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How the UAE’s new visa rules could affect real estate

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The UAE government recently announced new visa legislation, here we look at how it could affect the country’s real estate market

Earlier this year Dubai announced that the emirate was opening up its long-term visa options to a greater number of non-Emirati residents. Now, the UAE government has gone one step further, announcing new rules which will allow a more flexible approach to work visas in the country.

On March 21, HH Sheikh Mohammed, vice president and prime minister of the UAE, and the ruler of Dubai said in a tweet: “During a cabinet meeting I chaired, we approved a new Remote Work Visa that enables employees from all over the world to live and work remotely from the UAE even if their companies are based in another country.”

The one-year visa is likely to significantly impact the rental market in the country if the country sees uptake from the new legislation. While it is unlikely that those currently working from home due to the COVID-19 pandemic will buy-in to the new scheme, it is expected that the global uptick in the emerging gig economy could create demand for the new scheme.

Meanwhile, the second piece of legislation announced which will allow tourists to enter the country multiple times for 90-day visits over a five-year period is expected to also create an increase in demand for short-term let contracts in the country’s real estate market.

 

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