UAE Govt Sweeping Reforms To Boost Property Market
Sweeping reforms by the UAE Government, designed to make personal and family laws in the country more expat-friendly, will provide a shot-in-the-arm to the real estate market, which has been under pressure for some time as a result of low oil prices and the continued coronavirus pandemic.
UAE is to decriminalise ‘actions that don’t harm others’, potentially ending punishments for cohabitation by unwed couples. The amendments to the UAE personal status law, criminal code and other laws were made as part of an effort to strengthen the country’s ability to attract foreign expertise and investment.
These new laws will spur expats to consider buying their family home in Dubai and look at the country with longevity with the retirement visa as an option when the time comes there is no longer a time limit on life in Dubai. The new legislation, teamed with the virtual visa for overseas workers will encourage more expats to the country and will be a welcomed boost to the Dubai property market. Working professionals will now take the virtual visa as a chance to trial Dubai without the risk of leaving a secure job in their home country.
According to the latest Knight Frank Global Residential Cities Index for the second quarter of 2020, Abu Dhabi values fell by 8.3 percent and Dubai by 6.6 percent over the past 12 months. President Sheikh Khalifa Bin Zayed Al Nahyan issued a number of presidential decrees amending the laws which are effective immediately. The reforms are the latest move by the UAE to future proof the country for a post-coronavirus era.