Gold card visa residency system a ‘game changer’ for UAE property market
The UAE’s decision to grant gold card residency to investors and entrepreneurs. It is an important boost to the country’s property market, according to Property Finder.
The gold card system would see an initial batch of 6,800 people is granting with their new status. The first batch of investors would hold total investments of AED100 billion ($27 billion).
“This is a game-changer for the real estate industry in Dubai,” Lynette Abad says, the director of research and data for Property Finer.
“We are yet to get full details of the gold card residency who can qualify the terms, etc. But it’s definitely a step in the right direction and needed to stimulate investment, especially foreign direct investment.”
According to Property Finder, the current short-term visas linked to employment hold back expats from investors. They are owning real estate in the UAE. But with many opting instead to remit their savings back to their home countries.
Property finder Report
In a statement, Property Finder said the permanent residency program has the potential to be a ”game-changer” for the real estate sector.
“It would have an immediate positive effect on market sentiment. And aid in absorbing the supply scheduled to come to the market,” the statement said.
In the first week alone, the UAE government reported. That they are receiving approximately 6,000 applications from investors and entrepreneurs seeking long-term residency visas.
“Initiatives and new regulations like these are expecting to have a positive impact on the real estate market in Dubai,” Abad says.
“The more the government offers to entice talent and companies, the easier it will be for them to settle here and call Dubai home. The investment should follow suit,” she added.
The Property Finder statement added that developers would be well advised to incentivise investors with schemes that offer “permanence and value for money” in a competitive market.
Source: Arabian Business