Demand for UAE Golden Visas soars as the Dubai housing market is booming
Dubai's real estate market has been booming all of 2023. With a total of 3,903 transactions during the week that ended on March 17, the emirate last week reported transactions totalling more than AED10.1 billion ($2.8 billion) in only one week.
According to a report from the city's land department, 2,906 apartments and villas sold for a combined AED6.25 billion ($1.7 billion), while 208 plots were sold for AED1.12 billion ($305 million).
Dubai's ever-growing property prices
In 2022, the value of some sections of Dubai rose dramatically, with property costs in upscale neighbourhoods like Palm Jumeirah more than doubling.
Once the UAE changed its visa policy in 2021, the real estate sector in the emirate continued to see growth. These changes included simplifying the Golden Visa application process
Golden Visa re-form proves to be popular
The programme has proven to be very well-liked. Around 100,000 Golden Visas have been awarded as of November of last year, a 35% increase from the beginning of 2022, according to sources.
More recently, it has been reported that demand from ultra-high-net-worth Indians for UAE Golden Visa has suddenly increased as other European Union countries phase out their Golden Visa programmes or tighten real estate investment regulations for citizenship candidates.
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Now, those buying homes off-plan or with a mortgage have the option of obtaining a Golden Visa, which grants them a 10-year residency permit in the UAE.
Given that a secondary or off-plan property can now be purchased for AED 2 million and be mortgaged, this essentially covers all circumstances for both investors and UAE residents who own property.
Are you eligible?
Check to see your eligibility and the steps you need to apply for a Golden Visa. Visit the link below for more information:
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