The various efforts undertaken by the UAE government in the wake of the pandemic to date have been remarkable. The recent stimulus package in relation to loosening visa restrictions is one of the finest shake-ups to the nation’s visa system, positively impacting countless vital sectors including real estate. This move is boosting demand and may send Dubai property prices skyrocketing.”
Dubai aims to increase its population from 3.5 million in 2022 to 5.8 million by 2040. This creates even further demand for residential, commercial and hospitality properties.
The new rules represent a major revamp of the UAE visa residency system, easing the eligibility criteria for long-term visas, including Golden Visa, Green Residency, and long-term entry permits for investors, entrepreneurs, professionals, jobseekers, students and tourists.
In light of the new visa regulations, owning properties worth AED 2 million allows an investor to obtain the Golden Residence. There are no restrictions as to whether the properties owned should be mortgaged to a local bank or paid in full, ready or off-plan.
Hailing from India, Shubhojeet Das commented: “As a Dubai-based investor, I am delighted to be able to extend long-term visas to my first-degree relatives. This makes the UAE a truly second home for me and my family.”
Axel Burton who is from the UK and lives in Dubai, said: “Investing in real estate makes more sense to me now. The visa benefits are encouraging.”
Another Dubai resident from Egypt, Ahmed Hassanw, said: “I see many perks in the new visa rules, but the main benefit for me as a professional is the Green Visa that offers five-year residency. I’m definitely going for it.”
In 2021, USH achieved AED 3 billion in real estate transactions, expanded its customer-base from six to 30 nationalities, saw a threefold growth in business performance and a twofold growth in team members. The real estate brokerage also focused on new markets, capitalizing on demand for luxury homes from European, American and Canadian customers.
USH has recently claimed the number one spot as the most awarded real estate agency in Dubai. The company has received the “Top Real Estate Agency” award from Emaar Properties for the past 10 years in a row, Dubai Properties (seven consecutive years), Meraas Properties (two consecutive years), Majid Al Futtaim (No.1 Performing Partner 2021), District One Meydan (No.1 Agency 2021), Nakheel (No.2 Agency 2021), RERA (2021), Dubai Holding (2021), and DAMAC Properties (2021).