“Rapid urbanization in the country and migration from rural areas are aspects where real estate will ...
On 21st May, United Arab Emirates announced a new permanent residency program for foreign nationals in the UAE, called the ‘Golden Card’ visa. Previously, United Arab Emirates issued 2 to 3 years employer linked visas to the foreign nationals who made up 90% of the residents living in the UAE, which is the second largest economy in the Arab. Shifting from the rigid policy last year in May 2018, 5 to 10-year visas announced for the expats investing Dh 5 and Dh 10 million inclusive of real estate. The criteria for the visa will be revealed soon but it has been confirmed that permanent residency is going to include spouse and children of the Golden card visa holder.
This is a big opportunity for anyone who is willing to work in UAE and invest in real estate. Dubai is a business-friendly and tax-free environment and also a huge property market that offers high-quality real estate, stability in rental yields and continuous planned expansion.
Kanika Gupta Shori, the Founder and COO of Square Yards said regarding the Permanent residency programme that it is a great initiative for the real estate investors who are in UAE for a long time and it is a big security to them knowing that they can stay. Square Yards is one of the biggest players in Dubai primary market and has a reported growth rate of 75% year on year and a gross transactional value of AED 800 million in the financial year 2019. The Tech enabled team of experts at Square Yards help the non-resident Indians and other foreign nationals to navigate the primary residential market of UAE for best property deals. Kanika also said that overall she feels that this is going to encourage expats who invest more in the country and to give back even more through their businesses, services and social work.
The Golden Card visa is being hailed as a Ramadan blessing for those who have contributed towards developing UAE and finally they can consider Dubai as a home rather than a temporary destination for earning. This will directly influence the high demand for real estate.