5yr visas to add stability to UAE real estate, says Lootah Real Estate Development CEO
The outcome of a new visa policy will add stability to the UAE’s real estate market, a senior official of one of the region’s most prominent real estate developers has predicted. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has recently announced the […]
The outcome of a new visa policy will add stability to the UAE’s real estate market, a senior official of one of the region’s most prominent real estate developers has predicted.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has recently announced the introduction of a new five-year multiple-entry tourist visa for all nationalities, which aims to support the country’s tourism economy and position itself as a preferred tourist destination in the region.
According to Saleh Abdullah Lootah, CEO of Lootah Real Estate Development, this decision will be a game changer for many sectors in the country. He explained that the new visa policy will result in the stabilisation, as well as a long-term effect in the real estate sector, as it will take the policy as an opportunity to develop new projects for frequent visitors – a new segment to the market.
“The substantial growth of tourism, starting with the 25 million visitors expected at the Expo 2020 will create a new market segment of frequent visitors,” he said.
Lootah added that visitors who will capitalise on the 5-year multiple entry visa can start planning to look for convenient investment options for properties that will match their experience, usage and leisure.
In addition to that, it will be an investment that will appreciate in value over time that they can capitalise when they want to sell the property, he pointed out.
According to a reputed property portal, the real estate industry ended 2019 strong, as property sales transactions in Dubai hit an 11-year high—recording a growth of 20% compared to the previous year as new policies boosted the sector.
The industry is expected to further pick up this year, especially with the upcoming Expo 2020. New policies and initiatives will be upheld in line with enhancing the event, which will lead to the sector’s continuous improvement.
