Impact of Permanent Residency (Golden Card) on Dubai Real Estate

By Rocky Real Estate

Impact of Permanent Residency (Golden Card) on Dubai Real Estate

Historically, the UAE has had a strict policy when it comes to longer period visas. However, as you might already have seen in the past decades, the country has become more lenient and made initiatives to attract foreign investors to the country and encourage them to buy real estate in the UAE.

In a recent announcement by HH Sheikh Mohammed Bin Rashid al Maktoum, UAE will now be issuing a Golden Card visa, which allows foreign nationals to become a permanent resident of the country. This is first of its kind and groundbreaking because for quite some time, only 2 to 3 year employer linked visas were given. In addition to that, 5 and 10 year visas will also be issued for expats who invest Dh5 and Dh10 million respectively.

Exact details of the Golden Card visa aren’t fully shared to the public, but it will soon be revealed. Nevertheless, the Golden Card visa would surely provide permanent residency to a foreigner, which can be extended to his/her spouse and children.

The introduction of the Golden Card visa opens a floodgate of opportunities for non-UAE nationals. Among these opportunities are in the real estate industry of Dubai.

The real estate industry is considered to be a long-term investment. For that reason, if you want to attract more investors in the country, you would need to give them the ability to stay for a longer period of time. That’s exactly what Golden Card visa would do.

The UAE government is hoping that a new permanent visa would generate more foreign investments in the real estate industry. As more people are given the privilege to stay in the country permanently, they would be encouraged to make bigger investments and buy a property for rent in Dubai.

Here’s another reason why Golden Card visa would positively affect Dubai’s real estate market. The permanent visa is targeted to people who have exceptional talent and expertise in the field of science, medicine, engineering, and arts. Since these professionals tend to have higher levels of income, they are a great addition to the people of the UAE. People who earn more have more opportunities to buy properties as well.

Putting the things into broader perspective, more international investors would consider the UAE as one of their top destinations where they can work, live, start a business, and buy Dubai properties. The local economy would surely flourish and that includes the real estate sector of Dubai.

If you are a foreign national or a local investor, you need someone to guide you through the investment process. From searching for a property to preparing legal documents, you need someone who can lead the way for you.

Thankfully, you will never go wrong with Rocky Real Estate. We have been in the real estate industry for more than four decades now. We are among the best real estate companies in Dubai having a reputable and trusted name. Give us a call today and learn more about Dubai’s real estate economy to make the best investment out there!