New Retirement Visa Plan in UAE to Help Boost Property Market in Dubai. UAE cabinet adopted a law that will see a five-year renewable visa provided to expatriate pensioners over the age of 55. In order to apply, the retiree must own a real estate investment worth Dhs2m ($544,510), have financial savings of more than Dhs1m ($272,255) or proof of income of more than Dhs 20,000 ($5,445) a month where the applications will be received from 2019. The law is welcome news for expats living here in the UAE. It gives a sense of security for those nearing retirement age and may encourage expats to put down more stable roots. People will no longer look at Dubai as a short-term plan but rather as a place that can become home. Dubai’s property market has seen a slump in the last few years, with rents and sales prices continuing to drop.
Real estate transactions in Dubai dropped by 15.9 percent in the first half of 2018 to reach Dhs111bn, according to data issued by the Dubai Land Department (DLD). Property brokers in the emirate also earned 30 percent less in commission in the first half of 2018 than they did in the same period last year, the DLD said. Dubai property agents see 30% drop in commissions in H1. But the new law will attract higher levels of foreign direct investment, especially in the property sector.
While some expats living in the UAE will still inevitably want to return to their home countries, there are a host of people who would be happy to continue to make the UAE home for as long as the government extends a place for them. With many property developers offering new and attractive flexible payment plans, coupled with lower prices and now the government’s support for people to stay in the country longer, we hope to see continued investment in the property sector.” According to Property Finder’s research, over the last few years, the trend of people over the age of 50 buying property in Dubai has declined by about 40 per cent. “This could be attributed to the fact that retirement was never a viable option here. This new law, along with the Abu Dhabi’s Tomorrow 2021 plan, will surely boost the market overall.
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