Dubai, United Arab Emirates: “W Capital”, the real estate brokerage believe that the Emirate of Dubai has set a foot in the global citizenship market and is attracting a large share of investors and foreigners aspiring to search for an alternative homeland and a safe place to live and work, which is reflected in the recovery of the real estate sector.
“Dubai has provided all the ingredients for success on the economic level in all its sectors, especially real estate and tourism,” said Walid Al Zarooni, W CEO.
Al Zarooni pointed out that a foreign individual can obtain a Golden Visa by purchasing a property worth more than Dhs2 million ($545,000), adding that obtaining residency allows the beneficiary to enjoy the advantages offered by the real estate market in Dubai, including the high investment return compared to other markets, as well as Real estate is not subject to value added tax.
The CEO stressed that Dubai provides an integrated infrastructure in addition to rules that preserve the rights of everyone without discrimination. He pointed out that the Golden Visa made the dream of living in Dubai easy for many foreigners.
He revealed that the buyer can buy the property on the map in easy payment plans and at the same time obtain the Golden Visa, stressing the role of residency facilities in creating a boosting the recovery within the real estate market.
Al Zarooni stated that the new executive entry and residence of foreigners rules, which will come into force on the third of next October, have added new advantages for residency holders, including the separation between residence and the employer, which contributes to improving the quality of life and making the experience of living, working and investing in the UAE, an enjoyable experience.
“The real estate investor can obtain the Golden Visa when financing a property with a loan from one of the local banks approved in this regard, or when buying one or more properties on the map with a value of not less than Dhs2 million from registered local companies,” he added.
The regulation also specified three conditions for obtaining Golden Visa for the category of real estate investors within the country. The investor has one or more properties with a total value of not less than Dhs2 million, and that the property is wholly owned by the investor, and it may be financed by a loan, provided that the loan is taken from one of the banks assigned by the local authority.
The real estate investor is qualified when purchasing one or more real estate units on the map with a total value of not less than Dhs2 million, provided that the purchase is made from local companies approved by the local authority, and that the investor has a comprehensive health insurance with his family members valid until the end of the residence permit.
Appendix on Golden Visa of the new regulation granted the Federal Authority for Identity, Nationality, Customs and Ports Security the rights to give the golden visa to two categories of investors, one, investors in public sector, and investors in real estate within the UAE, in case they meet terms and conditions.
Al Zarooni believes that the Golden Visa enhances activity within the real estate market, as its duration reaches 10 years, ensuring a long period of investors, who are often of good financial solvency, and thus make a strong addition to the Dubai economy.
The CEO said that Dubai real estate sector has doubled in recent years thanks to the economic performance and ambitious government plans that turn the impossible into reality, adding that government successes are not only reflected in the real estate sector, but their impact extends to the business , tourism, hospitality and entertainment sectors.
About “W Capital”:
“W Capital Real Estate Brokerage” was established in 2007 in the United Arab Emirates, specializing in real estate development, buying, selling, renting as well as consulting services for real estate companies.
Since its inception, the company has sold over AED 200 million of properties to major developers.
About Walid Al-Zarooni:
Walid Al-Zarooni is the founder and Chairman of W Capital Real Estate Brokerage. A certified real estate expert from the Dubai Real Estate Regulatory Agency “RERA”, he is the author of “Secrets of the Smart Real Estate Investor”.
Al-Zarooni is one of the first experts to harness social media to raise the public awareness about real estate. He provides almost free advice on a daily basis, as well as latest news and updated information through videos and posts on social media platforms such as “Instagram” , “Snapchat” ,and Twitter, on which he is very active