By Staff Reporter
The UAE professionals holding Golden Visa are increasingly buying properties in Dubai to beat rising rentals as they intend to stay in the emirate longer, making sure they get a higher Return on Investment (RoI) by purchasing properties at a lower price.
The long-term residency visa is awarded to investors and professionals across various categories such as doctors, engineers in different fields, PhD degree holders, outstanding students, scientists and others.
In 2023, Golden Visas were granted to 158,000 people in Dubai alone, which gives the 10-year residency holders in the Emirates multiple exclusive benefits such as re-entering the country without restriction even when they stayed outside UAE for more than six months, not needing a sponsor, and not having to deal with maximum limit on the number of support workers and others.
Michael Gelpke, CEO at Glam Properties, said the majority of the 158,000 Golden Visa holders own property in the emirate or have invested in local real estate.
“This surge is largely attributed to recent policy changes that have made it easier to qualify for a Golden Visa through property investment, including the removal of the Dh1 million minimum down payment requirement.
“Additionally, high returns on investment, with high rental yields, and rising property prices have attracted investors. The UAE’s economic stability, world-class infrastructure, and strategic location further enhance its appeal,” Gelpke added.
Dubai’s property market saw record transactions this year, driven by demand from Golden Visa holders, foreign investors, and residents who want to beat the rising rents.
