Citizenship law will spice up UAE’s realty sector

The UAE real estate sector will gain pace from the recent amendment of granting UAE citizenship and passport to investors, professionals and talented individuals, which represents an additional driving force for the sector in the coming years.

Walid Al Zarouni, chairman, W Capital, said this exceptional amendment represents a quantum leap in the UAE real estate landscape, as it holds the prospects of creating strong demand and paves the way for launching more new projects.

“This will enhance the sector’s performance and expand investments,” he added.

Al Zarouni believes that the amendment of the Nationality Law represents a new attested initiative to attract investors, skilled individuals, and talented people of high competencies to the country. He mentioned that the amendment of the Nationality Law would create an additional demand for units in the real estate market, especially because the investor category within the amendment stipulates that they own property in the UAE. That also will boost the attraction of talents and creators to enlarge an incubating and stimulating environment for them, through family stability which helps to increase demand and ease the supply of residential units.

“With the increase in the number of end users in the market, as a result of attracting sustainable, serious and effective groups in societies, these individuals will be encouraged to stay in the country for long periods of time, so they look for housing units that suit their needs and long stay, which will stimulate ownership decisions instead of rent,” he added.

“The recent initiative helps stimulate UAE real estate developers to expand their residential projects, which are expected to increase in demand from investors and groups covered by the amendment of the Nationality Law.”

“The amendment contributes to supporting the steady growth of investments in real estate service assets, such as in the development of schools and hospitals, due to the high investment returns, in addition to other real estate investments such as residential and commercial projects.”

“The importance of changing the Nationality Law also highlights the possibility of attracting a new segment of high net worth real estate investors, in a way that supports the strong demand for buying and investing in the sector, amidst the ambitious plans for sustainable development in the UAE.”

“The amendment of the Nationality Law is one of the main pillars of pushing real estate prices in general, and supporting the increase in purchasing power in the sector. That will stem from with the increase in the number of residents investing in the country, in addition to the increase in demand for land lots, villas and commercial buildings, as well as the areas of UAE and Gulf nationals because they are free of service fees which attract more investors to these areas.”

“The move will help attract more investments in the real estate sector and inject more liquidity needed to launch new projects.” Al Zarouni concluded.

— business@khaleejtimes.com