Top 7 Drivers of Real Estate Recovery in UAE This 2021
The UAE’s series of game-changing regulatory amendments – from providing Emirati citizenship and golden visas to investors and select expats to allowing 100% ownership of businesses for foreign nationals – will significantly fuel the recovery and growth of the country’s property market, according to Lootah Real Estate Development (LRED), one of the region’s most prominent real estate developers.
In its Industry Insights Report, LRED has highlighted top 7 drivers that will propel the real estate sector’s recovery from the effects of the pandemic this 2021.
In addition to the sweeping changes in citizenship and immigration rules, LRED’s in-depth analysis underlined the landmark signing of the Abraham Accords, the extensive national vaccination programme, the gradual resumption of tourism activities, the progress in the highly-anticipated Expo 2020 Dubai, the changes in full company ownership laws, and the higher appetite from Dubai renters to become homeowners as primary contributors to the real estate rebound.
Lootah Holding’s Group CEO Arash Dara said: “There are clear indicators that the UAE’s economy will see a V-shaped recovery from the impact of COVID-19, gauging from the notable pick up in trade and tourism sectors and the renewed positive sentiments brought about by historic immigration rules and peace deals spearheaded by the country.”
LRED COO Russell Owen added: “Dubai continues to be one of the most sought-after destinations for tourists and investors. Investors and end-users stand to benefit from the property price correction and we are already seeing a movement from renters to homeowners due to attractive property prices, lower mortgage rates, and higher loan to value ratio.”
@lootahdev @lootahdev #Lootah