Prime Highlights:
· Golden Visa holders are expected to drive strong demand in Dubai’s property market.
· Key areas like Downtown Dubai and Business Bay may see annual property price growth of 15–20% over the next few years.
Key Facts:
· The number of Golden Visas issued in Dubai surged to 158,000 in 2023, nearly double the previous year.
· Plots purchased two years ago are now worth four times more, and construction costs have risen up to 60% due to higher material prices.
Key Background:
Skilled professionals holding the UAE’s 10-year Golden Visa are expected to play a significant role in driving Dubai’s property market, according to Rizwan Sajan, chairman of Danube Properties.
Sajan stated that many healthcare professionals in the UAE have either received or are eligible for the Golden Visa, which encourages them to invest in property and plan for long-term residence, both for their careers and retirement, making Dubai real estate a sensible choice.
The Golden Visa program is a new offering that helps professionals belonging to the medical field (i.e., healthcare), information technology, engineering, science, research, and education sectors to acquire a long-term residency status after the COVID-19 pandemic. To qualify, applicants must have at least five years of experience in the UAE, hold a valid professional license, and possess a bachelor’s degree.
Since its launch in 2019, demand for the Golden Visa has grown steadily. According to the authorities in Dubai, 158,000 visas have been given in 2023, almost twice the number of visas issued in 2022, which were 79,617.
Speaking at an open day for healthcare professionals, which featured discounted payment plans, Sajan expressed confidence in Dubai’s property outlook. He projected annual price growth of 15–20% over the next four to five years in prominent areas such as Downtown Dubai, Business Bay, Al Furjan, Silicon Oasis, and Dubai Sports City.
He noted that Property prices in the main locations will continue to rise. Plots purchased two years ago are now worth four times more, and construction costs have surged by up to 60% due to higher material prices.
Sajan also pointed to major upcoming projects, including the integrated gaming resort at Al Marjan in Ras Al Khaimah, which he said will further strengthen both the property and hospitality markets.
“All the developments we launched in the last 2–3 years in Jumeirah Village Circle, Silicon Oasis, and other communities have seen capital appreciation of 25–35%. Prices available today are unlikely to remain at the same levels in the next few years,” he added.
