UAE Golden Visa: Demand for Dh2-million properties in Dubai is still high

According to data, the largest segment of properties was from Dh1 to Dh3 million with 5% of the overall properties.

In 2024, there will be much demand for Dh2 million worth of properties by investors and end users wishing to apply for the 10-year Golden Visa.

As for the property buyers, they have to invest Dh2 million in assets and will be granted permanent residency in the United Arab Emirates. A minimum of one property at Dh2 million is a requirement for an investor to be considered for a Golden Visa in Dubai or several properties that amount to Dh2 million or more.

One needs to make a property transaction of Dh2 million or more to gain one of the coveted Golden Visas. Those in the upper-end of the market, in particular Golden Visa transactions of properties over Dh2m, reflected a 30 percent growth witnessed in the first half of 2024 with the first half of 2023 indicating that demand remains robust, said Pratyusha Gurrapu, head of research at Cushman & Wakefield Core. And although several conditions could have influenced the growth of the transaction activity, including the place of Dubai within the global socioeconomic rankings

Prathyusha Gurrapu
 

Various people including professional, scientists, students, buyers of properties, and others were granted the anti–corruption Golden Visas by Dubai in 2023, and this amounted to 158, 000.

The latest and still the most rapid growth is observed in the section of properties at 3-5%. 5% to 14. 5%, were those in the Dh1 range, and these were followed by the Dh2, Dh5, Dh10, Dh20, Dh50 and Dh100 notes. 5 and Dh2 million, respectively, as of most recent Property Monitor report for July. This was driven by the new project releases of the premium category apartments in Palace Residences in Dubai Hills and in Arlo in Dubai Creek Harbour where prices were at an average of Dh 2,421 and Dh2,601 per sq ft, respectively.

In a same vein, properties that cost between Dh2 million to Dh3 million recorded a fairly big jump of 2%. As per records of Property Monitor, a division of Cavendish Maxwell, the bargain in this segment is owed to the same along with the off-plan sale of high-end townhouses in Park Greens in Damac Hills 2 at Dh 1,136 per sq ft and Dh 3002 in similarly planned luxurious apartments in the Bayz 101, Business Bay.

The findings indicated that the highest number of properties-48 percent was in the mid-price bracket of Dh1 & Dh3 million. 5%, representing a 4. 2% increase. There is slight discounting on low-price houses that are valued below Dh1 million and this sector’s market share now stands at 29. 6% from 1. While one month ago it was zero percent of the villas and the market share of properties the value of which exceeds Dh3m has dropped to 21 percent. 9 percent from 3. 2 percent one month early on.

Conversely, the Dh5 – Dh10 million club experienced the biggest fall in market share – down 2%. 4% to 5. 5% month over month.

The Dh5–Dh10 million category, in contrast, shrunk its market share by the most—by 2%. 4% to 5. 5% month over month.

Those high-net-worth buyers also have a high demand for the Golden Visa apart from buying properties. Just to be able to qualify for this very attractive residency, it is necessary to deposit 2 million dirhams to a bank account

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