Demand for real estate surges following new UAE visa regulations – Construction Week Online

Demand for real estate surges following new UAE visa regulations – Construction Week Online

The number of enquiries by Dubai residents and visitors registering their interest to buy real estate units has tripled following the government announcement laying down the new UAE visa rules, according to real estate brokerage Union Square House (USH).

The new visa regulations will come into effect in September 2022, making the UAE a truly second home for many expats.

Gaurav Aidasani, founder and managing director of USH, said: “The various efforts undertaken by the UAE government in the wake of the pandemic to date have been remarkable. The recent stimulus package in relation to loosening visa restrictions is one of the finest shake-ups to the nation’s visa system, positively impacting countless vital sectors including real estate. This move is boosting demand and may send Dubai property prices skyrocketing.”

Dubai aims to increase its population from 3.5mn in 2022 to 5.8mn by 2040. This creates even further demand for residential, commercial and hospitality properties.

Owning properties worth $544k allows an investor to obtain the Golden Residence.Revamping the UAE residency system

The new rules represent a major revamp of the UAE visa residency system, easing the eligibility criteria for long-term visas, including Golden Visa, Green Residency, and long-term entry permits for investors, entrepreneurs, professionals, job seekers, students