27/02/23

UNITED ARAB EMIRATES: More than 65,000 ‘potential real estate investors’ in Dubai.

As published on zawya.com, Monday 27 February, 2023.

The Dubai real estate sector is expected to revive swiftly benefiting from attracting more than 65,000 people who received the golden visa, opined real estate expert Walid Al Zarooni, CEO of Dubai-based real estate brokerage W Capital.

Global research says that Dubai is expected to attract a large share of the citizenship market through global investment, which is expected to grow five-fold to $100 billion by 2025.

Al Zarooni said that golden card holders are always potential investors for Dubai real estate, and each of them may be planning to buy a property for himself and his family. This means huge economic returns on the golden card that result from the activity of multiple sectors such education, consumer expenditure and health.

He said the goal of the UAE Golden Residency Visa, like other types of visas, is to attract independent entrepreneurs and business talents, to enhance the local economy, support diversity and economic growth, and attract exceptional minds and talents to be permanent partners in the UAE development process. This vision will work to improve the UAE's position as a global incubator for innovation and talent.

Al Zarooni stressed that the golden visa in the UAE and residency permits for retirees play an integral role in attracting more investment to the real estate market in Dubai, as it provides a strong reason to invest in the country, and provides its residents with a sense of reassurance to make the UAE a second home for many global innovators and influencers. Therefore, it is one of the important tributaries that feed the real estate sector.

“Dubai is keen to enhance its population growth through various measures and attract investors with high net worth and skills, which will have a positive impact on the real estate sector in the medium term and enhance the demand for luxury housing categories,” Al Zarooni said. Dubai aims to increase its population to 5.8 million people by 2040. Al Zarooni praised the high demand for golden residency visa programmes in the UAE, and the recent expansion of the residency programme to accept visa applicants from various sectors, including entrepreneurship, science, healthcare and many others.

Al Zarooni believes that the length of the residency period encourages real estate tenants who obtain the golden residency to choose buying the property, because, for example, when calculating the total value of the rent paid to rent a residential unit, whether an apartment or a villa, in Dubai over a period of 10 years, it is close to the price of owning the unit itself, so it is preferable to buy the unit, which is also a good investment and can be recovered at any time.

The CEO of W Capital stated that investors can obtain a Golden Visa upon full ownership of a property with a value of not less than AED2 million ($540,000), and there is an advantage of obtaining the golden residency when buying the property with a loan from a specific group of UAE banks.-- TradeArabia News Service