The eligibility for the esteemed Golden Visa residency in Dubai is progressively extending to residents, owing to a notable surge observed in property values subsequent to the pandemic.
According to industry officials, a significant proportion of townhouse purchasers are currently meeting the criteria for the 10-year Golden Visa, since the prices of these properties have surpassed Dh2 million.
Moreover, the introduction of new townhouses priced at Dh2 million and higher has further expanded the pool of potential buyers who qualify for the 10-year residency program.
More people applying for Golden Visas has an effect on Dubai Apartment
According to the speaker, there has been significant price rise in apartments located in Downtown, Palm Jumeirah, and Dubai Hills. Consequently, those who initially purchased these properties at prices ranging from Dh1.5-Dh1.8 million have observed their asset values exceed the Dh2 million threshold.
The emirate has experienced a significant increase in property prices over the past several years. This growth can be attributed to the recovery following the epidemic, as well as a surge in demand for residential units from both local inhabitants and foreign investors.
Based on the findings of real estate consultancy CBRE, it was observed that average prices experienced a 19.6 percent increase over the course of 12 months leading up to August 2023, which represents a slight rise from the previous month’s figure of 18.1 percent. During this specific time frame, there was an observed increase of 20 percent in average apartment prices and a corresponding increase of 17.3 percent in average villa prices.
Furthermore, the government implemented a range of long-term residency visas for foreign individuals, resulting in a significant influx of expatriate experts and investors, particularly within the real estate industry.
The newly constructed townhouses are being offered at a price over Dh2 million.
According to Farooq Syed, there has been an increase in the pricing of townhouses, previously valued below Dh2 million, to a range of Dh2.5-Dh3 million. The initial cost of standard townhouses once stood at Dh1.5 million, however presently, they have escalated to Dh2.5-Dh3 million. The individuals who possessed standard visas and are presently eligible to obtain a Golden Visa.
According to Junaid Merchant, the Chief Executive Officer of VA Properties, an increasing number of individuals are meeting the eligibility criteria for the Golden Visa program due to rising prices.
Additionally, there has been a relaxation in the process for obtaining a long-term visa. The positive development is that individuals are opting to subscribe to the service with the intention of maintaining their presence for an extended duration. Despite the fact that the duration of the golden visa is five years, individuals are choosing to pursue it due to their desire to become affiliated with this particular city.
The speaker further explained that individuals whose assets have surpassed a value of Dh2 million have the opportunity to apply for evaluation through the Land Department. Upon payment of a fee, the department will provide an evaluation certificate, which can then be utilized as a basis for applying for the Golden Visa.
