New residence system key to realty
- 13 Sep 2021
Inayat Ur Rahman, Business Editor
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 the price recovery.
Al Zarooni also indicated that the procedures also included extending an entry permit for visit or work to 6 months instead of 3 , and adding the parents within the individual’s residency.
“This is, of course, a new addition to the naturalization procedures offered by the government and the golden residency granted to many categories,” Al-Zarooni said. “Together, these steps constitute a shift that will be felt by the real estate sector in the short and medium term, and its positive effects will be clear in the long term,” he added.
Al Zarooni expected real estate prices in Dubai to rise by 10 to 15%, with the support of plans to grant new residences and facilitate them for individuals and families to live safely in Dubai. “There will also be a positive impact of other several factors, including the organization of the upcoming Dubai Expo 2020 during the next month. The event which lasts for 6 months, will attract 25 million visits,” he said.
