Permanent residency could help bring in more investors
Lynnette Abad, director, research and data, Property Finder Group, said Dubai has an interesting mix of factors happening right now and we have to look at the local, regional and global markets in order to understand the main drivers of supply and demand.
As for the local economy, she said Dubai’s leadership has issued a number of initiatives as far as a 10-year residency visa for certain professionals in scientific and data-related fields as well as a five-year residency visa for retirees who are able to meet certain criteria as well as the issuance of 100 per cent ownership for foreign businesses.
“While those initiatives were welcomed in order to boost market sentiment, we are still waiting to see what the concrete framework is so those can begin to be issued,” she said. Similarly, she said Abu Dhabi’s leadership has issued a stimulus package worth Dh50 billion. It is clear from the speed at which announcements are made that the country is looking to react quickly to stave off any further economic challenges. However, considering the wider regional issue of declining demand for oil from the Middle East, there is a need for not only the UAE, but also the GCC to diversify their economies further.
“Dubai was quicker to begin this process by investing heavily toward generating tourism and business and we look for that to expand,” Abad said.