What the new residency extensions mean for investment property
The recent proclamations for the extension of visas for certain professionals have created a joyous moment for investment property in the country. The decision to provide 10-year visas is seen as a wake-up call for the property market.
Demands for both residential and commercial properties are expected to see a momentous rise which can put an end to the aftereffects of oversupply and scanty affordable housing.
On the release of this move, shares in several property companies saw a tremendous rise indicating that Dubai’s property market may finally provide a solution to highly leveraged purchases and even property flipping which led to price fluctuations.
Trading of property stocks has risen with Emaar Properties and Damac Properties up 2.9 per cent and 4.8 per cent respectively. Abu Dhabi’s Aldar also closed at a rise of 1.4 per cent a day after the decision.
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