Own your business
By year-end, every foreign business owner in Dubai will be allowed to increase ownership of their company from 49% to 100%. Targeting innovation entrepreneurs, this new law is also attracting big names such as Uber Eats. The accompanying 10 year visa available to foreign business investors will be a strong incentive to buy the type of cutting edge smart home done so well by Emaar in Dubai Hills.
For SME businesses, coworking spaces are everywhere. Since startup collaborators tend to live and breath their fledgling business days, a blurring of home/work space is inevitable. So the convenience and connectivity of coworking hubs like Astrolabs at Jumeirah Lake Towers remain popular. The Collective Tower goes one better, with coworking zones all part of the service for apartment owners.
Watch, as the market matures with the buyer
A 10 year visa will also be available to anyone employed for their top tier medical, scientific or technical talent, with Dubai pledging to become the world’s smartest city over several decades. Playing a role in that smart mission could span several house moves and an entire career. With longer tenures likely, the recently announced 5 year visa for expat retirees seems a natural progression. We expect to see demand for prime properties in Palm Jumeirah, Downtown and Arabian Ranches grow accordingly.
Opening up foreign business ownership and extending expat visas – along with continuing tourism success – will stimulate the Dubai real estate market well into the future.
The QE2 floating hotel is open, the biggest Chinatown in the Middle east is coming, and La Mer, the beachfront destination, has arrived. These are 3 of the latest attractions bringing revenue to Dubai, where tourists spend more than any other city worldwide. If this is need-to-know intelligence for holiday let investors, the New developments at Port de La Mer and Nikki Beach are most definitely need-to-see.