Buyer demand for homes above 2 million dirhams is increasing, following the UAE’s move to change the qualification requirements for its 10-year Golden Visa scheme, a real estate developer in Sharjah said.
Arada, which is building luxurious communities in Sharjah, said it was truly seeing the benefits of UAE’s increasingly progressive approach in issuing residence visas – particularly on supporting the growth of the country’s property market.
“We’ve seen a number of positive changes in the regulatory environment in the UAE over the past couple of years that have made it easier for both residents and overseas investors to plan their long-term future here. These new changes have provided a real boost to the local real estate market,” Ahmed Alkhoshaibi, Group CEO of Arada, said.
He added the recent change in qualification requirements for Golden Visa eligibility has “resulted in a healthy increase in buyer demand for homes above the 2 million dirhams mark.”
Just recently, the UAE announced that owning properties worth 2 million dirhams will allow investors to obtain the 10-year residence visa, a significant drop in required property investment. Taking effect in September this year, the new rules also don’t include any specifications on the property transactions – whether the units or ready of off-plan or paid through mortgage or in cash.
Many developers reacted positively to these policy adjustments, praising the UAE government for its active efforts in turning the country into a global hub. For Sharjah developer Arada, the new rules present a good opportunity to further boost their sales – explicitly advertising their properties as a way to obtain the Golden Visa.
“Anyone who purchases property from Arada valued at AED2 million and above and who wants to apply for the Golden Visa will receive assistance from our dedicated after-sales team, who will be happy to walk them through the process,” its CEO told Arabian Business.
It makes sense for foreign investors to be attracted to UAE’s Golden Visa scheme, another real estate developer implied, given the UAE’s strategic geographical location.
“The UAE sits at the crossroads of Europe, Asia, and Africa, providing easy access to many of the world’s fastest-growing emerging markets,” Faisal Ali Mousa, chairman of FAM Holding, said.
“The property market has witnessed a positive outlook in the first quarter of 2022 on the back of a string of government initiatives, economic growth, and improved market sentiment,” he added.
Earlier this year, the Dubai developer announced its intention to list on the parallel market of Abu Dhabi Securities Exchange. Al Mousa said 2021 has been a profitable year for his firm and he is expecting for further growth “more investment both local and foreign, focusing on real estate.”
“The property market has seen a boom again after the Covid-19 pandemic. The main reason behind this is the UAE government’s commitment and efforts in ensuring that all the main sectors are continuously evolving through different initiatives,” he explained.
These comments come as an earlier report showed the UAE as a top destination for millionaires this year. The Henley Global Citizens Report said around 4,000 high net worth individuals are set to migrate to the country, surpassing countries such as Australia, Singapore, Canada, and other big economies.
“UAE has become a hub of investment post-Covid and Expo 2020 Dubai. Millionaires are always on the hunt for such investment opportunities to grow,” FAM’s Ali Mousa said.
Follow us on
