Updated: March 25, 2024

Top 5 news in 2018 that will change the industry!

So let`s discuss 5 biggest announcements and events in 2018.

– First of all 2018 was the first year of VAT. As you know it doesn`t reflect on the residential property, investors don`t have to pay any taxes from the income or profits that they get from the residential property.

But why VAT is important and good for the real estate industry. It`s in our nature to think that if we need to pay for something it`s bad for us, but if you think about it, it`s better to have investments or do business in the stable country with good economy.

UAE had proven to the world that government here knows how to build great infrastructure. Over here we have the best roads, some of the biggest airport and port, malls and touristic destinations.

And everything that you can see right now wasn`t build on the money from the taxes. The government was managing all this with its own funds and a new source of income will make the economy more stable and infrastructure even better.

This is exactly what investors are looking for.

– The second big announcement is that the government will allow some industries to run a company without a local partner. It means that if you want to start a business here you can do it on your own and you will not have to give 51% of the company to the local partner. So you can save money and run the business as you want.

– Another important announcement was related to visas. Now it is possible to stay in the country for a longer period of time in case if somebody lost a job or got divorced. Before an individual had only one month to find another job to stay in the county now this period is extended. It means that less people will have to leave UAE because their visa expired. It`s very good news.

– Another announcement related to visas was that an investor who owns the property will be able to get a visa for a period of up to 10 years. Here I don’t have to explain why it`s good news.

– Another big announcement and this one is the most exciting to me is that the government will allow the central bank to control everything related to the mortgage. I can`t say right now how it will reflect on the real estate, because there are 3 scenarios. They will leave everything as it is – 25/75. They can increase the downpayment or they can reduce the downpayment.

And it`s the most powerful tool to control the market in any country.
If they reduce the downpayment, more people will be able to buy a property and tenants will become homeowners. Price will skyrocket.

And I`ll just remind you that Dubai still has a huge advantage compared to some other countries where you even don`t have to pay a downpayment and you can take the property. A way from 25% downpayment to 5 or 0% is a very long way and Dubai still has this tool, but some countries already lost it.

But let’s not forget that there is a chance as well that the central bank will decide to increase the downpayment. In this case, we will have an opposite reaction.

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Please watch: “Dubai Penthouse: stunning view of Dubai Marina!”
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