The United Arab Emirates (UAE) government has approved policy changes concerning foreign business ownership. Their efforts encourage foreigner and expatriate populations to make investments and put down more permanent roots.
Real estate websites like Property Monitor can track the development of real estate growth in Dubai and monitor how policy changes affect investments in different business sectors.
Foreign Business Ownership
Under the UAE’s existing residency system, foreigners have to renew their visas for residency every two years. This time span proved too short, as few high-earning professionals could justify making investments.
Gulf News reports that the UAE government is revising this policy. Investors and science, medical, and technical professionals can now apply for 10-year residency visas. Allowing full foreign ownership for Dubai-based businesses encourages the transition to owning full-time residences and gives people the confidence to settle down.
These resident and investor friendly reforms are revolutionary and can help boost the city’s economy and housing industry.
World Expo 2020
According to Mansion Global, by the time the World Expo in 2020 comes around, the UAE will experience a boost in infrastructure and construction.
Dubai Creek Harbour, in particular, will grow to have several high-end residential areas, as well as the biggest shopping mall, largest Chinatown, and the tallest structure in the world, the Burj Khalifa. Plans are also in place to build the world’s first Hyperloop shuttle to close the 140 km distance between Dubai and Abu Dhabi in just 12 minutes.
Compared to other countries in the region, the UAE attracts the most foreign direct investments. It aims to encourage more foreign talent and businesses to further grow the expatriate and foreign population.
Long-term foreign residents belong to a largely untapped pool of home buyers and investors. Once the UAE is able to tap into this demographic, its status as one of the most investor-friendly countries in the world will be solidified.
As the UAE continues to roll out foreigner and investor-friendly policy reforms, it is likely that Dubai will continue to see growth in real estate and in the foreigner population. The next few years will see the impact of these new policies on the real estate landscape.