This week the government announced that expats over 55 will be able to obtain the new visa if they own a real estate investment of at least AED 2 million, have savings of more than AED 1 million, or can prove income of at least AED 20,000 per month. The new visa is expected to be introduced from next year.
"This will see a shift in the dynamics of Dubai as residents may choose to settle for longer and indeed retire here, calling Dubai home" says our Managing Partner Zarah Evans. "Dubai has excellent weather conditions for a good part of the year and with global access to the world, Dubai is an ideal option where retirees may choose to own a second home with more freedom to come and go as they please. The medical facilities are also excellent and more accessible in comparison to many other parts of the world. This announcement offers people more security of tenure and a "feel good" factor always has a positive impact on property demand."
According to Property Finder's own research over the last few years, the trend of people over the age of 50 buying property in Dubai has declined by about 40 percent. "The initiative to offer a five-year retirement visa is a much-welcomed announcement considering there are just over 150,000 residents aged 55 and over," said Lynnette Abad, the director of research and data at Property Finder.
This retirement visa is a welcomed market booster.
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