The demand for properties valued at Dh2 million in Dubai remains robust in 2024, as investors and end-users alike seek to qualify for the coveted 10-year UAE Golden Visa. Recent data indicates that properties priced between Dh1 million and Dh3 million dominated the market, accounting for 48.5% of all transactions.
To be eligible for the Golden Visa, property investors must purchase assets worth at least Dh2 million. This requirement can be met by either acquiring a single property valued at Dh2 million or multiple properties with a combined worth of Dh2 million or more. According to Prathyusha Gurrapu, Head of Research and Consulting at Cushman & Wakefield Core, the demand for properties in this price range saw a significant 30% year-on-year increase in the first half of 2024 compared to the same period in 2023. This surge highlights the Golden Visa’s continued influence on Dubai’s real estate market.
In 2023 alone, Dubai issued 158,000 Golden Visas to property buyers, students, scientists, professionals, and other qualified individuals.
Property Monitor’s July report reveals that properties priced between Dh1.5 million and Dh2 million saw the fastest growth, increasing by 3.5% to account for 14.5% of the market. This growth was largely driven by new project launches, including high-quality apartments 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 from Dh2 million to Dh3 million also experienced a 2% growth, attributed to projects like Bayz 101 in Business Bay and luxury townhouses at Park Greens in Damac Hills 2, where the price per square foot averaged Dh3,002 and Dh1,136, respectively.
Overall, properties priced between Dh1 million and Dh3 million have taken the largest share of the market at 48.5%, reflecting a 4.2% increase. Meanwhile, properties under Dh1 million now make up 29.6% of the market, down by 1% month-on-month. Properties over Dh3 million represent 21.9% of the market, a decrease of 3.2% month-on-month.
The Dh5 million to Dh10 million price tier saw the most significant decline, dropping by 2.4% to 5.5% month-on-month.
High-net-worth individuals are also increasingly interested in securing the Golden Visa. These individuals can qualify by depositing Dh2 million into a UAE bank account, further fueling the demand for properties in this price range.
Source: Khaleej Times
