The UAE has been a firm favourite of investors and entrepreneurs, thanks to its favourable policies, a myriad of developments and opportunities, and a safe environment. However, with recent changes to its visa rules for investors and entrepreneurs, it has further cemented its position as one of the top places to invest globally.
According to these revised visa rules, the conditions to obtain golden and silver visas for real estate investors and start-up entrepreneurs have been relaxed. Similarly, getting a green residence for entrepreneurs, freelancers, and self-employed has also become relatively easier.
Let’s delve deeper and find out the expected effects of the new UAE visa rules:
Positive Effects of New UAE Visa Rules
More International Buyers, More Investment in the UAE
Experts believe that these new visa rules will attract international buyers to the country. Consequently, this will result in a higher level of foreign investment in the country. While the entire world is battling with inflation and rising prices, this increased investment in the country will benefit the economy and help in controlling prices.
Among different emirates, Dubai will benefit the most from these reformed rules and policies. The demand for properties in Dubai is already high. It is expected to soar further as foreign investors continue to show interest in this progressing market.
A Higher Demand Leading to More Development
There has been a notable increase in demand for properties, both residential and commercial, across the country, particularly during the last year. This has also narrowed down the gap between supply and demand in the country, which was a major concern in the property market.
With the influx of investors ready to venture into the UAE real estate sector, a further increase in demand is expected. This will result in the development of new projects, which will give the property market a significant boost. Global real estate development firms have already launched new projects, and more are in the pipeline.
The UAE property market has welcomed new investors and entrepreneurs from across the globe, thanks to its expatriate-friendly policies. In fact, Dubai and Abu Dhabi are ranked among the top places to live in for ex-pats.
The Expo-2020 facilitated the entry of many first-time buyers in Dubai. It provided them with an opportunity to witness the growth potential first-hand. Their interest extended beyond Dubai to other emirates as well. With the changed visa rules, this trend will continue to surface as many new investors will hop on the opportunity to leverage the UAE’s growing property market.
Growth Across the UAE
The revised visa rules will benefit the property market of the entire country. The market, as we know, is already on the rise. With these changes, the upward trajectory will sustain for a longer period.
Statistics reveal that property prices in Dubai have increased by 11.3 per cent during Q1, 2022. Still, they are considered affordable when compared to other advanced metropolises. The fact that they are also 25 to 30 per cent lower in contrast to 2014 peak levels is another factor why Dubai properties are considered affordable.
Speaking of Abu Dhabi properties, the last quarter of 2021 saw a significant increase in prices. In fact, the capital values of apartments and villas have seen the highest increase in the last five years during this period. A 14 per cent growth in terms of price was recorded in Abu Dhabi last year. Experts usually credit developments in Yas Island and Saadiyat Island for the boost in the Abu Dhabi property market.
Apart from Abu Dhabi and Dubai, Sharjah, Fujairah, and Ras al Khaimah are also expected to benefit from the reformed visa rules. This will lead to increased development in these cities as well.
Set to be implemented from September 2022, these changes to the visa rules in the UAE will benefit the country on the whole. Real estate experts are optimistic that it will help the country’s market and other sectors to grow and prosper.