Global research indicates Dubai is expected to attract a large share of the citizenship market through investment
The Dubai real estate sector is expected to benefit from the impact of the 65,000 people who recently received the Golden Visa, according to Walid Al Zarooni, CEO of Dubai-based real estate brokerage W Capital.
He added that global research indicates that Dubai is expected to attract a large share of the citizenship market through global investment, which is expected to grow five-fold to $100bn by 2025.
Walid Al Zarooni added that ‘golden card holders’ are always potential investors for Dubai real estate, and each of them may be planning to buy a family property. This means potentially huge economic returns on the golden card, resulting from the activity of multiple sectors such education, consumer expenditure and health.
He said, “Dubai is keen to enhance its population growth through various measures and attract investors with high net worth and skills, which will have a positive impact on the real estate sector in the medium term and enhance the demand for luxury housing categories.”
In late July 2022, Madhav Dhar, Co-Founder and COO of ZāZEN Properties said that people have realised that if and when a new pandemic hits, or if there is economic or political turmoil, Dubai is the best city to be in and, in mid February 2023, a new Deloitte report said it anticipated growth across residential and commercial sectors in 2023 in Dubai and Saudi Arabia.
He said the goal of the UAE Golden Residency Visa, like other types of visas, is to attract independent entrepreneurs and business talents, to enhance the local economy, support diversity and economic growth, and attract exceptional minds and talents to be permanent partners in the UAE development process. This vision will work to improve the UAE’s position as a global incubator for innovation and talent.
Another factor is that the length of the residency period encourages real estate tenants to buy their property outright, because, for example, when calculating the total value of the rent paid to lease a residential unit over 10 years, whether an apartment or a villa, it is close to the price of owning the unit itself. Hence, it is preferable to buy the unit, which is also a good investment and can be recovered at any time.
Moreover, investors can obtain a Golden Visa upon full ownership of a property with a value of not less than US $540,000, and there is the added advantage of being able to buy the property via a dedicated loan from a specific group of UAE banks, potentially simplifying and speeding up the whole process.
In late February 2023, Q Properties said the latest phase of Reem Hills has sold out.