“#UAE Cabinet chaired by @HHShkMohd, approves new amendment for tourist visas in #UAE, The new tourist visa will be valid for 5 years and can be used for multiple entries and is open for all nationalities”, informing over a tweet on its twitter handle, the government of Dubai Media Office raised the number of searches among people interested to buy property in Dubai or any business in the Dubai property market.
The first cabinet meeting of the year brought around a flurry of joy as soon as the committee waved a green flag to the multi-entry 5-year tourist visa. The move is viewed as a significant step towards supporting the UAE’s tourism industry furthermore and turn it into what we call a global tourist hub.
The fact that the UAE currently attracts 21 million tourists a year has wholly overwhelmed Sheikh Mohammed bin Rashid Al Maktoum, the UAE prime minister and ruler of Dubai, and he is adamant over carrying this in the positive direction with the Expo 2020 on the plate too. The Prime Minister has recognised the efforts of the people of the UAE and the team of policymakers who completed significant steps towards improving the health, lifestyle, infrastructure and education in 2019.
Apart from the UAE government officials, the locals also seem to have welcomed this decision with utter hopes of meeting their loved ones easily without much hassle. Rashid, a 54-year-old resident of Dubai, says, “Unless you live under a rock, you might have seen people toiling for weeks or sometimes months to keep a tourist visa valid or issuing a new visa. The new policy is an enabler of several benefits and will eradicate the need for renewing visas so often.”
“People used to face enough backlash earlier when they had to rush to the visa offices now and then when someone from a foreign land used to visit. With the introduction of the 5-year long tourist visa, friends and families no longer must worry about the toil, and they can travel seamlessly in the land of opportunities and great scenic beauty. We, the residents of the UAE, are undoubtedly happy as we also see growth opportunities for ourselves in the long run as more and more people enroll for the 5-year long visas,” Rashid stated.
Will the Dubai property market see any significant changes?
The property market in the UAE is expected to get a boost by the Dubai Expo 2020. Dubai properties will see a surge in their prices as more and more people will start to invest in the alluring Dubai properties for sale. New projects are being constructed rapidly, and these are predicted to roll out in the market in the first or second quarter of the year. With the introduction of the multi-entry 5-year tourist visa, more and more tourists will visit Dubai, and they will also hold the benefit of making an entry into the nation anytime within five years.
Some financial experts have also predicted the market to become more and more fertile as the tourists come in and invest in the economy of Dubai. While the fact that people investing in the Dubai properties is sure to go up, there’s no doubt that the property markets will soon be turning itself into a buyers’ market. UAE has already seen an uprise in the secondary market for ready properties. Now, with the introduction of the multi-entry 5-year tourist visa, investors will see a yield opportunity in the market, and the property prices will receive a significant change due to this.
Is there any relationship between the Expo 2020 and the multi-entry 5-year tourist visa?
With the move to introduce this multi-entry visa just a few months before the Expo begins, the UAE government has played a masterstroke in alluring the investors coming for the Expo.
Prime Minister Sheikh Mohammed, in the meeting, also stated, “We want 2020 to be a year of development, growth and competition with leading countries in economy, competitiveness and wellbeing.” With just a few months left for the global trade fair, a plethora of the UAE properties has been rolled out for sale. The investors visiting the trade fair will be able to recognise the potential that the tourism industry in the UAE holds and are sure to invest in the properties in UAE for a higher capital value and improved recurring income.
Will the Dubai properties rates go up or see a decline after this?
The appeal that the investors coming to make a Dubai property investment is sure to increase, which will make a significant change in the market value of the properties. The property rates will be directly proportional and will observe growth. As the tourists come flooding in after the recent developments in the UAE like the multi-entry 5-year tourist visa and the development of tourist attractions in and around the UAE, the investors are to arrive in plenty.
Proper supply, substantial population growth and increased consumer confidence will continue to fuel home prices in the UAE. The environment in UAE is at a pivot point where the experts are seeing signs that the prices as well as the demands will begin to increase gradually as the new policies are rolled out. With the onset of Dubai Expo 2020, the projects are believed to receive more exposure which will ultimately increase the demand and make it intact for a couple of years to come.
Sheikh Mohammed said, “Our sons and daughters, our sisters and brothers, fathers and mothers, our senior citizens, people residing in our country, our partners in building the nation and development, the distinguished scholars and geniuses everywhere, we have placed enthusiastic government work teams to work in the service of each of them. These teams are made of the best and most sincere capabilities which are working assiduously and tirelessly 24 hours a day, seven days a week and 365 days a year.”
The Dubai Expo 2020 will be a significant event for the country, and the multi-entry 5-year tourist visa by the government is a significant step to attract more investors in investing in the country’s properties and play an active role in the UAE’s development.
