Luxury One Real Estate September 9, 2023 0 Comments

Analysts claim the UAE gaming authority will strengthen the Dubai real estate industry.

The General Commercial Gaming Regulatory Authority (GCGRA), a new federal agency to create a regulatory framework for both national lotteries and commercial gaming, was unveiled by the UAE on Sunday. The appointment of Kevin Mullally as CEO, a respected regulator on a global scale, was also disclosed in the announcement.

Experts did, however, tell Arabian Business that this might really help the Dubai real estate market.

Ryder explained that as the UAE’s tourism industry grows in the wake of a post-pandemic revival, the opportunity to expand its offerings into a highly profitable but largely untapped industry becomes apparent on a global level. Ryder cited earlier reports that suggested the UAE market can produce an annual gaming revenue of about $6.6 billion.

In Expert’s opinion, vacation houses and short-term rentals near gaming venues might rise to the status of prime real estate.

According to him, investors seeking high profits may find such properties particularly alluring because to their combination of luxury, excitement, and entertainment.

“Given the already robust demand for vacation homes in the UAE, the addition of this new business sector can only serve to bolster this further, providing owners with more lucrative returns and control over their properties, which is highly desired in a “owner’s market,” ” he said.

Since the real estate industry is directly related to the health of the general economy, Experts explained that the “ripple effect” also affects it. As new employment prospects and an influx of tourists emerge, there is an expected surge in the demand for both residential and commercial properties.

A gaming ecosystem marked by social responsibility and efficient regulation is what the GCGRA seeks to create.

This will involve following strict regulations and upholding the highest standards, supervising regulatory actions, obtaining national licensing, and responsibly utilizing the financial advantages of commercial gaming.

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