The Dubai property market is booming, with sales totaling more than AED10.1 billion ($2.8 billion) in only one week from a total of 3,903 transactions for the week of March 17, 2023. According to the city’s land department, 208 plots sold for AED1.12 billion ($305 million), while 2,906 apartment and villa transactions totaled AED6.25 billion ($1.7 billion).
The emirate’s estate market has grown since the UAE changed its visa procedure in 2021, including the Golden Visa programme. This programme has proven to be extremely popular, with over 100,000 Golden Visas given as of November 2022, a 35% increase over the previous year. Recently, demand for the UAE Golden Visa from cash-rich Indians has increased as certain European Union countries phase out their Golden Visa programmes or tighten real estate investment criteria for citizenship candidates.
Individuals purchasing property off-plan or with a mortgage now have the option of obtaining a Golden Visa, which grants them a 10-year residency in the UAE. Real estate investors with a minimum investment of AED2 million ($544,500) in property can apply for a Golden Visa through the Dubai Land Department (DLD).
“The fact that you can now acquire a Golden Visa for AED2 million for a secondary or off-plan house that may be mortgaged pretty much covers all frequent scenarios for not just investors but also UAE citizens who own property,” said Lynnette Sacchetto, a UAE-based real estate market consultant.
The new Golden Visa programme has drastically reduced the amount of property investment necessary to receive the visa, and the guidelines do not include any property transaction requirements. The programme has drawn an increasing number of local and foreign estate investors to Dubai’s burgeoning property market.
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