‘UAE’s 5-year tourist visa to add stability to the property sector’ – Lootah CEO
- With the government’s initiative, the ‘frequent visitor’ will emerge as a new investor segment in the real estate market
- The real estate industry will capitalise the new visa policy to develop new projects
Dubai, January 20, 2020:Saleh Abdullah Lootah, the CEO of Lootah Real Estate Development—one of the region’s most prominent real estate developers—says the outcome of the new visa policy will add stability to the real estate market in the UAE.
His Highness 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 stabilisation 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 capitalise 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 capitalise when they want to sell the property.
About Lootah Real Estate Development (Lootah):
Since inception, Lootah Real Estate Development has acted as the pioneering real estate development arm of Lootah Holding. Through a culture of excellence and an unswerving commitment to provide the very highest standards of living, Lootah has not only achieved, but exceeded, the most ambitious goals. Already over 1,000 units have been delivered to satisfied occupants, with many more planned for the future.
Lootah Real Estate Development has positioned itself as the leaders in innovation in the real estate development sector, and accordingly became the lifestyle developer of choice within the region recognised for creating modern communities.
Lootah properties are all conveniently located in accessible areas across the city and offer everything from studios to one & two-bedroom apartments and of course townhouses making sure that they cater to all segments whether individuals, young couple or larger families.
Sustainable construction remains a top priority for Lootah, whether through using sustainable materials or the proper management of waste, sealants and coatings the company ensures all its properties are built according the highest standards of quality and sustainability.