The UAE (United Arab Emirates) has recently come out with a new law for offering visas to retired expats and this may boost the real estate market considerably in Dubai. The UAE Cabinet has already implemented this law which will have 5-year renewable visas given to expatriate pensioners over 55 years of age. For applying, the person should have a real estate investment that is worth Dh2 million or roughly $544, 510 and financial savings of more than Dh1 million or approximately $272, 255 and proof of income of more than Dh20, 000 per month or $5, 445. Applications will be taken from 2019 onwards as per reports.
This new law will give the Dubai property market a tremendous boost as felt by several experts. This will sustain the momentum generated after the decision to grant 100% foreign ownership for businesses and 10-year visas for certain investors and professionals. This law will be good news for expats who are currently residing in the UAE. This will give them more security and will encourage them to settle down in Dubai for the long haul. More expatriates will be investing in family homes and this will boost the real estate market in Dubai.
The new law will garner higher FDI, particularly in the Dubai real estate space. This decision will be a major boon for real estate in Dubai and encourage more people to own their properties as compared to renting them. There are countless expats who desire to continue living in the UAE even after retirement. Several real estate developers are also offering more attractive and convenient payment plans along with lower property prices. The decision of the Government has come at the right time according to experts.
