Credits: www.luxholidayhome.com
The real estate industry is expected to gain as the UAE continues to make it simpler to live and work there through the Golden Visa program.
A variety of new visa alternatives have been introduced in the last month, and they are expected to increase the number of foreigners wishing to settle in the UAE. Despite the nation’s long-standing reputation as a top tourist destination and a center for international travel, only people with jobs, investors, or business owners were previously eligible for resident visas.
This put obstacles in the way of potential business investors, digital nomads, freelancers, and families eager to experience life in the UAE.
With the recent changes, however, we can anticipate a surge of skilled workers to enter our communities, ranging from young jobseekers using temporary work mission permits and job exploration entry visas, which allow stays of up to 90 days, to investors and entrepreneurs using business entry visas, which allow residence for up to six months. Additionally, the five-year residency offered by the new green residence policies will do away with the requirement for a sponsor, drawing in freelancers, digital nomads, and even young families.
Homeowners should expect big returns from this market.
With an inflow of visitors staying in the nation for short and midterm periods, the new visa restrictions in the UAE are expected to generate startling demand for vacation homes and short-term rentals. Many of these people and families will have trouble finding the suitable lodging, but this is a problem that property owners can easily fix while taking advantage of the chance.
One end of the range is represented by job searchers who, usually using the job seekers visa, come to the UAE for brief periods of time to look for jobs and attend interviews. This market will need adaptable short-term rentals rather than expensive hotel rooms while they look for jobs, attend interviews, or network at industry events.
The same is true for workers who are on a temporary assignment. It’s important to note that both groups will prefer this type of lodging because it provides homestyle amenities, which help manage budgets better since eating out frequently and using the laundry facilities at hotels can frequently be expensive. ‘ The same is true for workers who are on a temporary assignment. It’s important to note that both groups will prefer this type of lodging because it provides homestyle amenities, which help manage budgets better since eating out frequently and using the laundry facilities at hotels can frequently be expensive.
While they need more freedom, freelancers, digital nomads, and business owners frequently share the same desires as people looking for temporary employment. Digital nomads, sometimes referred to as globetrotters, frequently look for a place to call their second home, which is precisely why they favor short-term rentals. Holiday homes, as opposed to hotels, offer a homelike setting and let visitors fully experience the local way of life.
Last but not least, families will be searching for short-term housing options that will enable them to learn more about the regions best suited to them before establishing roots. For many, this could take up to six months, which is a long time to move in to a hotel, especially when trying to accommodate several family members and find the appropriate facilities for kids.
Holiday homes may be the most economical choice, providing families with the comfort and space they need, along with a true glimpse into daily living.
Taking advantage of this chance as a property or vacation home owner
If managed properly, using properties as short-term rentals, particularly those that are currently vacant investment properties, has the potential to provide investors with profitable returns. Now is the perfect time for homeowners to profit from their investments due to the influx of new tourists and visa holders. However, the question still stands: what can property owners do to make sure they fully take advantage of this chance?
Reevaluate available and potential rental properties
To stay ahead of the market and maximize returns for your portfolio, an evaluation of your property is necessary to determine how to benefit from the anticipated demand. You might be surprised by what you discover: adjusting your real estate investment to better suit the younger UAE population by making small adjustments like adding uplifting furnishings or providing advice on local activities could increase your profits.
Place assets in the proper light.
Proper property positioning is essential to ensuring future demand. This depends on a variety of variables, the most crucial of which are location, neighborhood, property type, and the target population. For instance, a three-bedroom villa will logically become a top choice for families traveling to the UAE if it is listed as a family-friendly home and offers quality service, which encourages positive ratings and reviews. Similar to that, a downtown studio apartment with high-speed WiFi and convenient access to shops and restaurants might be the best choice for digital nomads.
Renting should be outsourced.
In addition to increasing demand over time, the new visa regulations in the UAE may also result in a higher guest turnover rate. This might make it challenging to effectively manage the daily tasks involved in running a vacation home. Additionally, it can be overwhelming to stay on top of when, where, and how to list your properties because there will likely be more competition as demand rises.
The team at GuestReady has had the chance to comprehend the challenges faced by those wishing to rent out their properties and developed solutions to address them after working with different homeowners throughout Dubai since 2016. GuestReady helps thousands of property owners optimize their villas and flats at a low investment, from learning the secret to gaining exposure among renters to administering a meticulously curated and flawless guest experience.
It’s critical for homeowners to understand that they can take advantage of the additional income without having to participate in the time-consuming management process, increasing the availability of wonderful housing experiences for immigrants to the country. Ultimately, everyone benefits from this solution.
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