Dubai's real estate sector is experiencing a significant uptick fueled by professionals holding Golden Visas, seeking to secure their long-term future in the emirate.
The influx of these visa holders, granted under the UAE's long-term residency program, has reshaped the property landscape, with a notable shift towards larger, high-value units and properties offering substantial rental yields.
In 2023 alone, Dubai saw a staggering 158,000 individuals awarded Golden Visas, highlighting the program's popularity among investors and skilled professionals alike. This visa category grants holders numerous benefits, including unrestricted re-entry rights, freedom from sponsors, and flexibility in employing support staff.
Michael Gelpke, CEO of Glam Properties, attributes this surge to recent policy changes that have eased qualification criteria, particularly the removal of the minimum down payment requirement of Dh1 million. These changes have incentivized investments in Dubai's real estate, where high returns and rising property prices further bolster appeal.
Anmoll D Shroff, chairman of Elton Group, noted a notable increase in property acquisitions by professionals like bankers, doctors, and artists, who view Dubai as a strategic long-term investment. The city's attractive ROI and reasonable property prices per square foot have made it an appealing destination for Golden Visa holders looking to secure their residency while maximizing investment potential.
Akshay Nagdev, business head at Foremen Fiefdom, emphasized that the removal of the Dh1 million down payment requirement has spurred interest in properties valued at Dh2 million and above. He highlighted key areas such as Dubai Marina, Downtown Dubai, and Palm Jumeirah as hotspots due to their luxurious lifestyle offerings and proximity to business hubs.
The trend extends beyond luxury apartments, with Golden Visa holders showing a preference for spacious villas and off-plan properties offering flexible payment plans. This demand has prompted developers to expand their offerings in prime locations, catering to the diverse needs of these investors.
Overall, Dubai's stable economy, tax benefits, and world-class infrastructure continue to position it as a top global investment destination. With Golden Visa holders driving a surge in property transactions, the city's real estate market is poised for continued growth, supported by favorable visa policies and strategic incentives aimed at sustaining investor confidence.
Where Golden Visa Holders Prefer to Invest
Professionals holding Golden Visas in Dubai are increasingly opting for:
- Larger, high-value units and properties with high rental yields.
- Prime locations such as Dubai Marina, Downtown Dubai, and Palm Jumeirah.
- Gated communities offering luxury amenities and enhanced security.
- Off-plan properties with flexible payment plans and sustainable features.
These preferences reflect a strategic approach by investors to secure not just a property but a long-term stake in Dubai's thriving real estate market, underpinned by confidence in the city's future prospects and lifestyle offerings.
News Source: Khaleej Times
