The Golden Residency stimulates luxury real estate in Dubai

Real estate valued over 2 million dirhams saw significant demand in 2024 from investors and end-users seeking to obtain the golden visa, which grants a 10-year residency.

Real estate investors seeking long-term residency in the United Arab Emirates are required to purchase real estate assets worth 2 million dirhams or more.

To qualify for the golden visa in Dubai, investors can purchase a single property worth 2 million dirhams or multiple properties with a total value of at least 2 million dirhams.

According to studies, several factors have contributed to the increased activity in Dubai's real estate market, including Dubai's global socio-economic status.

During the first half of 2024, transactions for properties valued over 2 million dirhams increased by 30% compared to the same period in 2023, highlighting the importance of golden visas as a major driver of demand.

In 2023 alone, Dubai issued 158,000 golden visas to various categories, including property buyers, students, scientists, and professionals.

According to the latest report by "Property Monitor" in July, properties priced between 1.5 million to 2 million dirhams saw a notable increase in market share, rising from 3.5% to 14.5%, due to the launch of new high-quality apartment projects such as "Palace Residences" in Dubai Hills and "Arlo" in Dubai Creek Harbour, where selling prices reached 2,421 dirhams and 2,601 dirhams per square foot, respectively.

According to the report, properties priced between 2 million and 3 million dirhams saw a 2% growth, attributed to the same projects in addition to luxury apartment sales in "Bays 101" in Business Bay and luxury homes in "Park Greens" in Damac Hills 2, where the average price per square foot was 3,002 dirhams and 1,136 dirhams, respectively.

The data showed that properties priced between 1 million and 3 million dirhams captured the largest market share at 48.5%, an increase of 4.2%. Properties valued under 1 million dirhams represent 29.6% of the market, a decrease of 1% on a monthly basis. Meanwhile, properties valued over 3 million dirhams represent 21.9% of the market, a decrease of 3.2% on a monthly basis.

At the same time, the market share for the segment valued between 5 and 10 million dirhams decreased by 2.4%, reaching 5.5% on a monthly basis.

Editing: Imtilak Global©