Properties valued at Dh2 million continue to attract significant demand in 2024 from investors and end-users seeking the 10-year Golden Visa.
Property investors aiming for long-term residency in the UAE must purchase assets worth Dh2 million or more. To qualify for the Golden Visa in Dubai, investors can either buy a single property valued at Dh2 million or multiple properties with a combined value of at least Dh2 million.
“To be eligible for a Golden Visa, one must purchase a property worth Dh2 million or more. While various factors, including Dubai’s global socio-economic status, have driven the increase in transaction activity, property transactions above Dh2 million saw a 30 percent year-on-year increase in the first half of 2024 compared to the first half of 2023, underscoring that Golden Visas remain a major demand driver,” said Prathyusha Gurrapu, head of research and consulting at Cushman & Wakefield Core.
In 2023, properties with a Dh1.5 to Dh2 million price tag saw their market share grow the fastest, increasing by 3.5 percent to 14.5 percent, according to Property Monitor’s latest report for July. This growth was driven by new high-quality apartment projects at Palace Residences in Dubai Hills and Arlo in Dubai Creek Harbour, where sales prices averaged Dh2,421 and Dh2,601 per square foot, respectively.
Similarly, properties priced between Dh2 million and Dh3 million also experienced notable growth, increasing by 2 percent. This growth is linked to the same projects, as well as off-plan sales for luxury apartments at Bayz 101 in Business Bay and high-category townhouses at Park Greens in Damac Hills 2, where price per square foot averaged Dh3,002 and Dh1,136, respectively, according to Property Monitor, part of Cavendish Maxwell.
Data showed that properties priced between Dh1 and Dh3 million held the largest market share at 48.5 percent, up by 4.2 percent. The lower price tiers, with properties valued under Dh1 million, now represent 29.6 percent of the market, down by 1.0 percent month-on-month, while properties over Dh3 million now make up 21.9 percent of the market, down by 3.2 percent month-on-month.
The biggest market share loss was seen in the Dh5-Dh10 million tier, which decreased by 2.4 percent, falling to 5.5 percent month-on-month.
In addition to property buyers, there is strong demand for the Golden Visa among high-net-worth individuals. To qualify for this highly sought-after residency, they need to deposit Dh2 million into a bank account.
