The “real estate residence” amendments help absorb the supply and raise Dubai’s competitiveness

The “real estate residence” amendments help absorb the supply and raise Dubai’s competitiveness
The “real estate residence” amendments help absorb the supply and raise Dubai’s competitiveness

Emirates news Emirates news today: Realtors: “real estate residence” amendments help absorb the supply and raise Dubai’s competitiveness Source of the news – Emirates news today with news details Realtors: “real estate residence” adjustments help absorb the supply and raise Dubai’s competitiveness:

Emirates News Today. Realtors confirmed that there are positive effects on the real estate sector in Dubai, as a result of amending the requirements for real estate residence, by reducing them from one million dirhams to 750,000 dirhams.

They told “Emirates Today” that this initiative helps absorb the supply in the real estate market, and increases Dubai’s competitiveness and position as a first-class investment destination. They expected that there will be momentum on real estate in this residential category, as well as that it will establish competition between real estate developers.

The Dubai Land Department reduced the value of the property needed for the investor to obtain a residence visa valid for three years, renewable, to 750,000 dirhams or more, after it was one million dirhams previously, with the possibility of sponsoring the husband or wife and children.

Displayed absorption

The managing director of Harbor Real Estate Company, Muhannad Al-Wadiya, said that the initiative to reduce the value of the property necessary for the investor to obtain a residence visa valid for three years, renewable, has many positive effects on different levels, including enhancing the reputation and status of the economy as a whole, and will open the door to A larger category of buyers, and will enhance the stability of investors.

Al-Wadiya stressed that this initiative helps absorb the supply in the real estate market significantly, and increases Dubai’s competitiveness and position as a first-class investment destination.

Attracting Investors

For his part, real estate expert Mohammed Al Ali said that the decision will attract many investors to obtain residency in Dubai, and contribute to increasing demand, especially in conjunction with the launch of the “Expo 2020 Dubai” activities, and the facilities provided to investors.

Al Ali added that Dubai includes several real estate projects, pointing out that the property will be excellent with an increase in prices due to an expected rise in demand, which contributes to attracting investors to buy Dubai real estate and obtain residence there. Al Ali saw that the emirate has revitalized the real estate market with this initiative, and said that the last quarter of this year will witness a remarkable activity in the real estate market in the emirate.

big slice

In addition, the General Manager of “Al Habtoor Group”, Ghaleb bin Kharbash, said that the new amendment will attract a large segment of purchase in the real estate sector, noting that this came as a result of great efforts from the Dubai government.

He expected this amendment to raise the demand for real estate investment, especially from the middle classes and above, wishing to reside in Dubai, in addition to the fact that there will be a tendency by real estate development companies, to focus on the competitiveness of housing unit prices at the present time, to raise sales. real estate.

profitable assets

In addition, the head of the “Sky City” real estate office in Ajman, Ahmed Sultan, said that the property is among the profitable assets that maintain its price, can bear the burdens of economic changes, and ensure a profit for the investor. He described the decision to reduce the value of the property on the basis of which residency is granted, as a wise policy to attract foreign capital and enhance levels of liquidity in the market.

He pointed to the positive benefits of this decision, which will be reflected on the country’s economy as a whole in the medium and long term, and raise the volume of domestic consumption with the increase in population numbers.

He stated that the target investor to win the residency may reinvest his money in commercial or industrial work, or build a new property that will achieve a fixed profit for him, and thus move the wheel of the UAE economy.

In turn, the Chairman of the Board of Directors of Al-Waleed Investment Company, Muhammad Al-Mutawa, described the decision to reduce the value of the property to obtain residency, as an excellent decision that is in the interest of the real estate sector, revives the demand for studios and small apartments, and helps promote the demand for residential apartments in the regions. far from the center. Al-Mutawa believed that the market will reap the positives of the decision in the coming period.

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