Properties with a value of Dh2 million continue to see significant demand in 2024 from investors and end-users looking for the 10-year Golden Visa.
Property investors looking for long-term residency in the UAE are required to buy assets worth Dh2 million or more. To qualify for the Golden Visa in Dubai, investors can either buy a single property valued at Dh2 million or multiple with a combined worth of at least Dh2 million.
“To be eligible for a Golden Visa, one must purchase a property worth Dh2 million or more. While various factors, including Dubai’s global socio-economic status, have contributed to the increase in transaction activity, property transactions above Dh2 million saw a 30 per cent year-on-year increase in the first half of 2024 compared to the first half of 2023, highlighting that Golden Visas continue to be a significant driver of demand,” said Prathyusha Gurrapu, head of research and consulting at Cushman & Wakefield Core.
In 2023, Dubai issued 158,000 Golden Visas to property buyers, students, scientists, professionals and others.
According to Property Monitor’s latest report for July, properties with Dh1.5 to Dh2 million price tag saw their share growing at the fastest pace, rising 3.5 percent to 14.5 percent – thanks to new project launches of high-quality category apartments at Palace Residences in Dubai Hills and Arlo in Dubai Creek Harbour where sales prices averaged Dh2,421 and Dh2,601 per sqft, respectively.
Similarly, properties priced from Dh2 million to Dh3 million also experienced notable growth, growing by 2 percent. Growth in this segment can be attributed to the same projects as well as off-plan sales for luxury-priced apartments at Bayz 101 in Business Bay, and high-category townhouses at Park Greens in Damac Hills 2 where the price per square foot values averaged at Dh3,002 and Dh1,136 respectively, said Property Monitor, a part of Cavendish Maxwell.
Data showed that properties priced between Dh1 and Dh3 million accounted for the largest share of the market at 48.5 percent, up by 4.2 percent. The low-price tiers with property values under Dh1 million now represent 29.6 percent of the market, down by 1.0 percent month-on-month, while properties over Dh3 million now represent 21.9 percent of the market, down by 3.2 percent month-on-month.
Meanwhile, the biggest market share loser was the Dh5-Dh10 million tier, which decreased by 2.4 percent, falling to 5.5 percent month-on-month.
In addition to property buyers, there's also strong demand for the Golden Visa among high-net-worth individuals. To qualify for this much sought-after residency, they need to deposit Dh2 million into a bank account.