Dubai Real Estate Market Breaks Records, While the Number of Issued Golden Visas Increases

The Dubai real estate market has shown record numbers for several weeks in a row. During the week ending November 4, 3,474 transactions worth AED 9.62B (USD 2.6B) were conducted, according to information from the Dubai Land Department (DLD). Thus, 348 plots with a total value of AED 2.38B (USD 640M) were sold, while 3,126 villas and apartments were bought for AED 7.23B (USD 1.97B).

The majority of transactions, which reached 122, took place in Jebel Ali with a total worth of AED 429M (USD 117M). Al Hebiah Fifth saw 72 transactions with a total value of AED 176M (USD 48M). As for mortgages, the sum of properties reached AED 1.33B (USD 360M), and the highest price of a mortgaged unit was a land plot in Hamriya for AED 150M (USD 41M).

With the growth of real estate sales, the number of issued Golden Visa has also increased by 35%. The UAE government has issued more than 100,000 visas from October 3, 2022, with the new UAE Visa amendments, which widened the criteria of people having the right to apply for a long-term visa.

There are several ways to apply for the Golden Visa, which include:

• Government channels, including GDRFA-Dubai Smart Application
• AMER Center
• Dubai Land Department (DLD) if you are a real estate investor
• Real estate developers if you are buying a property

In order to obtain a 10-year Golden Visa by investment, you need to purchase a completed property at a minimum cost of AED 2M (USD 545K). It’s worth noting that the property can be mortgaged from several local banks. The visa allows the holder to sponsor their spouse, children and domestic workers. The residency fees of a 10-year Golden Visa are AED 2,790 (USD 760), while the ID fees are AED 1,070 (USD 290).

The most profitable option for obtaining the “Golden Visa” are investments in real estate in the Emirate. Real estate can be purchased for personal residence or as a commercial investment for passive income in the future. One of the leading developers in Dubai, DAMAC Properties, offers assistance in processing a 10-year Golden Visas for investment in their projects. The developer also offers the purchase of real estate for cryptocurrency for some of its projects. Among the recently announced projects from DAMAC Properties are Elegance Tower in Downtown Dubai, Chic Tower in Business Bay, which will be presented in partnership with de GRISOGONO, and Marbella DAMAC Lagoons.