The 10-year residency program, Golden Visa, has generated strong interest among foreign investors to buy property in Dubai, which has emerged as one of the most popular investment destinations in the world.
Zoom Property Insights said Dubai is expected to attract a significant share of the global citizenship-by-investment market, which is expected to grow five times to $100 billion by 2025. The emirate has introduced visa reforms at a suitable time and will attract significant investment in the property sector through golden and silver visas.
The recent relaxations in the investor visa regulations have also helped the cause as it has resulted in higher investment in Dubai from investors belonging to different countries, with Indians leading the pack. Some of the leading real estate developers are now offering Golden Visa to those who are willing to invest no less than Dh2 million in Dubai's property sector.
Indians, in particular, have shown keen interest in the emirate’s rising popular market due to the golden visa, along with Dubai’s strong economy, infrastructure, expatriate-friendly policies, and safe environment, according to the Zoom Property Insights.
Ata Shobeiry, CEO at Zoom Property, believes the perks of the golden visa have proven to be a catalyst in bringing foreign investment to Dubai.
“The golden visa of the UAE brings along several benefits with it. The fact that it’s a self-sponsored visa that comes without any limitations pertaining to moving in and out of the region makes it feasible for property investors. I believe with relaxed regulations, there will be more people getting this visa and foraying into the Dubai property market,” he said.
The UAE golden visa has now been issued to more than 65,000 individuals belonging to different sectors such as entrepreneurship, science, and healthcare, to name a few, since its initial introduction in 2019.
Indians top property buyers
The Dubai real estate sector is now considered the largest offshore investment market globally, with $146 billion in foreign wealth. This makes it double the size of the London property market vis-à-vis wealth invested by foreigners.
Indians lead the list of top property buyers in Dubai, followed by the UK, Italy, and Russian nationals. Investors belonging to France, Canada, UAE, Pakistan, and Egypt have also made significant investments in the Dubai property market, according to the Zoom Property Insights.
“Dubai’s property market is already witnessing a steady influx of HNWIs and multi-millionaires belonging to different regions. With more investors entering the market, the impact will extend beyond the real estate sector, with tourism, business, and hospitality getting the most benefits,” Shobeiry said.