Visa reforms and proposed regulations improve buyer sentiment.
It was predominantly a buyer’s market across the UAE this year as residential properties became more affordable. This was primarily because of the inventory that was handed over, which weighed on both house sales prices and rents.
Over 19,700 units have been delivered year to date, according to the consultancy Core. Prominent deliveries include Bluewaters Residences, Damac Heights in Dubai Marina and multiple projects in Nshama Townsquare and Akoya (Damac Hills).
The UAE also announced landmark visa reforms which will benefit the property industry. Starting next year, expats in the UAE aged 55 or over will be eligible to secure a five-year retirement visa, if they meet certain requirements, including investing in properties worth at least Dh2 million, or have at least Dh1 million in savings or an active income of more than Dh20,000 monthly. Also, investors in a property worth Dh5 million or more will be granted a 5-year residence visa.
“New visa regulations for retired expats and skilled workforce are among a number of ongoing measures to improve investor confidence and sentiment. These residency law regulations are also expected to positively impact the UAE property sector over the coming years, bringing a boost to demand by way of attracting and retaining expats,” said Robert Thomas, associate director, residential at Core.
2018 was a good year for Dubai’s secondary property market. While residential off-plan sales have been low, dropping by 32 per cent compared to 2017, there has been a rise in transactional activity in the ready space. Read Full Artical:https://bit.ly/2SngRg9
Source: Khaleej Times