Michael Lahyani, founder and CEO of Property Finder, has highlighted a significant housing boom in the UAE’s real estate market, contrasting sharply with the declining demand in other global cities. Lahyani attributes this surge in demand to the country’s innovative long-term visa initiatives, such as the Golden Visa and the newly introduced Blue Visa.
“The UAE’s long-term visa initiatives are driving growth in the country’s property market, particularly in Dubai. The introduction of the 10-year Golden Visa and now the Blue Visa assures individuals considering investing in the real estate sector. The extended visa tenure offers potential investors a different perspective,”
Lahyani stated during the Property Finder Connect event in Dubai.
Historically, Dubai has been a city where many people preferred renting over buying. However, with the introduction of the Golden Visa, there has been a noticeable shift towards homeownership. This change has resulted in a growing number of buyers who are end users rather than just investors.
Supporting this trend, recent data from property consultancy firm Knight Frank reveals that sales of Dubai homes worth $10 million or more rose by 6% in the first quarter of 2024. This increase is driven by buoyant demand from the international ultra-rich for homes in the emirate. A total of 105 homes, worth an overall $1.73 billion, were sold in the January-March period, up from around $1.6 billion a year ago.
Property Finder also unveiled its first community-focused white paper, "Opening Doors," which provides insights, trends, and forecasts for real estate in the UAE. The white paper emphasizes that community living is being enhanced by national urbanization plans. These plans account for the daily movement of people from housing to workspaces, creating connections and mobility pathways to enhance the quality of life.
In addition, Property Finder launched its PF Academy to promote trust and transparency in the UAE real estate sector. The academy offers ambitious industry aspirants and existing players a chance to upskill and grow through personalized learning modules.
These initiatives, combined with the UAE’s forward-thinking visa reforms, are set to sustain and further drive the booming property market, making the UAE an attractive destination for both investors and end users.
News Source: Gulf Business
