We all know that the traditional system concerning the residency of expatriates in Dubai required such individuals to be sponsored either by the company they’re employed for or by a family member who is otherwise sponsored or employed.
This scenario is expected to change, owing to how the officials recently announced a five-year residency visa for such expatriates who are retired and 55 years of age or over.
In order to be eligible for the visa, these residents will need to meet one of the following requirements:
- The expat should have an investment in a property worth Dh2 million
- Have savings of no less than Dh1 million
- Have an active income not less than Dh20, 000 per month
Well, the question arises: what does this mean for Dubai’s property market? Regardless of how you might choose to look at it, the fact of the matter is that it’ll serve to boost the Dubai property market. Moreover, when you consider how an announcement was made earlier for 10-year residency visas for certain investors and professionals, you have to say that the property prices in Dubai are expected to dramatically increase in the near future.
What should you, as an investor, do in such a scenario? You need a buy off plan before the market goes up. And you need to do this now. If you don’t, the prices will inflate in the near future and you’ll find yourself wondering about what could’ve been. Currently, the Dubai property market is witnessing a correction of prices. This should instil confidence not only in the investors but also in such individuals who wish to make Dubai their home. However, enough stress cannot be laid on how this is the right time to buy off plan before the market goes up!