As we move backward into 2001, the Government of Dubai signed an agreement to allow the expats to have a lease of 99 years of some properties in Dubai. In May of 2002, the foreigners were allowed to purchase property on the freehold ownership by a decree.
This ignited the interests of the real estate investors in the residential property of Dubai at that time. The modern system of gold card, which provides so many incentives to the investors, has the capacity of attracting buyers for around 60k properties which are scheduled to be delivered in Dubai in this current year.
These such opportunities are being very beneficial in terms of economic growth and boost in investments. Take the example of the United Arab Emirates cabinet, which has begun the implementation of 100% foreign ownership along with a ten-year residency visa for the businessmen, investors, and the expats.
The new rules of the visa, inclusive of the issuance of the gold card, have provided so much ease to those who see Dubai as a hub city for settlement and become a vital contributor to the state’s overall economy. This further helps in increasing the upcoming as well as current supply and in the stabilization of the market’s prices.
Since a long time, Dubai has been an important goal for foreign investors. This fresh initiative will definitely have an important effect on the plans of movement of them and for them to settle as well as invest in the emirates. In addition to this, the United Arab Emirates will be put on the global map advertising it as an attractive land for creating avenues and similar opportunities.
The United Arab Emirates is the second home for at least two hundred nationalities, and now they can make it as their permanent residency after the launch of the gold card.