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.