How the UAE Golden Visa is Driving High Demand for AED 2 Million Properties in Dubai
Dubai’s real estate market is seeing a strong preference for properties priced between AED 1
million and AED 3 million, which now make up 48.5% of all transactions. These mid-range
properties are drawing significant interest from both investors and end-users, with properties
valued at AED 2 million standing out.
The AED 2 million price point is particularly attractive due to its connection with the UAE’s
10-year Golden Visa. This visa, which requires a real estate investment of at least AED 2
million, has become a major factor driving the market. Whether through purchasing a single
property or multiple assets totaling AED 2 million, this segment saw a notable 30% year-on-year
increase in transactions in the first half of 2024.
Prathyusha Gurrapu, Head of Research and Consulting at Cushman & Wakefield Core, notes
that the Golden Visa is more than just an incentive; it’s a key driver in the Dubai real estate
market. In 2023 alone, Dubai issued 158,000 Golden Visas, benefiting a wide range of property
buyers, students, and professionals.
Properties priced between AED 1.5 million and AED 2 million have also seen an increase in
market share, now at 14.5%, up by 3.5%. This growth is fueled by high-quality new
developments like Palace Residences and Arlo, where average prices per square foot are AED
2,421 and AED 2,601, respectively. Similarly, the AED 2 million to AED 3 million range has
grown by 2%, with projects such as Bayz 101 in Business Bay and Park Greens in Damac Hills
2 leading the charge.
While mid-range properties are on the rise, lower-priced properties under AED 1 million have
slightly declined, now accounting for 29.6% of the market, down 1.0% month-on-month. The
luxury segment, with properties priced between AED 5 million and AED 10 million, has also
seen a 2.4% drop, now making up 5.5% of the market.
The demand for Golden Visas extends to high-net-worth individuals who can either invest AED
2 million in property or deposit the same amount in a bank to qualify.
Whether you’re looking to buy a villa, an apartment, or luxury property in Dubai, the market
offers diverse opportunities. The combination of new developments and the Golden Visa makes
this an ideal time to invest in Dubai’s real estate.
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