Dubai Real Estate Market Booms as Golden Visa Drives Demand for AED 2 Million Properties

In 2024, Dubai's real estate market continues to experience strong interest in properties valued at AED 2 million and above. This demand is largely driven by the opportunity to obtain the 10-year golden visa which allows long-term residency in the UAE. To qualify for the Golden Visa, buyers must invest in property worth at least AED 2 million. This can be a single property or a combination of properties totaling AED 2 million or more. This requirement has led to a noticeable increase in property transactions within this price range.

A recent report shows a 30% rise in property deals over AED 2 million in the first half of 2024 compared to last year. This surge underscores the golden visa's significant role in boosting property demand.

In 2023, Dubai issued 158,000 Golden Visas to property buyers, professionals, and other eligible individuals making it a key factor in driving real estate investment. This visa has become a major factor driving real estate investment in the city. According to July's property report, properties priced between AED 1.5 million and AED 2 million saw the fastest growth increasing by 3.5% and making up 14.5% of the market. This increase is due to new high-quality apartment projects like Palace Residences in Dubai Hills and Arlo in Dubai Creek Harbour with average prices of AED 2,421 and AED 2,601 per square foot, respectively.

Properties in the AED 2 million to AED 3 million range also grew by 2%. This can be attributed to similar projects and new luxury developments like Bayz101 in Business Bay and Townhouse at Park Greens in Damac Hills 2. Average prices for these properties were AED 3,002 and AED 1,136 per square foot, respectively. Properties priced between AED 1 million and AED 3 million now represent the largest segment of the market, at 48.5%, a 4.2% increase.

The golden visa continues to be a significant driver of demand in Dubai’s real estate market particularly for properties valued at dh 2 million and more. This trend is expected to continue as more investors seek long-term residency in the UAE. Dubai’s focus on mixed-use developments aligns with the government’s vision for the city. The Dubai urban master plan 2040 aims to make the city a model of sustainability, efficiency, and connectivity. Dubai’s dedication to these goals is evident in various initiatives highlighting the city’s appeal as a top real estate destination.