The UAE Golden Visa is in high demand, which can be explained by the boom of the Dubai real estate market throughout 2023. In the first week of Ramadan from March 23 to March 30, the number of property transactions reached 2,379, which included 1,942 residences, 188 villas/townhouses, as well as 249 land plots. The total value of these transactions was AED 5.92B (USD 1.61B).
In the previous year of 2022, several areas in Dubai saw high growth in property prices, and in some locations they even doubled, including the iconic Palm Jumeirah. The continued increase of property demand within the Dubai real estate market started in 2021 when the visa process was reformed, which enabled more people to apply for a Golden Visa, which not only allows its owners to stay in the UAE without any time limits, but they can also get access to endless opportunities and benefits. As of November 2022, over 100,000 Golden Visas have been issued in the UAE.
The Emirati Golden Visas are in demand among cash-rich Indians, which is as a result of several countries from the European Union tightening their property investment rules for foreigners wishing to obtain citizenship, as well as removing their Golden Visa programmes.
The amount of money which should be invested in properties in order to obtain a 10-year Golden Visa, was decreased significantly to AED 2M (USD 545K). Before, a 5-year Golden Visa was given for property investments from AED 5M (USD 1.36M). According to the new amendments, which came into force from October 3, 2022, there are no specifications regarding the status of the residence. It can be an off-plan or a completed unit, as well as be paid for in cash or obtained through a mortgage.