In 2024, properties valued at Dh2 million continue to see significant demand from investors and end-users in the UAE looking to secure the 10-year Golden Visa. To qualify for this visa, property investors must purchase assets worth Dh2 million or more, either in a single property or multiple properties with a combined value of at least Dh2 million. The increase in transaction activity for properties above Dh2 million has seen a 30 per cent year-on-year increase in the first half of 2024 compared to 2023, largely driven by the Golden Visa program. The Golden Visa is a residency program that offers long-term residency to investors and individuals who meet the criteria.
Dubai issued 158,000 Golden Visas in 2023 to property buyers, students, scientists, and professionals, highlighting the popularity and success of the program. Properties in the price range of Dh1.5 to Dh2 million have seen a significant growth in demand, with a 3.5 per cent increase in market share, thanks to new project launches such as Palace Residences in Dubai Hills and Arlo in Dubai Creek Harbour. Similarly, properties priced between Dh2 million and Dh3 million have also experienced notable growth, attributed to projects like Bayz 101 in Business Bay and Park Greens in Damac Hills 2.
Data shows that properties priced between Dh1 and Dh3 million hold the largest share of the market at 48.5 per cent, with an increase of 4.2 per cent. On the other hand, properties valued under Dh1 million represent 29.6 per cent of the market, a decrease of 1.0 per cent month-on-month. Additionally, properties over Dh3 million account for 21.9 per cent of the market, a decrease of 3.2 per cent month-on-month, while the Dh5-Dh10 million tier has seen a decrease of 2.4 per cent.
Apart from property investors, high-net-worth individuals are also showing a strong interest in the Golden Visa, which requires a deposit of Dh2 million into a bank account to qualify for residency. The demand for the Golden Visa program continues to grow, with investors and individuals seeking long-term residency in the UAE. With the increase in transaction activity for properties valued at Dh2 million and above, the real estate market in Dubai is witnessing a surge in demand driven by the Golden Visa program and other factors.
