Dubai’s real estate market is experiencing a significant surge as developers, including prominent names like Damac, are increasingly offering the coveted UAE Golden Visa to attract high-net-worth buyers. According to a recent report by Khaleej Times, developers are not only facilitating the acquisition of these 10-year residency visas for investors and their families but are also covering the application costs, making the process more accessible.
The Golden Visa, available to those purchasing properties valued at Dh2 million or more, has become a powerful incentive driving property sales in Dubai. Damac Properties, Dubai’s largest private developer, recently announced that 600 units worth Dh1.2 billion were sold within hours, highlighting the strong demand fueled by the visa’s appeal.
Amira Sajwani, Managing Director at Damac Properties, emphasized the growing importance of the Golden Visa in attracting investors. She noted, “Golden visas have become a major factor for investors buying property in Dubai. Many investors are unaware of their eligibility, so we aimed to be market pioneers by offering this as a token of appreciation to those who have trusted us with their investments.”
The UAE Golden Visa allows foreign talents, including investors, entrepreneurs, scientists, outstanding students, and frontline heroes, to live, work, or study in the UAE with numerous benefits. Samana Developers is another player in the market, offering multiple Golden Visas per property purchase and managing the entire visa process for buyers.
Elton Real Estate Development, led by founder and chairman Anmoll D Shroff, also offers premium properties priced between Dh1.40 million and Dh3.20 million, with the Golden Visa as a key incentive. Shroff stated, “While the Golden Visa is a significant draw for many investors, we tailor our offerings to meet each client’s unique investment goals.”
The Golden Visa program has played a crucial role in attracting top talent and investment to Dubai, contributing to the city’s rapid growth. In 2023, the General Directorate of Residency and Foreigners Affairs in Dubai (GDRFA) issued 158,000 UAE Golden Visas, doubling the number from the previous year.
Dubai’s property market continues to thrive, with nearly $24 billion worth of property transactions recorded in the first quarter of 2024 alone. Bloomberg recently highlighted the Golden Visa’s impact in attracting expats and businesses to Dubai, helping the city avoid the global commercial real estate crisis.
This strategy aligns with Dubai’s vision of becoming a global hub for business and tourism while ensuring a steady flow of investment and talent, as noted by Shroff. The Golden Visa initiative is proving to be a key element in Dubai’s ongoing success in the real estate sector.
