In one of the major announcements made by the U.A.E. government, it is now planning to allow 10-year residence visas for skilled workers and investors. This comes as the Gulf nation takes off the foreign ownership limit, allowing 100% foreign ownership in the country.
The decision to enhance the economic outlook of the country was welcomed by several expats. Commenting on the new reform Samer Abdin, General Manager of dubizzle Property said, “The new long-term visa for international investors and specialist professionals will have far-reaching impacts on the property market in the U.A.E.”
“We applaud this decision from the U.A.E. government that will undoubtedly give more confidence to investors and, in particular, property owners.
This change will help boost the real estate sector and encourage more foreign investment in the market, resulting in a more vibrant property industry and less transient expat population who are now more likely to purchase their homes in the U.A.E.”
In a recent study by the Dubai-based online property portal dubizzle it was revealed the top ten nationalities investing in the U.A.E. real estate market. According to the study, India tops with 19% investments followed by Saudi Arabia with 16, U.K. with 15%, U.S. with 13%, Pakistan with 10% and Ireland with 8%. Other countries included Egypt, Jordan, Kuwait and Germany.
Real estate transactions in the first quarter of 2018 amounted to $16 billion (AED 58 billion) through 13,759 transactions. Of the total transactions U.A.E. nationals outnumbered all other nationalities with 1,587 transactions, followed by Indians with 1,550.