How New Retiree Visa will Boost UAE Real Estate
The UAE government's recent announcement for a five-year residency visa for retired expatriates aged 55 and over, is expected to result in increased investment in the UAE property market. One of the key visa requirements is for the expat to have already invested in a property worth AED 2 million or more. This is likely to see increased numbers of UAE property purchases and possibly even the emergence of a new alternate asset class in the UAE - retirement communities in a number of key property locations.
It was also earlier announced that a 10-year residency visa will be issued for certain professionals and investors, as well as 100% ownership of foreign companies, which is expected to give an additional boost to the property market, as it may encourage expats in the region to establish longer term living arrangements in the UAE with their families.
Traditionally, UAE residents who find themselves out of work or are retiring from work, are forced to return to their home countries as they no longer obtain a residency visa. There are large numbers of expats who would be happy to continue to make the UAE home for as long as the Government provides an opportunity for them to stay.
With many UAE property developers offering flexible payment plans, coupled with lower market prices and the Government's support for people to stay in the country longer, it is expected we will see continued investment in the real estate sector.
While the UAE's economic strength still proves to be a huge benefit for expats, the major changes around residency rules will help create an even more stable and secure UAE and embrace a wider international appeal as a retirement destination. In addition, long-term prospects might result in more expats looking to invest. And with the retirement landscape changing, the economic and environmental situation will benefit, as more non-locals will aid the growth of healthcare, real estate and infrastructure. Dubai has traditionally seen a very transient expat population and the introduction of this new visa rule, will allow expats to look at Dubai with more longevity.
Great news indeed for the UAE as a whole