The number of enquiries by Dubai residents and visitors interested in buying property has tripled following the government announcement on new UAE visa rules, according to real estate broker Union Square House (USH).
The new visa regulations, which will come into effect in September 2022, make the UAE a truly second home for many expats, it said.
Founder and Managing Director of Union Square House, Gaurav Aidasani, said: “ 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, which will create 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 ($540,000) 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.
USH spoke to a number of Dubai-based expats about the new visa regulations. Indian Shubhojeet Das said: “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.”
One 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.”
Last year, USH secured AED3 billion in real estate transactions, expanded its customer-base from six to 30 nationalities. The real estate broker also focused on new markets, capitalising on demand for luxury homes from European, American and Canadian customers.