Walid Al Zarooni, CEO of Dubai-based real estate brokerage W Capital and a real estate expert, believes that Dubai's real estate sector is expected to recover rapidly by attracting more than 65,000 people who have been granted golden visas.
Global research says Dubai is expected to attract a large share of the citizenship market through global investment, which is expected to grow fivefold to US$100 billion by 2025.
Al Zarooni said Gold Card holders are always potential investors in Dubai real estate and each of them may be planning to buy property for themselves and their families. This means that the huge economic returns from the Gold Card come from activities in a number of sectors such as education, consumer spending and health.
Like other types of visas, the UAE Gold Residence Visa aims to attract independent entrepreneurs and business talent, strengthen the local economy, support diversity and economic growth, and attract outstanding minds and talents to become permanent partners in the UAE's development process, he said. This vision will work to enhance the UAE's position as a global incubator of innovation and talent.
Al Zarooni highlighted that the UAE's Golden Visa and residency permits for retirees play an integral role in attracting more investment to the Dubai real estate market as it provides a strong reason to invest in the country and provides a sense of reassurance to its residents, making the UAE a second home for many global innovators and influencers. As such, it is one of the key tributaries feeding the real estate sector.
"Dubai is keen to enhance its population growth through various measures to attract investors with high net worth and skills, which will have a positive impact on the real estate sector in the medium term, enhancing demand for the luxury housing category," said Al Zarooni. Dubai aims to increase its population to 5.8 million by 2040.
Al Zarooni praised the high demand for the UAE's golden residency visa programme and the recent expansion of the residency programme to accept visa applicants from a variety of sectors, including entrepreneurship, science, healthcare and many others.
Al Zarooni believes that the length of the residency period encourages real estate tenants who are granted Golden Residency to choose to purchase a property because, for example, when calculating the total value of rent paid for a residential unit, whether a flat or a villa, in Dubai over a 10-year period, it is close to the price of owning the unit itself, so it is better to purchase the unit, which is also a good investment that can be recovered at any time.
The CEO of W Capital said that investors can obtain a golden visa after fully owning a property worth no less than AED 2 million (US$540,000), with the advantage of obtaining a golden residency when purchasing a property with a loan from a specific group of UAE banks.
