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Dubai Real Estate Market Sees Surge in Demand for AED 2 Million Properties
三月 13, 2024
Dubai Real Estate Market Sees Surge in Demand for AED 2 Million Properties 迪拜
By   Internet
  • 城市報
  • Dubai Real Estate
  • Dubai Property Market
  • Housing Demand
Abstract: The Dubai real estate market has undergone significant changes recently, with a series of adjustments to the criteria for the Golden Visa sparking a major shift in market demand. In January this year, Dubai abolished the requirement for a minimum down payment of AED 1 million for the Golden Visa, leading to a significant increase in demand for properties valued at AED 2 million.

With the removal of the requirement for a minimum down payment of AED 1 million for the 10-year residency, investors with investments exceeding AED 1.5 million have begun to increase their budgets to meet the 10-year residency threshold, opting to purchase higher-value properties. This policy change has led to a sharp increase in real estate demand, attracting a large number of foreign investors into the market, while also prompting existing tenants to shift towards property ownership to avoid the continuously rising rental costs.


Executives in the industry have stated that many real estate developers in Dubai have begun to adjust their strategies by increasing the size of apartments to meet the growing demand for AED 2 million properties. Farouk Sayed, CEO of Springfield Properties, pointed out that many clients from countries such as Syria, Iran, and Pakistan are increasing their property purchase budgets to obtain the 10-year residency, thus driving the demand for high-value properties.


Dubai Real Estate Market Sees Surge in Demand for AED 2 Million Properties

khaleejtimes


Furthermore, Imran Farooq, CEO of Samana Developers, also noted that the implementation of the new regulations has shifted buyers' attention to two-bedroom and three-bedroom properties valued at AED 2 million and above, stimulating more interest from buyers in such properties. Through the establishment of the new rules, buyers only need to pay a minimum down payment of 10% or register on Oqood to qualify for the Golden Visa, paving the way for more visitors to transition into long-term residents.


Following the removal of the mandatory requirement of a minimum down payment of AED 1 million for the Golden Visa in Dubai, Sijo Jose, Head of the Betterhomes team, believes that this move will stimulate the growth in demand for properties valued at AED 2 million. For the Dubai real estate market, lowering entry barriers, especially reducing down payment requirements, will enable more buyers and investors to easily acquire properties, thereby stimulating demand growth within this price range.

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Dubai Real Estate Market Sees Surge in Demand for AED 2 Million Properties
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