Recent data reveals that properties priced between Dh1 and Dh3 million dominate Dubai’s real estate market, commanding a substantial 48.5% share.
Notably, the segment of properties valued at Dh2 million continues to attract significant interest from both investors and end-users seeking the UAE’s coveted 10-year Golden Visa.
To qualify for the Golden Visa, investors must purchase property worth at least Dh2 million. This can be a single property or multiple assets with a combined value of Dh2 million. In the first half of 2024, property transactions above Dh2 million saw a 30% year-on-year increase, highlighting the Golden Visa’s role as a key driver of market activity, according to Prathyusha Gurrapu, Head of Research and Consulting at Cushman & Wakefield Core.
In 2023, Dubai issued 158,000 Golden Visas to a diverse group including property buyers, students, and professionals. Property Monitor’s July report underscores that properties priced between Dh1.5 and Dh2 million have seen their market share grow to 14.5%, up by 3.5% due to new high-quality projects like Palace Residences and Arlo, with average prices of Dh2,421 and Dh2,601 per square foot respectively.
Similarly, properties in the Dh2 million to Dh3 million range experienced a 2% increase, driven by new developments such as Bayz 101 in Business Bay and Park Greens in Damac Hills 2. Despite the growth in mid-range property segments, low-price tiers under Dh1 million now constitute 29.6% of the market, a decrease of 1.0% month-on-month. Conversely, the high-end Dh5 to Dh10 million segment saw a decline of 2.4%, falling to 5.5% of the market.
The demand for Golden Visas also extends to high-net-worth individuals, who must either invest Dh2 million in property or deposit the same amount into a bank account to qualify.
News Source: Khaleej Times
