In January, Dubai abolished the requirement for a minimum down payment of Dh1 million to qualify for the Golden Visa, sparking a surge in demand for properties valued at Dh2 million. This change has prompted both investors and developers to adapt.
Property developers in Dubai are now expanding the size of apartments to meet the escalating demand for Dh2 million properties. Meanwhile, investors with budgets of Dh1.5 million or more are adjusting their finances to reach the Dh2 million threshold for 10-year residency eligibility.
Since the introduction of the Golden Visa for property investors, Dubai’s real estate market has witnessed significant growth, attracting substantial foreign investment and encouraging tenants to transition to ownership to circumvent rising rental costs.
Farooq Syed, CEO of Springfield Properties, noted a sharp rise in demand for properties eligible for the Golden Visa, particularly from nationals of countries with weaker passports. Many clients are opting for larger properties to meet the residency requirements.
Developers are also adapting to this trend, with some increasing the size of their units to cater to the growing demand for Dh2 million properties.
Imran Farooq, CEO of Samana Developers, highlighted the burgeoning interest in Dh2 million properties and the shift towards larger unit options.
Under the new regulations, buyers can qualify for the Golden Visa by making a minimum down payment of 10% or registering with Oqood, streamlining the process for long-term residency.
Sijo Jose, team lead at Betterhomes, emphasized that the removal of the minimum down payment requirement is expected to stimulate demand for Dh2 million properties, making them more accessible to a wider range of buyers and investors.
Muhammad Binghatti, CEO of Binghatti Holding, underscored the significance of the Golden Visa in attracting buyers to Dubai’s real estate market, highlighting its role in promoting long-term residency in the city.