Developers must incentivise buyers as UAE rolls out Gold Card
Property Finder says permanent residency system will result in greater investment, but competitive offers are needed
UAE real estate developers must incentivise potential buyers and investors in light of the recently introduced Permanent Residency 'Gold Card' programme – which was announced by HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai in May 2019 – as well as new investor visa structures, by offering schemes that can help their products stand out in a competitive market, according to director of research and data at property technology (proptech) firm Property Finder, Lynette Abad.
Around 6,800 people have been granted Gold Card access in the first round of applications, and in a statement, Property Finder said developers must recognise "the increase in freelance workers and the importance of fostering environments that support entrepreneurs".
Describing Gold Card as a “game-changing” opportunity for the real estate industry, Abad continued: “Initiatives and new regulations like these are expected to have a positive impact on the real estate market in Dubai.
"The more the government offers to entice talent and companies, the easier it will be for them to settle here and call Dubai home. Then, the investment should follow suit.”
Until now, expats in the UAE were held back from investing and owning property in the country due to the short-term nature of their employment visas.
Property Finder’s expert said the permanent residency system could change this, and pave the way for a better market prospects.
"[The Gold Card] is definitely a step in the right direction and very much needed to stimulate investment, especially foreign direct investment," Abad added.