Realty demand increases threefold following new UAE visa regulations

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Picture used for illustrative purposes only.

Dubai real estate market recorded 445 sales transactions worth Dhs1.06 billion and 76 mortgage deals of Dhs1.09 billion, in addition to 10 gift deals amounting to Dhs23.91 million on Wednesday, data released by Dubai’s Land Department (DLD) showed.

The sales included 411 villas and apartments worth Dhs929.83 million, and 34 land plots worth Dhs133.98 million, while mortgages included 63 villas and apartments worth Dhs856.87 million and 13 land plots valued at Dhs236.68 million, bringing the total realty transactions of today to over Dhs2.1 billion.

The number of enquiries by Dubai residents and visitors registering their interest to buy real estate units has tripled following the government announcement laying down the new UAE visa rules, according to real estate brokerage Union Square House (USH). The new visa regulations will come into effect in September 2022, making the UAE a truly second home for many expats.

Gaurav Aidasani, Founder & Managing Director, Union Square House, said: “The various efforts undertaken by the UAE government in the wake of the pandemic to date have been remarkable. The recent stimulus package in relation to loosening visa restrictions is one of the finest shake-ups to the nation’s visa system, positively impacting countless vital sectors including real estate. This move is boosting demand and may send Dubai property prices skyrocketing.”

Dubai aims to increase its population from 3.5 million in 2022 to 5.8 million by 2040. This creates even further demand for residential, commercial and hospitality properties.

The new rules represent a major revamp of the UAE visa residency system, easing the eligibility criteria for long-term visas, including Golden Visa, Green Residency, and long-term entry permits for investors, entrepreneurs, professionals, jobseekers, students and tourists.

In light of the new visa regulations, owning properties worth Dhs2 million allows an investor to obtain the Golden Residence. There are no restrictions as to whether the properties owned should be mortgaged to a local bank or paid in full, ready or off-plan.

Hailing from India, Shubhojeet Das commented: “As a Dubai-based investor, I am delighted to be able to extend long-term visas to my first-degree relatives. This makes the UAE a truly second home for me and my family.”

Axel Burton who is from the UK and lives in Dubai, said: “Investing in real estate makes more sense to me now. The visa benefits are encouraging.”

Another Dubai resident from Egypt, Ahmed Hassanw, said: “I see many perks in the new visa rules, but the main benefit for me as a professional is the Green Visa that offers five-year residency. I’m definitely going for it.”

In 2021, USH achieved Dhs3 billion in real estate transactions, expanded its customer-base from six to 30 nationalities, saw a threefold growth in business performance and a twofold growth in team members. The real estate brokerage also focused on new markets, capitalizing on demand for luxury homes from European, American and Canadian customers.

USH has recently claimed the number one spot as the most awarded real estate agency in Dubai.

The company has received the “Top Real Estate Agency” award from Emaar Properties for the past 10 years in a row, Dubai Properties (seven consecutive years), Meraas Properties (two consecutive years), Majid Al Futtaim (No.1 Performing Partner 2021), District One Meydan (No.1 Agency 2021), Nakheel (No.2 Agency 2021), RERA (2021), Dubai Holding (2021), and DAMAC Properties (2021).

Meanwhile the Dubai’s real estate market recorded 6,983 sales transactions in April, representing a significant increase of 45.5 per cent compared to April 2021, making it the highest performance for the month in the Dubai real estate sector in 10 years, According to Mo’asher, Dubai’s official Sales Price and Rental Performance index launched by Dubai Land Department (DLD) in cooperation with Property Finder.

The base year for Mo’asher is 2012, and the base month for the monthly index is January 2012, with the base quarter for the quarterly index being Q1, 2012.

In April 2022, Mo’asher recorded a 1.273 monthly Index for sales and an index price of Dhs1,238,401. The apartment monthly index recorded 1.331 and the villa/townhouse monthly index recorded 1.318 and an index price of Dhs2,124,828.

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