Professionals in the UAE holding Golden Visa are increasingly purchasing properties in Dubai to counteract rising rental costs, aiming for longer stays, higher returns on investment (RoI), and lower property prices. The long-term residency visa is granted to investors and professionals across various fields including doctors, engineers, PhD holders, exceptional students, scientists, and more. In 2023, Dubai issued 158,000 Golden Visas, offering 10-year residency holders numerous exclusive benefits such as unrestricted re-entry after staying outside the UAE for over six months, no need for a sponsor, and no caps on support staff.
Michael Gelpke, CEO of Glam Properties, noted that the majority of the 158,000 Golden Visa holders either own property in Dubai or have invested in local real estate. This surge is largely due to recent policy changes that have simplified the qualification for a Golden Visa through property investment, including the elimination of the Dh1 million minimum down payment requirement. High returns on investment, coupled with rising property prices and the UAE's economic stability, world-class infrastructure, and strategic location, further enhance its appeal, according to Gelpke.
Dubai's property market has seen record transactions this year, fueled by demand from Golden Visa holders, foreign investors, and residents looking to avoid rising rents. Gelpke highlighted a noticeable shift towards an end-user market, with investors planning for long-term residency. Demand for high-end properties is increasing, and the off-plan property segment is consistently growing.
Anmoll D Shroff, founder and chairman of Elton Group, observed a significant increase in property buying by professional Golden Visa holders in Dubai, attributing it to the confidence these holders have in their long-term prospects in the country. Many bankers, doctors, and artists with 10-year residency have purchased properties in Dubai for long-term planning. Investment avenues are appealing due to good returns on investments and reasonable property prices per square foot, making the real estate market attractive for professionals with Golden Visas.
Akshay Nagdev, business head at Foremen Fiefdom, noted that professionals holding Golden Visas are buying significantly more properties now than before, largely driven by Dubai's recent policy change, which eliminated the requirement of a minimum down payment of Dh1 million for the 10-year residency visa, boosting interest in properties valued at Dh2 million and above. Dubai's more accessible and attractive visa policies, alongside developers offering special incentives targeted at visa holders, contribute to its appeal. The stable economy, tax benefits, and high quality of life in Dubai make it an attractive investment destination. Buyers also appreciate the flexibility to invest in off-plan properties.
Nagdev added that professionals holding Golden Visas in Dubai are increasingly opting for larger and high-value properties as well as properties that offer high rental yields. Property developers are expanding the size of apartments and other residential units to attract these investors. The current market scene shows a high demand for luxury villas among those looking for spacious and high-end living options. Key locations such as Dubai Marina, Downtown Dubai, and Palm Jumeirah are popular due to their luxurious lifestyles, vibrant city life, and iconic landmarks.
Golden Visa holders who wish to sponsor and bring their families look for larger homes that can accommodate their needs, driving significant interest in such properties. High-end apartments in key districts are also sought after, especially those within gated communities that offer enhanced security and amenities, along with a touch of sustainability for peace and tranquillity. Properties near business districts like DIFC are highly favoured due to their strategic location.
Nagdev also mentioned that Golden Visa professionals are more interested in off-plan properties because of their flexible payment plans. According to Michael Gelpke of Glam Properties, professionals holding Golden Visas in Dubai prefer properties in prime areas. Gated communities that offer a range of amenities are among the preferred areas. Popular areas include Dubai Marina, Jumeirah Village Circle (JVC), Dubai Hills, Downtown Dubai, Emirates Hills, and Palm Jumeirah. These locations are known for their luxury amenities, high-rise towers, and prime beachfront properties.
Anmoll D Shroff said professionals prefer to buy 2-3 bedroom apartments and townhouses in prominent locations. Most preferred high-end locations such as Downtown, Business Bay, and Dubai Hills areas as these professionals enjoy high income. Also, many new people coming to Dubai are not much aware of remote areas and how to commute. So they prefer Downtown and neighbouring areas, added Shroff.
