In 2024, properties valued at Dh2 million are still experiencing substantial demand from both investors and end-users seeking the 10-year Golden Visa. For those aiming for long-term residency in the UAE, property investments must be worth Dh2 million or more. To secure a Golden Visa in Dubai, investors have the option to purchase either a single property valued at Dh2 million or multiple properties with a combined value of at least Dh2 million.
"To qualify for a Golden Visa, an individual must acquire a property worth Dh2 million or more. Despite various contributing factors, such as Dubai's global socio-economic status, the property transactions exceeding Dh2 million have increased by 30 per cent year-on-year in the first half of 2024 compared to the same period in 2023, indicating that Golden Visas remain a major demand driver," explained Prathyusha Gurrapu, head of research and consulting at Cushman & Wakefield Core.
In 2023, Dubai issued 158,000 Golden Visas to various recipients including property buyers, students, scientists, professionals, and others. According to Property Monitor's July report, properties priced between Dh1.5 to Dh2 million saw the fastest growth in market share, rising by 3.5 per cent to 14.5 per cent, largely due to new high-quality apartment launches at Palace Residences in Dubai Hills and Arlo in Dubai Creek Harbour, with average sales prices of Dh2,421 and Dh2,601 per sqft respectively.
Properties priced from Dh2 million to Dh3 million also saw significant growth, increasing by 2 per cent. This growth can be attributed to the same projects mentioned earlier as well as off-plan sales for luxury apartments at Bayz 101 in Business Bay and high-category townhouses at Park Greens in Damac Hills 2, with average price per square foot values of Dh3,002 and Dh1,136 respectively, according to Property Monitor, part of Cavendish Maxwell.
Data revealed that properties priced between Dh1 and Dh3 million comprised the largest market share at 48.5 per cent, an increase of 4.2 per cent. Meanwhile, properties under Dh1 million now account for 29.6 per cent of the market, a decrease of 1.0 per cent month-on-month, and properties over Dh3 million represent 21.9 per cent, a decrease of 3.2 per cent month-on-month. The Dh5-Dh10 million tier saw the largest market share decline, dropping by 2.4 per cent to 5.5 per cent month-on-month.
In addition to property buyers, there is also significant demand for the Golden Visa among high-net-worth individuals. To qualify for this highly sought-after residency, they are required to deposit Dh2 million into a bank account.
