Dubai’s decision to abolish the requirement of a minimum down payment of Dh1 million for its Golden Visa program has led to a significant increase in demand for properties valued at Dh2 million.
According to industry executives, a large number of property developers in Dubai are making apartments larger in order to meet the growing demand for properties priced at Dh2 million properties. At the same time, investors aiming for the ten-year residency eligibility are also raising their budget beyond Dh1.5 million, VisaGuide.World reports.
As part of efforts to attract a larger number of wealthy foreign nationals, authorities in the UAE launched the Golden Visa Program back in 2019, giving them the opportunity to acquire residency in this country. Soon after its introduction, the scheme managed to attract a large number of internationals, becoming among the most famous ones in the Middle East and North Africa.
Earlier this year, authorities in the UAE decided to lift the minimum down payment of Dh1 million (about Rs 2,26,31,327) for those interested in the Golden Visa Scheme.
CEO of Springfield Properties, Farooq Syed, told Khaleej Times that demand for properties that make buyers eligible for the Golden Visa Program has increased exponentially.
Syed said that they are getting many clients from Syria, Iran, Pakistan, and other nationalities who don’t have strong passports and are shifting from one-bedroom to two-bedroom in order to be eligible for the ten-year residency.
One of the clients was about to buy a Dh1.9 million property, but he changed his mind and decided to opt for a Dh2 million property due to Golden Visa eligibility. Customers who are looking to invest Dh1.5 million plus are increasing their budget to Dh2 million now.
He said that even developers are now making apartments bigger in order to meet the demand from customers looking to buy properties worth Dh2 million for the Golden Visa.
I know a developer who was pricing his units at Dh1.8 million to Dh1.9 million, but then he decided to increase the size of the units to accommodate the growing number of clients who want to buy Dh2 million for Golden Visa.
Ongoing Increase in Golden Visas Granted
According to the General Directorate of Residency and Foreigners Affairs (GDRFA) – Dubai statistics, Dubai experienced a 52 percent increase in the number of Golden Visas issued in the first half of 2023.
Local media reports revealed that, in November 2022, Dubai granted more than 150,000 Golden visas to deserving residents, professionals, and investors, among others.