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The real estate landscape in Dubai is experiencing a major change as the demand for properties worth Dh2 Million is skyrocketing following the recent changes in Golden Visa requirements. With the ending of the minimum down payment of Dh1 million to qualify for a 10-year residency, investors and developers alike are turning to the rapidly growing market to inject capital.
Industry insiders reveal that property developers are now increasing the size of apartments to meet the growing demand for Dh2 Million properties. Concurrently, investors with portfolios over Dh 1.5 Million are adjusting their budgets to meet the new Dh2 million threshold required for Golden Visa eligibility.
The introduction of the Golden Visa for property investors has created a wave of demand from both foreign investors looking for attractive opportunities and local tenants keen to transition from renting to ownership amid rising rental costs.
Farooq Syed, CEO of Springfield Properties, has seen an increase in demand for properties that qualify buyers for the Golden Visa , with clients of different nationalities changing preferences to meet residence requirements. Syed highlighted examples where buyers opted for larger properties priced at Dh2 million to secure Golden Visa eligibility.
Imran Farooq, CEO of Samana Developers, underlines the growing interest in Dh2 million properties, emphasizing the trend towards larger unit options to meet the new regulations.
The new Golden visa criteria provide confidence among industry professionals and there is a possibility that this positive step will be able to convert tourists’ or investors’ mindsets to think about long-term residency. Muhammad Binghatti, CEO of Binghatti Holding, said Golden Visa was integral with a lot of buyers coming and finding the Dubai real estate market lucrative.
Further, the UAE abolished the mandatory payment of Dh1 million downpayment for golden vis to promote increased residency and investment in the country. In the latest update, eligibility for a Golden Visa is granted to buyers investing in off-plan properties if the project is under construction and has completed 40-50 per cent of the construction, with the minimum down payment determined by the developer, usually ranging from 20-30 per cent of the purchase price.
As Dubai continues to grow as a global investment hub, the re-evaluation of the Golden Visa requirements indicates an important moment for the city’s real estate sector, providing opportunities for residency and investment to both local and international stakeholders.
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