Real estate in Dubai : new visa regime and life peculiarities

The Dubai luxury real estate market will be the best investment with Dubai ranked third among the world’s megacities in terms of the increase in the value of luxury properties.

Let’s have a look at the current state of the market, see how visa changes make it easier to move and discover peculiarities of an emirate that will make you fall in love with it.

Whether you’re considering buying property in Dubai or exploring other opportunities, the city’s allure is undeniable.

Luxury real estate in Dubai in 2023

Based on the latest data, the average capital value of luxury real estate is expected to increase by 4% to 5.9% in 2023, following a 17.4% increase in 2023, driven by economic recovery and demand outpacing supply.

The specialists note that in the second half of 2023, Dubai’s luxury real estate market reached the level of 2008, thanks to:

• strong consumer demand, 
• the national vaccination program, 
• the opening of airspace 
• and other government measures.

The specialists note that the increase in the value of luxury real estate in Dubai in the second half of 2021 was significantly affected by the excess of demand over supply, resulting in an average capital value growth of 3.2% compared to the same period in 2020 showing how the luxury real estate market in Dubai is gaining popularity every day.

The UAE visa changes 

In the UAE, by decision of the government, visa changes will come into force from September 1, 2022. As part of the visa reform, announced back in April 2022, tourists will be issued new entry documents that grant the right to visit the Emirates without the participation of a sponsor or inviting party.

The new UAE entry permits will reportedly make it easier for most foreign tourists, including students and job seekers, to visit the country. 

• According to official data, the validity of a tourist visa is being extended from 30 to 60 days. 
• At the same time, the provision of tourist multi-visas for a period of 5 years allows foreign citizens to stay in the UAE during 180 days a year or 90 days continuously.
• In addition, graduates of 500 world-renowned educational institutions and skilled professionals will be granted new entry visas for employment purposes. 
• Also, investors and businessmen will be granted new business visas or entry permits without the involvement of a sponsor or inviting party.
• At the same time, UAE residents will be able to obtain an entry permit for their foreign guests, and foreign students will be granted an entry visa for the purpose of studying or doing an internship in the UAE if they have a letter from the inviting party. 
• In addition, an entry visa will be granted to foreigners coming to the UAE during of an employment contract or project work with a letter explaining the purpose of the visit.

All of these will make it easier for people both to move to Dubai, and to rent out property to the tourists.

Life in Dubai

Have you already decided to move? Then let’s talk about the peculiarities of life in the United Arab Emirates.

1. One of the main advantages is the low crime rate, in this country you can easily take a walk in the parks at night or just go to the store. Many people leave cars and apartments open. This is due to the large number of CCTV cameras located throughout the city and harsh penalties for even minor offenses.
2. Another plus is a developed social sphere, a high level of medical care, and quality education. The country cares about comfortable living for both locals and expats;
3. Attitude towards climate in the Emirates is a subjective matter. Many people consider living in the summer all year round a dream, but do not forget about the most difficult time of the year – from May to October. The temperature in summer reaches +50 °C, the level of humidity rises significantly. Many residents try to go abroad for this period.
4. The economic stability of the country and a high level of income. Here, the average salary of even a waiter or bartender is about 130 thousand rubles.
5. The state clearly regulates the rules for hiring foreign citizens. The contract must always specify the working conditions and the exact amount of the salary. As a rule, the company bears the expenses for the employee’s accommodation, his medical insurance and preferential leave once a year.
6. Soft tax policy. Residents are exempt from income taxes, and many are provided with loans at fairly low interest rates, the UAE is a particularly favorable place for offshore investors.
7. Real estate prices in the UAE in 2022 start at USD 200,000. Such a purchase is not taxed, it pays off quickly enough, e.g., if you rent it out to tourists.

Real estate agency in Dubai

Whether you need a property for personal life or to rent it out, Ax Capital agency are ready to assist you with the choice and every step of the deal as right now lots of people are looking for apartments in Dubai Marina, UAE, but maybe, it will be you, who will successfully invest and earn a high ROI?