A key UAE real estate body has said that the country’s market is on track for growth in 2021, as a result of the UAE government’s quick response and roll out of incentives in response to the COVID-19 pandemic.
“The government measures helped in strengthening and supporting various economic activities, and greatly boosted the speedy recovery and resumption of normal economic activity. They are added to a number of measures and packages of initiatives to limit the effects of the virus outbreak,” said Muhammad Binghatti, CEO of Binghatti Developers.
CONTRIBUTING FACTORS TO REAL ESTATE GROWTH
Binghatti also highlighted several other factors that he said indicated that 2021 would be a positive year for the country’s real estate market. Factors included the rapid rise following decline in the market, in terms of real estate transactions. He also suggested that increased cash flow in the market – due to residents and citizens not traveling – had also contributed positively to the increase in real estate transactions. Moreover, he said that Dubai Expo 2020 would bring an increase in investment in the city and beyond, in the latter months of the year.
THE OPENING UP OF CITIZENSHIP TO NON-EMIRATIS
Another key factor expected to stimulate real estate growth this year is the announcement that the UAE will be opening up citizenship options for foreigners in the country. The country is the first Gulf Arab nation to offer expatriates the option for greater investment in the country and its future.
The move follows the decision last year to abolish the requirement for foreign business owners to have local Emirati stakeholders.
Announcing the new development, HH Prime Minister Sheikh Mohammed Bin Rashid Al Maktoum said: “The new directives aim to attract talents that contribute to our development journey...The changes will allow the UAE to grant citizenship to selected investors and professionals, including scientists, doctors, engineers, artists, authors and their families.”
Those who wish to take part in the scheme must own a property in the UAE, which will no doubt be a boon for the country’s real estate market. According to WAM, the UAE government’s official media source, other requirements include:
- [Applicants] must obtain one or more patents that are approved by the UAE Ministry of Economy or any other reputable international body, in addition to a recommendation letter from the Economy Ministry
- Doctors and specialists must be specialized in a unique scientific discipline or any other scientific principles that are highly required in the UAE.
- Scientists are required to be an active researcher in a university or research centre or in the private sector, with a practical experience of not less than 10 years in the same field.
- Individuals with creative talents such as intellectuals and artists should be pioneers in the culture and art fields and winners of one or more international awards. A recommendation letter from related government entities is mandatory as well.