Real estate expert Walid Al Zarooni, CEO of Dubai-based real estate brokerage “W Capital“, expected fast revival of the Dubai real estate sector, benefiting from attracting more than 65,000 people who got the golden visa .
Al Zarooni revealed that golden card holders are always potential investors for real estate in Dubai, and each of them may be planning to buyi a property for himself and his family. This means huge economic returns on the golden card that result from the activity of multiple sectors such education, consumer expenditure and health.
Al Zarooni stated that the goal of the UAE Golden Residency Visa, like other types of visas, aims to attract independent entrepreneurs and business talents, to enhance the local economy, support diversity and economic growth, and attract exceptional minds and talents to be permanent partners in the UAE development process. This vision will work to improve the UAE’s position as a global incubator for innovation and talent.
Al Zarooni stressed that the golden visa in the UAE and residency permits for retirees play an integral role in attracting more investment to the real estate market in Dubai, as it provides a strong reason to invest in the country, and provides its residents with a sense of reassurance to make the UAE a second home for many global innovators and influencers. Therefore, it is one of the important tributaries that feed the real estate sector.
“Dubai is keen to enhance its population growth through various measures and attract investors with high net worth and skills, which will have a positive impact on the real estate sector in the medium term and enhance the demand for luxury housing categories,” Real estate expert Walid Al Zarooni said. Dubai aims to increase its population to 5.8 million people by 2040.
Al Zarooni praised the high demand for golden residency visa programs in the United Arab Emirates, and the recent expansion of the residency program to accept visa applicants from various sectors, including entrepreneurship, science, health care and many others.
The golden visa system provides categories of long-term residency visas in the UAE for a period of five years or ten years, depending on the category. Al Zarooni believes that the length of the residency period encourages real estate tenants who obtain the golden residency to choose buying the property, because, for example, when calculating the total value of the rent paid to rent a residential unit, whether an apartment or a villa, in Dubai over a period of 10 years, it is close to the price of owning the unit itself, so it is preferable to buy the unit, which is also a good investment and can be recovered at any time.
The CEO of “W Capital” stated that investors have a share of the new facilities in obtaining the golden residency; where they can obtain it upon full ownership of a property with a value of not less than 2 million dirhams, and there is the advantage of obtaining the golden residency when buying the property with a loan from a specific group of UAE banks, and a feature has been introduced that enables the real estate investor to obtain the golden residency when buying real estate off the map , provided that its value is not less than two million dirhams from approved local companies.
Global research reports say that Dubai is expected to attract a large share of the citizenship market through global investment, which is expected to grow five folds to $100 billion by 2025. The residence visa by investment provides talents coming to the UAE with residence, work and study opportunities, while enjoying the exclusive benefits offered to them .
The advantages of a renewable long-term residence visa include the ability to stay outside the UAE for more than six months without invalidating the residence visa, working in the country without the need for a work sponsor, issuing residence permits for family members and domestic helpers, as well as allowing family members to stay in the UAE for the entire period of validity of their residency, in the event of the death of the golden residency visa holder.