TELL US WHY DUBAI IS AN IDEAL DESTINATION FOR FOREIGN INVESTORS AND DOMESTIC BUYERS.
I strongly believe that policies and regulations are one of the main factors boosting the emirate’s real estate industry. Dubai’s legislative framework with regards to real estate has evolved considerably.
One of the recent and talked about policy to magnify the real estate industry in Dubai is the ‘Golden Visa’ which was introduced in 2019. After its launch, the policy has been further updated, which has attracted more foreign investment. The emirate has reduced the minimum investment needed for a person to be eligible for this visa to Dhs2m from Dhs5m. The visa duration has also been extended from five years to 10 years.
Dubai introduced a law in July, which aims to promote the growth of real estate investment funds in the emirate. I believe that the new law on incentivising property investment funds will lead to a boost in foreign capital. The law effectively creates a register for property investment funds, whose members will be given certain privileges to assist them in their investment activities in the emirate’s real estate market. The new law comes as the Dubai property market continues to rebound with prices and transaction volumes, particularly in the residential sector.