Dubai’s Golden Visas Boosting Office Demand

Dubai’s Golden: Amid the global pandemic, Dubai faced an expatriate exodus and rising competition from neighbouring business hubs. However, the government’s bold decisions, such as expanding eligibility for long-term golden visas and abolishing certain requirements, are now helping the city navigate the commercial real estate crisis plaguing the globe.

The United Arab Emirates, including Dubai, initiated a shift from the traditional economic model linking residency to employment.

Dubai’s Golden Visa Updates

By broadening the eligibility criteria for golden visas, relaxing company ownership regulations, and implementing changes like a Monday-Friday working week and legalizing unmarried cohabitation, policymakers aimed to transform Dubai into a more permanent destination for expatriates and entrepreneurs.

This strategy appears to have succeeded, with a notable increase in the number of registered entities in Dubai International Financial Centre and a significant rise in employment within the free zone.

These reforms have particularly revitalized Dubai’s commercial real estate market, with record-high occupancy rates and rising rents, contrasting sharply with the downturn experienced in other major cities like London and New York.

External factors, such as bankers relocating to escape lockdowns and wealthy individuals seeking asset protection, have also contributed to Dubai’s resurgence.

However, challenges remain, including the introduction of taxes and government fees, which may impact Dubai’s attractiveness to foreigners in the future. Despite these hurdles, Dubai’s strategic reforms have positioned it as a resilient and attractive global business hub amidst uncertainty.

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