In 2024, properties in Dubai priced at Dh2 million continue to see robust demand, primarily driven by investors and end-users aiming to obtain the UAE’s prestigious 10-year Golden Visa.
This visa, which is highly sought after, requires property investors to purchase real estate worth Dh2 million or more. Investors can meet this criterion by acquiring either a single property valued at Dh2 million or a combination of properties with a total worth of at least Dh2 million.
The market has seen a significant shift, with properties priced between Dh1 and Dh3 million now dominating the real estate landscape, accounting for 48.5% of the market share—a 4.2% increase.
Specifically, properties in the Dh1.5 to Dh2 million range have experienced the fastest growth, rising 3.5% to 14.5% of the market, thanks to the launch of high-quality apartments in projects like Palace Residences in Dubai Hills and Arlo in Dubai Creek Harbour.
These developments have attracted buyers with average sales prices of Dh2,421 and Dh2,601 per square foot, respectively.
Similarly, the Dh2 million to Dh3 million property segment has also witnessed a 2% growth, fueled by new off-plan sales in luxury apartment projects like Bayz 101 in Business Bay and high-category townhouses in Park Greens at Damac Hills 2. Here, prices averaged Dh3,002 and Dh1,136 per square foot, respectively.
While the mid-range property market thrives, lower-priced properties under Dh1 million have seen a decline, now representing 29.6% of the market, a 1% drop month-on-month.
Meanwhile, properties priced above Dh3 million have also decreased in market share, now accounting for 21.9%, down by 3.2%. The biggest decline was observed in the Dh5-Dh10 million price tier, which fell by 2.4% to 5.5% of the market.
In addition to property buyers, high-net-worth individuals are also drawn to the Golden Visa, which requires them to deposit Dh2 million into a bank account, further driving demand for properties in this price range.
SOURCE: https://www.khaleejtimes.com/business/realty/uae-golden-visa-dh2-million-properties-in-dubai-continue-to-see-strong-demand