Investors seeking long-term residency in the UAE are required to purchase assets worth Dh2 million or more. To be eligible for the Golden Visa in Dubai, investors can either buy a single property valued at Dh2 million or multiple properties with a combined value of at least Dh2 million.
In 2023, Dubai issued 158,000 Golden Visas to property buyers, students, scientists, professionals, and others.
According to Property Monitor’s latest report for July, properties priced between Dh1.5 million and Dh2 million saw the fastest growth, with their market share rising by 3.5% to 14.5%. This growth is largely due to new high-quality apartment projects at Palace Residences in Dubai Hills and Arlo in Dubai Creek Harbour, where sales prices averaged Dh2,421 and Dh2,601 per square foot, respectively.
Similarly, properties priced between Dh2 million and Dh3 million also experienced significant growth, increasing by 2%. This growth is attributed to the same projects as well as off-plan sales of luxury-priced apartments at Bayz 101 in Business Bay and premium townhouses at Park Greens in Damac Hills 2, where prices per square foot averaged Dh3,002 and Dh1,136, respectively, according to Property Monitor, a part of Cavendish Maxwell.
The data also revealed that properties priced between Dh1 million and Dh3 million accounted for the largest market share at 48.5%, up by 4.2%. Properties in the lower price tier, under Dh1 million, now represent 29.6% of the market, down by 1.0% month-on-month, while properties over Dh3 million now represent 21.9% of the market, down by 3.2% month-on-month.
In addition to property buyers, there is also strong demand for the Golden Visa among high-net-worth individuals. To qualify for this highly sought-after residency, they need to deposit Dh2 million into a bank account.
Source : khaleejtimes.com
