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According To Industry Executives, The Eligibility For Golden Visas Has Expanded To Include Nearly All Townhouse Buyers As Prices Have Surpassed The Dh2 Million Mark.
Due to a surge in real estate values during the pandemic, more and more residents are qualifying for Dubai’s renowned Golden Visa residence.
Since prices have surpassed Dh2 million and new townhouses are being introduced at Dh2 million and above, industry experts claim that nearly all townhouse buyers are now qualified for the 10-year Golden Visa.
One of the main attractions for foreign investors is the Golden Visa. According to Farooq Syed, CEO of Springfield Properties, “We are receiving inquiries from investors asking us to find a property that is Dh2 million to acquire the 10-year visa.
According to him, prices for apartments in Downtown, Palm Jumeirah, and Dubai Hills have increased dramatically. As a result, end users who purchased them for Dh1.5–Dh1.8 million before now have assets valued at more than Dh2 million.
The rebound from the pandemic and the growth in demand for residential properties from locals and international investors have both contributed to a significant increase in property prices in the emirate in recent years.
In the 12 months leading up to August 2023, average prices increased by 19.6%, up from 18.1% a month earlier, according to real estate firm CBRE. Average apartment prices increased by 20% over this time, while average villa prices increased by 17.3%.
Several long-term resident permits for foreigners were also introduced by the government, which drew many experts and investors from outside, particularly in the real estate industry.
New Townhouses Costing More Than DH2 Million
Townhouses that were once under Dh2 million are now priced between Dh2.5 and Dh3 million, according to Farooq Syed. “Regular townhouses used to start at Dh1.5 million, but now they cost Dh2.5 to Dh3 million.
Residents who formerly had normal visas are now eligible for Golden Visas. As prices rise, more individuals are becoming eligible for the Golden Visa, according to Junaid Merchant, CEO of VA Properties.
“Second, the long-term visa application process has also been simplified. The good news is that individuals are signing up for it because they intend to be here permanently.
People are choosing the golden visa, even though it only lasts for five years, he said, adding that those whose assets are worth more than Dh2 million can apply for evaluation through the Land Department, which will issue an evaluation certificate in exchange for a fee. Based on that evaluation certificate, individuals can then apply for the Golden Visa.
