Walid Al Zarooni, Chairman of “W Capital” real estate brokerage, said that the new residence system set by the United Arab Emirates within the targeted “50 years” projects is the magic solution for the continued recovery of real estate in the medium term.
Al-Zarooni stated that the nation’s strategy for the new residency track maintains population growth to adequate levels, which will therefore boost the demand on houses for residency, whether by purchasing or renting.
The head of “W Capital”, confirmed that the introduction of the new green residency system will be preferred by many individuals, as it decouples the residence permit from the work permit, so that self-residency is on the individual or employee and not on the company, which work well for the residential real estate sector.
Al-Zarooni revealed that the new system also include the introduction of the free residence system, which is the first of its kind at the federal level, and is intended for independent self-employed workers without the need for a work permit and an employment contract, and of course will create more demand within the real estate market, and support the price recovery.
Walid Al-Zarooni also indicated that the procedures also included extending an entry permit for visit or work to 6 months instead of 3 , and adding the parents within the individual’s residency.
“This is, of course, a new addition to the naturalization procedures offered by the government and the golden residency granted to many categories,” Al-Zarooni said. “Together, these steps constitute a shift that will be felt by the real estate sector in the short and medium term, and its positive effects will be clear in the long term,” he added.
Al Zarooni expected real estate prices in Dubai to rise by 10 to 15%, with the support of plans to grant new residences and facilitate them for individuals and families to live safely in Dubai. “There will also be a positive impact of other several factors, including the organization of the upcoming Dubai Expo 2020 during the next month. The event which lasts for 6 months, will attract 25 million visits,” he said.
Al-Zarooni believes that the high returns on real estate in Dubai will be an attractive factor for investors who will prefer the emirate to other cities in the region, as Dubai is the best financial center in the middle east and starves to continue their lead in the coming years.
He stressed that the investors’ confidence in Dubai is increasing day after day thanks to the regulations and laws that preserve their rights and encourage them to invest in the emirate and be assured of their money, ease of entering and exiting the market , maintaining the value of their investments and even gaining fruitful results while getting profits in many cases.