DUBAI — The outcome of the new visa policy will add stability to the real estate market in the UAE, said Saleh Abdullah Lootah, the CEO of Lootah Real Estate Development – one of the region’s most prominent real estate developers.

Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, recently announced the new five-year multiple entry tourist visa for all nationalities, to support the country’s tourism economy and position itself as the preferred tourist destination in the region. This decision will be a game changer for many sectors in the country.

According to a reputed property portal, the real estate industry ended 2019 strong, as property sales transactions in Dubai hit an 11-year high – recording a growth of 20 per cent compared to the previous year as new policies boosted the sector.

The industry is expected to further pick up this year, especially with the upcoming Expo 2020. New policies and initiatives will be upheld in line with enhancing the event, which will lead to the sector’s continuous improvement.

Lootah said that the outcome of the new visa policy of the UAE will result in the stabilization as well as a long-term effect in the real estate sector.

He added that the real estate industry will take this new tourist visa policy as an opportunity to develop new projects for the frequent visitors – a new segment to the market.

"The substantial growth of tourism, starting with the 25 million visitors expected at the Expo 2020 will create a new market segment of frequent visitors,” he said.

The CEO also said that visitors who will capitalize on the 5-year multiple entry visa can start planning to look for convenient investment options for properties that will match their experience, usage and leisure. In addition to that, it will be an investment that will appreciate in value over time that they can capitalize when they want to sell the property. — SG