Emirates: The UAE's new five-year multiple entry tourist visa policy will add stability to the real estate market, according to the CEO of Lootah Real Estate Development.

Saleh Abdullah Lootah said the new policy would be a game changer for more than just the tourism industry and will have a positive impact on the country's property markets.

He said it will bring an opportunity to create a new segment to the UAE's real estate sector - with developers encouraged to build new projects for the frequent visitor.

"The substantial growth of tourism, starting with the 25 million visitors expected at the Expo 2020 will create a new market segment of frequent visitors,” he said.

Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai recently announced the new visa for all nationalities to support the country’s tourism economy and position itself as the preferred destination in the region.

Stabilisation

Lootah said that the outcome of the new visa policy of the UAE will result in the stabilisation of the real estate market as well as having a positive long-term effect.

The CEO also said that visitors who will capitalise on the 5-year multiple entry visa can start planning to look for convenient investment options for properties that will match their experience, usage and leisure.

He said it will be an investment that will "appreciate in value over time that they can capitalise when they want to sell the property".

Dubai's real estate industry ended 2019 strongly, as property sales transactions in Dubai hit an 11-year high.

The industry is expected to further pick up this year, especially with the upcoming Expo 2020.