Certain developers in Dubai are providing and funding multiple Golden Visas for investors and their family members to draw in high-net-worth individual buyers. Those purchasing property valued at Dh2 million or more are qualified for the UAE's 10-year residency program. Damac Properties, Dubai's largest private developer, has been granting three Golden Visas to all buyers of the Violet unit at the Damac Hills 2 project and covering the expense of these 10-year residency visas. The master developer revealed that its 600 Violet Phase 3 units, worth Dh1.2 billion, were quickly sold out shortly after launch, indicating a robust demand for Golden Visas among property buyers.
"Golden Visas have become a cornerstone of the community and a major reason why investors are purchasing property in Dubai. It's also something investors often overlook as they are still relatively new. We aim to be market pioneers by offering this as a gesture of appreciation to investors who have trusted us with their investments," explained Amira Sajwani, managing director at Damac Properties. She further clarified that the primary members must match the unit owner, and only one family member is eligible for the Golden Visa, regardless of the property's value. The 10-year Golden Visas, whether through property investment or other means, have been highly sought after by investors. According to the 2024 Passport Index by Get Golden Visa, the UAE passport has climbed from 15th to 8th place globally.
"The UAE's Golden Visa program offers long-term residency options of up to 10 years for investors, entrepreneurs, and highly skilled professionals. To qualify, applicants must invest at least Dh2 million in local property or businesses. This program has been crucial in attracting global talent and investment," stated Get Golden Visa, a provider of second residency or citizenship services. Imran Farooq, CEO of Samana Developers, confirmed that they also offer multiple Golden Visas and manage the visa processing in-house, eliminating the need for investors to visit government offices. Samana Developers can also handle shared properties involving spouses and business partners.
Danish Shareef, managing director of Blanco Thornton Properties Dubai, noted that real estate developers are offering and funding multiple Golden Visas to investors and their families to enjoy long-term residency benefits along with numerous other advantages, based on their various investment propositions. "At Blanco Thornton Properties, we provide Golden Visa to investors buying property starting from Dh2 million at our Al-Barari, Majan project, and several other upcoming projects in prime locations in Dubai," he said. He emphasized the impact of the 10-year residency, stating that Golden Visas have drawn investors and high net worth individuals worldwide.
Anmoll D Shroff, founder and chairman of Elton Real Estate Development, mentioned that developers in Dubai often cover visa costs, using it as a marketing strategy to significantly enhance property deals, especially targeting high-net-worth individuals and their families looking to establish a long-term presence in the UAE. "Our company offers a range of premium properties priced between Dh1.40 million and Dh3.20 million. While the Golden Visa is a compelling incentive for many investors, we assess each client's needs individually to create customized solutions that match their investment objectives," he explained. He added that while the policy holds great potential, it's crucial to maintain a balanced approach to preserve the value of luxury properties and foster genuine investment. "With prudent management, this approach can effectively attract buyers who value both residency benefits and property quality, contributing to a robust and vibrant market. This strategy aligns well with Dubai's goal of becoming a global hub for business and tourism, ensuring a consistent flow of investment and talent," he concluded.
