The five-year residency visa announced by the UAE government is not only a godsend for retired expats but will also go a long way in boosting the real estate sector in the country. As a consequence of the announcement, there is expected to be a marked increase in investments made in the property sector.
This is also anticipated since one of the clauses mentioned in the visa requirements is a minimum investment of Dh 2 million in real estate in UAE. Thus, residents may make a beeline to invest in properties. Meanwhile, experts are of the opinion that this could even herald a new real estate domain – that of communities for retired folks.
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There are many expats in the country who would be willing to make the UAE their home for as long as the government allows. The government earlier also announced the 10-year residency visa for investors and highly skilled professionals, which is expected to be additional factors that would see an incline in real estate investments. All said and done, it seems UAE is in for a real estate boom.