Properties with a value of Dh2 million continue to see significant demand in 2024 from investors and end-users looking for the 10-year Golden Visa.
Property investors looking for long-term residency in the UAE are required to buy assets worth Dh2 million or more. To qualify for the Golden Visa in Dubai, investors can either buy a single property valued at Dh2 million or multiple with a combined worth of at least Dh2 million.
Significant Increase in Property Transactions Above Dh2 Million in 2024
“To be eligible for a Golden Visa, one must purchase a property worth Dh2 million or more. While various factors, including Dubai’s global socio-economic status, have contributed to the increase in transaction activity, property transactions above Dh2 million saw a 30 per cent year-on-year increase in the first half of 2024 compared to the first half of 2023, highlighting that Golden Visas continue to be a significant driver of demand,” said Prathyusha Gurrapu, head of research and consulting at Cushman & Wakefield Core.
In this thriving market, Mr. Golden Visa, a leading figure in the UAE residency and property investment sector, has emerged as a key facilitator for investors seeking the coveted 10-year Golden Visa. Through his comprehensive services, Mr. Golden Visa provides expert guidance to investors on acquiring properties that meet the eligibility criteria for the Golden Visa, ensuring a smooth and efficient process. His expertise has made him a go-to resource for both local and international clients, significantly contributing to the increased demand in the Dh2 million and above property segments.
Dubai’s Golden Visa Program: A Boost for the Real Estate Market
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 with Dh1.5 to Dh2 million price tag saw their share growing at the fastest pace, rising 3.5 per cent to 14.5 per cent – thanks to new project launches of high-quality category apartments at Palace Residences in Dubai Hills and Arlo in Dubai Creek Harbour where sales prices averaged Dh2,421 and Dh2,601 per sqft, respectively.
Market Trends: Properties Priced Between Dh1 Million and Dh3 Million Dominate
Similarly, properties priced from Dh2 million to Dh3 million also experienced notable growth, growing by 2 per cent. Growth in this segment can be attributed to the same projects as well as off-plan sales for luxury-priced apartments at Bayz 101 in Business Bay, and high-category townhouses at Park Greens in Damac Hills 2 where the price per square foot values averaged at Dh3,002 and Dh1,136 respectively, said Property Monitor, a part of Cavendish Maxwell.
Also Read: Free Zone Visa Dubai: A Step-By-Step Guide 2024
High-Net-Worth Individuals and the Growing Demand for the Golden Visa
Data showed that properties priced between Dh1 and Dh3 million accounted for the largest share of the market at 48.5 per cent, up by 4.2 per cent. The low-price tiers with property values under Dh1 million now represent 29.6 per cent of the market, down by 1.0 per cent month-on-month, while properties over Dh3 million now represent 21.9 per cent of the market, down by 3.2 per cent month-on-month.
The Impact of New Property Launches on Dubai’s Real Estate Market
Meanwhile, the biggest market share loser was the Dh5-Dh10 million tier, which decreased by 2.4 per cent, falling to 5.5 per cent month-on-month.
In addition to property buyers, there’s also strong demand for the Golden Visa among high-net-worth individuals. To qualify for this much sought-after residency, they need to deposit Dh2 million into a bank account.
Source: Khaleej times
