The UAE is known for its strict visa policies.
“The race for excellence has no finish line.” Sheikh Mohammed bin Rashid Al Maktoum.
The manner in which Dubai has become a hub of investment in a span of 30 years and the way the next 20 years have been planned, this country has made the quote of Sheikh Mohammed bin Rashid quite literal.
The Journey of Dubai
A critical turning point in Dubai’s fortune was the discovery of oil in 1966 under the leadership of Sheikh Rashid al Maktoum. He set the foundation of the meteoric growth that Dubai has seen in the last five decades. Today, this booming city has the world’s largest tower (Burj Khalifa), is ranked in the top 10 safest cities in the world and boasts best in class infrastructure, facilities and a thriving tourism industry. It also has country-wide charities like Dubai Cares and Noor Dubai, which work tirelessly in the upliftment of the underprivileged.
Dubai didn’t just grow as a tourist hub but also rose as the focal point of investment in the middle east. Back in 2014, Dubai received an investment of AED 109 billion (US$ 29.7 billion) from 41,000 investors in the real estate sector alone. Naturally, this flood of investment and the sky-high demand for prime residential units pushed Dubai toconstruct round-the-clock.
From baren land to fully developed Downtown Dubai, Dubai Marina, Business Bayand Jumeirah Beach Residences, these high-end best community in Dubai developed fast and were sold out even faster, at sky high prices. Downtown Dubai offers 100+ buildings and 10,000+ homes. In 2018, Dubai Marina was home to 50,000+ residents in a stretch of 2 miles. All these communities have a majority of projects that are a decade old with very few new ones coming up.These projects, which were once full of potential, are now thriving hubs, full to the brim.
Since then, new ‘budget conscious’ communities have sprouted up. Areas like Jumeirah Village Circle and Arjansaw a skyline full of cranes. More pocket friendly investment options for families that wanted newly built homes that are still close to the centre of Dubai.
The Current Scenario
Most of the ‘prime locations’ of Dubai are now over utilized. The non-stop construction has led to a property glut which has brought down average real-estate prices in Dubai significantly. The current COVID situation didn’t help either.
Compared to mid-2014, the property prices in Dubai are down approximately 27%lower due to the drop in oil prices, general geopolitical changes and now COVID. A market that peaked 7 years ago in 2014, is now up for grabs at very reasonable prices.
That being said, in 2020 Dubai recorded sales of over AED 175 billion (US$ 48 billion) in real estate transactions, despite the corona virus pandemic and economic uncertainties! Last year, as published by Bloomberg, developers delivered more than 39,000 homes.The estimate for this year is 53,000, however only 50% is expected to be realized.
So, what does all this tell us? Is Dubai’s property glut a boon or a bane for investors?
Well, it depends on where you, as an investor, stand currently. People who invested in 2014 are definitely feeling a pinch but the strong rental income at that time would have helped recover most of their investment already.
Today’s market however is rare. It is currently in that sweet spot of investment, owing to low prices,the promising future of Dubai, its infrastructure and how the nation has handled the pandemic and protected its citizens and residents.
What the Future Holds
Once the world steps into the post-COVID era, these low property prices are bound to rebound, especially considering the new 2030 and 2040 plans announced for Dubai.
The Dubai Industrial Strategy 2030 aims to elevate Dubai into a global platform for knowledge-based, sustainable and innovation-focused businesses.The strategy is projected to help generate an additional AED 160 billion by 2030.
The Dubai 2040 Urban Master Plan maps out a comprehensive plan for a sustainable urban development in Dubai. It focuses on enhancing people’s happiness and quality of life and reinforcing Dubai as a global destination for citizens, residents and visitors over the next 20 years.
The Master Plan aims to encourage mass transit use, walking, cycling and the use of flexible means of transportation.The plan also seeks to develop integrated sustainable housing complexes to meet the needs of citizens. Integrated communities will be developed according to the highest planning standards, with green spaces, commercial centres and recreational facilities aimed at enhancing human well-being.
