With the recent announcement from the Dubai Land Department about the changes to investor visa requirements, I have comments from Lewis Allsopp, CEO of Allsopp & Allsopp on his thoughts and the effect this will have on Dubai's property market.
The changes in requirements for an investor visa in Dubai are opened up to expats who previously didn't have the opportunity. An investor visa will now be issued to those who buy a property for AED 750,000 instead of AED 1,000,000 and these visas will now be extended from two years validity to three years.
This is great news for expats who are looking at Dubai with longevity and may encourage many more tenants to step onto Dubai's property ladder as rental prices rise. After a turbulent couple of years, people are looking at their options for stability and this new announcement from Dubai Land Department offers this opportunity to a wider range of people. This also helps with the notion a lot of people hold that they are only here for the duration of an employment contract, and if they lose their job they will have to leave Dubai. An investor visa gives expats peace of mind to know that they can reside in Dubai and have more time to acquire a new position if they experience job loss and encourages people to lay roots in the city.
Allsopp & Allsopp recorded a 67% increase in buyer enquiries from Q2 2020 to Q2 2021. I predict that this change will see buyer enquiries rise further in the final quarter of the year.