Surge in real estate: Dubai developers facilitate property buyers with UAE Golden visas

Dubai property developers such as Damac are doubling down on offering and paying for the coveted UAE Golden visa for investors and their family members in order to attract high-net-worth individual buyers, reported Khaleej Times on Wednesday.

Investors and end-users buying property worth Dh2 million or above are eligible for the 10-year residency programme in the UAE.

Damac Properties, the largest private developer in Dubai, is among those offering Golden visas to buyers, even easing the applications process and bearing the cost of it.

The developer announced that 600 units worth Dh1.2 billion of a new launch sold out in just a few hours, demonstrating that the demand of the Golden visas is is driving strong sales among property buyers.

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“Golden visas have become a large reason why investors are buying property in Dubai,” Amira Sajwani, managing director at Damac Properties, was quoted as saying in the report.

“It is also one of the things that investors don’t realise that they are eligible for because it is still relatively new. So we wanted to be a pioneer in the market to offer this as a token of appreciation to investors that have entrusted us with their investments.”

The Golden visa is a 10-year residence visa which enables foreign talents to live, work or study in the UAE while enjoying benefits.

Investors, entrepreneurs, scientists, outstanding students and graduates, humanitarian pioneers and frontline heroes are among those eligible to apply.

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Samana Developers is another who is offering several Golden Visas per purchase, offering to take care of the entire visa process.

“Our company will offer a range of premium properties priced between Dh1.40 million and Dh3.20 million,” Anmoll D Shroff, founder and chairman of Elton Real Estate Development, was quoted as saying.

“While the Golden Visa is an attractive incentive for many investors, we evaluate each client’s needs individually to design tailored solutions that align with their investment goals.”

The Golden visa has been instrumental in attracting top talent to Dubai and add to its rapid growth.

In 2023, the General Directorate of Residency and Foreigners Affairs in Dubai (GDRFA) issued a total of 158,000 UAE golden visas – double the amount from 2022.

As Dubai’s property market continues to defy expectations of a slowdown and continues to command top rent, the government periodically has taken measures to relax visa restrictions in general for those investing, working or studying.

In the first three months of 2024, nearly $24 billion worth of property had already changed hands according to property consultant Knight Frank.

Earlier this year, Bloomberg assessed that the Golden visa had helped drive expats and businesses to Dubai, ultimately helping the city “dodge the commercial real estate crisis rippling across the globe.”

“Overall, this strategy aligns well with Dubai’s vision of becoming a global hub for business and tourism, while also ensuring a steady influx of investment and talent,” Shroff was further quoted as saying.