If you are seriously thinking of buying real estate in Dubai, now is the best time to invest. Prices are low, infrastructure is world class, you have multiple options to choose from and thanks to the current leadership, the future of the city is very bright. While areas like Downtown Dubai and Dubai Marina are full and areas like Arjan and Jumeirah Village Circle are not completely developed, you can check out best apartments in Jumeirah Village Triangle (JVT).
Situated between the 2 main highways of Dubai, JVT offers a refreshing view in contrast to the concrete jungle that other locations offer. This community is already developed and is in proximity to all the key areas of Dubai; like Mall of the Emirates, The Beach JBR, both airports, Downtown Dubai and DIFC. It has excellent schools in the community itself and a stellar newly built mall and hotel opening in Q4 2021.It has several parks, tennis courts, walking paths and beautiful green spaces. All things considered, JVT is quite a catch, especially since there are a few new developments coming up as well.
In JVT, check out ZāZEN Properties. Their project is 33% complete and is scheduled to be delivered by Jan 2022. It has facilities like 24×7 security and maintenance,temperature-controlled pool,jogging track, rooftop BBQ area,Kid’s play area, resident’s lounge and private study area with Wi-Fi. With just 86 units, the ZāZEN One project provides a complete community experience at very reasonable prices. You can call or WhatsApp + 91750 170 9376 to find out more.
Now is the time to invest, not to wonder if you should invest.
Country offered only two types of residency visa options.
Based on the investment value, UAE offered a 6-month multiple entry visa and a 2-year residential visa.
However, in an effort to further boost its economy and bring in the best and brightest minds, the UAE has revised the terms of its residency program. They are now allowing promising investors and skilled professionals to apply for a 5 or 10-year visa, encouraging them to be part of the next growth phase of the nation and making UAE their primary or secondary residence.
In 2019, 6,800 investors from over 70 countries with investments totalling AED 100 Billion (USD 27 Billion) were given permanent residency in the Emirates.
Another interesting fact is that 90% of the UAE’s population, approximately 10 million inhabitants, are foreign nationals. That’s 10 million people who have migrated to the Emirates. (Source: CNBC)
These statistics clearly show that the UAE is not only a thriving economy with great potential but is also open to welcoming people; people who are looking to pursue their dreams and enhance their standard of living.
If you fall into one of the categories above or want to learn how you can qualify for a UAE residence visa, read on to understand the new rules, eligibility criteria, and the impact of the new residency program in the UAE.
UAE Long-term Visa: Who’s Eligible for the 10-year Residency Visa Permit?
Recently, the Ruler of Dubai, Vice President and Prime Minister of the UAE, H.H. Sheikh Mohammed Bin Rashid Al Maktoum, launched long term residency programs, namely, a 5-year residency program and a 10-year residency visa program, also known as the Golden Card.
As of May 1, 2019, six categories of people qualify for the long-term residency program in the UAE:
UAE Long-term Visa: Who’s Eligible for the 5-year Residency Visa Permit?
Apart from the 5 and 10-year long term visa programs, the UAE government has also introduced two new visa reforms recently, namely;
● Remote Work Visa
● Multiple-entry Tourist Visa
What Does it Mean for Investors?
In a Nutshell
By introducing the Long-term Residency Programs, the UAE has not only taken a huge leap towards greater investment opportunities but also opened doors to people striving to call the Emirates their home.
The launch of the citizenship program from the UAE has also led to a series of foreigner-friendly reforms, like legalising cohabitation, allowing alcohol purchase without a license, and permitting 100% foreign business ownership, allowing the Emirates to become a major trading and business hub.
If you are an investor, an entrepreneur, a professional, or a retiree, looking to settle down in the UAE – one of the world’s safest places to live in, you should consider a long-term residency investment.
ZāZEN One offers investors and home buyers a very promising investment option. With just 86 modern and spacious residential apartments, ZāZEN One brings you the best in Smart Community Living – with a world of possibilities right at your doorstep.
Experience their project here and make sure you are investing right.