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What the new residency extensions mean for investment property

What the new residency extensions mean for investment property

What the new residency extensions mean for investment property

The recent proclamations for the extension of visas for certain professionals have created a joyous moment for investment property in the country. The decision to provide 10-year visas is seen as a wake-up call for the property market.

Demands for both residential and commercial properties are expected to see a momentous rise which can put an end to the aftereffects of oversupply and scanty affordable housing.

On the release of this move, shares in several property companies saw a tremendous rise indicating that Dubai’s property market may finally provide a solution to highly leveraged purchases and even property flipping which led to price fluctuations.

Trading of property stocks has risen with Emaar Properties and Damac Properties up 2.9 per cent and 4.8 per cent respectively. Abu Dhabi’s Aldar also closed at a rise of 1.4 per cent a day after the decision.

Home prices have seen a steady fall in the Emirate shocking economists who anticipated a rebound as early as 2017. According to data from the Dubai Land Department, real estate sales in the first quarter amounted to 18.8 billion Dirhams, half of which was achieved in the same period a year earlier.

Currently, the property visa is a two-year renewable visa issued by the Dubai Land Department for a freehold property worth Dh1 million or more on the title deed. A six-month residency visa also exists which applies to property purchases across the UAE.

While the move has rejuvenated hopes all over, it still fails to provide the security of a permanent residency scheme. However, with investors now having greater incentive to stay back along with the added advantage of a 100 percent ownership scheme(expected to be finalized by the year end), the move will surely drive investments and improve sales prices in the subsequent quarters.

These measures further echo the serendipity of real estate is a perfect market to enter and properties being at their best period for buying.

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