As the Dubai real estate market continues to recover from COVID-19, the announcement of the Dubai retirement visa is great news. The introduction of the retirement visa somehow solidifies Dubai’s standing to become the center in residential and commercial real estate. Aside from Dubai Expo 2020, this program is sure to boost Dubai’s real estate in the long-term. Let’s find out how this program will shape Dubai’s future.
Dubai Real Estate Expects to Boom Dubai Retirement Visa Introduction
Just recently, the government introduced the Dubai retirement visa. The said visa will be eligible first to UAE residents. One of the conditions set by the government is for the ex-pats to properties amounting to at least AED2 million. This opens up vast opportunities in the Dubai real estate market. Property developers are now eager to tap the ex-pats aging 55 and above, which were restricted before.
According to the Dubai Statistics Center, around 170,000 ex-pats aging 55 and above live in Dubai. The ex-pat community comprises almost 92% of the Emirate's population. Based on these figures, the Dubai real estate experts estimate they could produce at least 10,000-15,000 properties even if 10% of them pass the criteria.
A Booming Market
Even then, the market can still tap the approaching retirees market. This group comprises ex-pats aging from 45-54 years old. They also make up 12% of Dubai's population. This gives Dubai real estate stakeholders the enthusiasm to invest in the property market for the next few years.
Aside from the promising ex-pat market, the real estate market is also eyeing the foreigners who availed of Dubai’s gold visa since mid-2019. The launch of a long-term resident visa caused a spike in the number of business licenses issued in Dubai. Dubai's resident visa programs urged more foreign investors to live
in Dubai. Having property ownership as a requirement plays a significant factor in the market.
As of this writing, the Dubai government only opened phase 1 of retirement visa to ex-pats living in the Emirate. However, it plans to expand offering the visa to non-resident ex-pats. When this happens, the Dubai real estate can expect a boom in property demands. This is because more and more retirees will consider Dubai as a primary retirement destination. The emirate can then compete with other sunny destinations like Florida or the Mediterranean.
Not only it improves Dubai’s real estate market, but it also urges Dubai to improve social services. Dubai isn’t only aiming to become a commercial global hub; but also Dubai will see to it that it'll improve its quality of life, facilities, and services to entice foreigners in retiring in Dubai. This also serves as a silver lining for property developers to continue their real estate project amid pandemic.
A Vast Opportunity Ahead
The news of the retirement visa launching certainly brought a heightened hype for property developers. According to Dubai real estate experts, they're now eager to market their existing properties to retirees. What's more? The retirees can also take advantage of lower prices, flexible payment terms, and incentive packages!
Since the industry is still recovering from the pandemic, the retirees can have more power and options in finding the best property for them. That’s why property developers encourage retirees to take this golden opportunity now.
Meanwhile, the developers will also have the opportunity to develop rest homes in prime locations. These prime locations will also have easy access to the community, shopping centers, entertainment, leisure, and healthcare facilities.
Looking for a perfect property to retire? Check out our listings now! Our variety of properties are perfect depending on your budget, needs, and preference. Feel free to check out our listings or contact us for more info.