Do you know what strategies different countries are following for real estate sector development? If our country also takes such innovative decisions, the real estate sector will grow, and people’s dreams of owning a home will be realised. Now, let’s take a look at some of the initiatives launched by various countries:
In Australia, the First Home Owner Grant Scheme was introduced in 2000. This scheme provided a one-time grant to first-time homebuyers to encourage home construction. As a result, new home constructions saw a boost, and housing prices also increased.
In 2013, the United Kingdom introduced the Help to Buy scheme. This reduced deposits and increased equity loans, leading to a significant rise in the number of first-time homebuyers.
In 2014, France launched the Pinel Law scheme. By offering tax incentives on rental properties, the scheme brought about significant changes in the residential rental market.
In 2017, the United States introduced the Opportunity Zones scheme. This offered tax incentives for real estate and infrastructure development in economically disadvantaged areas. As a result of implementing this policy, notable changes such as more affordable housing prices and an increase in jobs were observed in the targeted areas.
In 2017, Canada introduced the National Housing Strategy scheme. With a budget of 40 billion US dollars over a ten-year period, this policy aimed to increase affordable housing and reduce the number of people without homes. As a result, the number of homeless people significantly decreased.
In 2017, Saudi Arabia launched a program called Sakani. By offering subsidies and loans for housing to lower-middle-income groups, the real estate and construction sectors saw significant growth.
In 2019, the United Arab Emirates introduced the Golden Visa for Real Estate Investors scheme. This initiative provided long-term residency options to attract foreign investors, making it a hub for real estate investments. The expansion of the luxury real estate market and economic diversification have made the UAE a prime location for property investment.
