Arabian Post Staff -Dubai
The allure of long-term residency in Dubai is driving a surge in property purchases among professionals holding the coveted Golden Visa. This ten-year visa, awarded to investors and skilled workers in various fields, is prompting a shift from renting to owning as residents seek stability and potentially higher returns on their investments.
Several factors are contributing to this trend. Recent policy changes have simplified property investment as a pathway to the Golden Visa. The elimination of the one-million-dirham minimum down payment requirement has made property ownership more accessible. Additionally, Dubai’s robust property market offers attractive investment opportunities. High rental yields, coupled with rising property prices, present a compelling proposition for those seeking a return on their investment.
Beyond financial considerations, the Golden Visa fosters a sense of security and permanence for residents. The ten-year visa eliminates the anxieties associated with renewing residency permits every few years. This stability allows professionals to plan for the long term, invest in their careers, and potentially raise families in Dubai.
The appeal of Dubai as a vibrant and cosmopolitan city further strengthens the property market. The emirate’s world-class infrastructure, strategic location, and political stability make it an attractive destination for professionals and investors worldwide.
Industry experts acknowledge this trend. According to property market analysts, there has been a significant rise in enquiries and purchases from Golden Visa holders. This surge is particularly evident in freehold communities, which offer greater ownership advantages to residents.
The influx of Golden Visa holders into the property market presents a positive development for Dubai’s real estate sector. This increased demand is expected to contribute to market growth and potentially stabilize rental prices, which have been steadily rising in recent years.
However, challenges remain. Ensuring a balanced and sustainable property market requires careful monitoring and regulations. Authorities need to ensure responsible development practices that cater to the evolving needs of residents and investors.
In conclusion, the Golden Visa program is proving to be a game-changer for Dubai’s property market. By offering long-term residency and fostering a sense of stability, the program is attracting professionals who are transforming from tenants to homeowners, fueling a new wave of investment in the emirate’s real estate sector.
Also published on Medium.
