DUBAI – The demand for properties worth Dh2 million has increased considerably in Dubai after the authorities decided to eliminate the minimum down payment requirement i.e. Dh1 million for eligibility to get a 10-year residency visa.
In the aftermath of the reforms, the real estate landscape in Dubai is witnessing a notable trend of property developers increasing the size of apartments to cater to the surging demand for Dh2 million properties.
At the same time, investors with investments exceeding Dh1.5 million are expanding their budgets to meet the eligibility threshold for the much sought-after 10-year residency, Khaleej Times reported.
Since the inception of the Golden Visa program for property investors, there has been an unprecedented surge in demand for real estate, both from foreign investors and local residents seeking to capitalize on the opportunity to secure long-term residency.
This spike has not only attracted significant foreign investment but has also incentivized existing tenants to switch to property ownership as a means to counteract escalating rental prices in the city.
In January, Dubai authorities abolished the minimum down payment requirement of Dh1 million in a move aimed at stimulating growth within the real estate sector.
The authorities in the emirate are now trying to attract not only tourists through attractive offers but also wealthy billionaires who have multiple options for the Golden Visa program.
At the same time, the European Union and other players are also calling on countries to suspend the Golden Visa programs as they are also utilized by criminals to seek refuge in countries and evade law enforcers. In this regard, Portugal has already ended its Golden Visa program though some other countries including Greece are still offering residency through investment.
