New residence system key to realty – GulfToday

  • Date: 13-Sep-2021
  • Source: Gulf Today
  • Sector:Real Estate
  • Country:UAE
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New residence system key to realty – GulfToday

The new residence system set by the UAE within the targeted “50 years” projects is the magic solution for the continued recovery of real estate in the medium term. This was stated by Walid Al Zarooni, Chairman of W Capital real estate brokerage, during an exclusive interview with Gulf Today on Monday. Al Zarooni stated that the nation’s strategy for the new residency track maintains population growth to adequate levels, which will therefore boost the demand on houses for residency, whether by purchasing or renting. The head of “W Capital”, confirmed that the introduction of the new green residency system will be preferred by many individuals, as it decouples the residence permit from the work permit, so that self-residency is on the individual or employee and not on the company, which work well for the residential real estate sector. He revealed that the new system also include the introduction of the free residence system, which is the first of its kind at the federal level, and is intended for independent self-employed workers without the need for a work permit and an employment contract, and of course will create more demand within the real estate market, and support