While it might be a too early to see the impact of Dubai’s retirement residency program on the real estate sector, we expect that once the dust settles and we return to a sense of normality following COVID-19, we should see positive results. With 200 nationalities already living in Dubai, creating a retirement hub will only serve to make the emirate more attractive to families wishing to make it their long-term home. It is hoped that the program will encourage more people to fly to Dubai with their extended families, making it a destination for families to gather, reunite, and raise the second or third generation.

At Pantheon Development, having sold more than 300 units in the last 12 months, and it is clear that a pattern is beginning to emerge. It tends to start with one-member family buying a unit, then other members and relatives choose to purchase in the same building, thus creating their own close-knit community. Of course, for this trend to continue, we need to be sure we are producing satisfied customers by delivering on the promises we made when we initially sold to them.

For that to happen, it is important to never compromise on quality, as whilst savings will be made here and there, in the long-run the loss will be greater. People coming to live out their retirement in Dubai have a very different view of those coming here to work. Choosing how and where to live the final chapter of their lives is the ultimate life-changing decision and one that should never be negotiated on.

While the last year may have been challenging for some due to the coronavirus pandemic, there is one positive outcome that has emerged. That is, as a result of the pandemic, people have realized what is important in life. It has brought people together and strengthened family ties. People are now more appreciative of each other and want to spend time together as we’ve all realized life is short. Now that Dubai is allowing people to come and live in this country even if they don’t have work, this means generations of families will have the opportunity to live together, grow old together and most importantly, grandparents will enjoy seeing their grandchildren grow up.

It’s a step forward that will bring happiness and connectivity to many families – but it also brings financial rewards and opportunities to companies that know how to respond to the needs of the market segment. For Pantheon Developments, the retirement visa provides an opportunity for us to maximize our share of this market and continue to provide the best solutions to suit the needs of the changing demographic.