The United Arab Emirates (UAEs) recently-launched permanent residency scheme could be a game changer and provide a fillip to the real estate market. This will be achieved by encouraging expatriates to invest in property and settle in the Gulf nation, industry experts said.

The United Arab Emirates recently launched a permanent residency scheme to woo wealthy individuals and exceptional talents, a move that could attract more  professionals and businessmen to the country. The “Gold Card” programme unveiled by UAE Prime Minister, Sheikh Mohammed bin Rashid Al-Maktoum, is open to investors and “exceptional talents” such as doctors, engineers, scientists, students and artists.

“This initiative further positions the UAE as an innovative destination for business leaders, providing millions of people with high-quality opportunities in a tolerant, safe and productive environment,” he said.CEO of Allsopp & Allsopp, Dubai estate agents, Lewis Allsopp said this is a huge milestone for the UAE and for the Dubai property market.

“Most expatriates have a money-making mindset when they move to Dubai with a short-term plan. The UAE Cabinet’s decision to enforce a Gold Card for permanent residency, now allows expatriates to look at Dubai as a home rather than a temporary plan,” he added.

The permanent residency is a good step forward and likely to boost the fortunes of its property market, a statement from the Property Finder said.It said that around 6,800 people have been granted permanent residency and a ‘Gold Card’ in the first round of applications.

“This is a game changer for the real estate industry in Dubai. We are yet to get full details of the Gold Card program, such as who can qualify and the terms. However, it’s definitely a step in the right direction and very much needed to stimulate investment,” Lynnette Abad, Director of Research and Data, Property Finder, said.

Short and long-term visas

Currently, short-term visas linked to employment hold back expatriates from investing and owning real estate in the UAE. They prefer to remit savings to their home countries instead. The Gold Card scheme will encourage expatriates to make long-term investment goals, including owning a property.

The UAE already offers long-term visas valid for five to 10 years to property investors, entrepreneurs and people with exceptional talents without the need for a local sponsor. A minimum investment of $13,61,225) is needed to obtain a five-year visa, and double that amount is necessary for a decade-long visa.

“Initiatives and new regulations like these are expected to have a positive impact on the real estate market in Dubai. The more the government offers to entice talent and companies, the easier it will be for them to settle here and call Dubai home. Then, the investment should follow suit,” Abad said.

The two initiatives sparked interest from real estate investors in Dubai’s residential property at the time.The latest gold card system, which offers much more incentives to investors, is likely to fetch buyers for around 59,800 properties scheduled for delivery in Dubai this year.

The new visa rules, including the issuance of gold card, have made it easier for those who view Dubai as a hub city to settle and become contributors to the overall economy. This would also help in soaking up current and upcoming supply and help the market in price stabilisation.

The Nigerian police are launching a mobile app which would help in its fight against the rising crime wave in the country.

Over 35 people were killed nationwide last week, as Nigerians continue to grabble with insecurity, alongside the insurgency.

The app, called police-VGS, is in its test-running stage, the police said on Saturday via Twitter.

The police said that the app would help citizens do quick reporting of crimes like kidnapping, rape and domestic violence, etc.

The app would be helpful even where there is communal unrest, the police said in the video.

“Within five seconds of reporting, the appropriate government security or emergency agency gets alerted and help would be deployed,” the video claims.

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All a user has to do is to “swipe” the police-VGS app on his mobile phone when a crime, fire, medical emergency or natural disaster occur. The “policemen would then be alerted immediately and help would be sent your way promptly”.

The app would be available on IOS and Google play store.

Reactions to the app

Some Nigerians however have been visiting the Google play store for the app which has not been released yet.

One Nigerian who gave his name as Peter Osagie said he downloaded a similar security app called Smart Police while he was searching for the Police-VGS app.

“It is only in this country that you advertised what is not there. After referring people to so-called app, it could not be found,” said another Nigerian, Ibrahim Yunusa, who stumbled on the Smart Police app, while also searching for the Police-VGS app.

“The Nigeria Police has devised this app to smartly combat crimes in the country.

“It will soon be formally launched by the IGP and thereafter made available for public use,” the police said on Twitter, using its official handle @PoliceNG.