The UAE cabinet has passed a law that will allow expatriates to have long-term residency visa after retirement, aiming to help prop up the country’s economy and real estate market, state-run WAM news agency reports.

Under the new UAE law coming into effect in 2019, pensioners over the age of 55 will be granted a five-year renewable visa if they have a real estate investment worth not less than AED 2 mn , or having financial savings not less than AED 1 mn, or proof of income of not less than AED 20,0000 a month.

“All expats must also hold a valid health insurance policy. Should an individual choose to call the emirates home following retirement, no national benefits are provided by the government,” the agency added.

The current legislation forces expatriates to leave when they reach the retirement age, which ranges between 60 and 65 years depending on the employer.

The country’s real estate prices are foreseen to decline by 10-15% over the next two years, hit by new supply, geopolitical risks, and the introduction of value-added tax in the UAE, according to a statement by S&P Global Ratings in February.