22/08/2024
Analyses
Reports the city’s real estate market has witnessed exceptional growth in the third quarter of 2023, according to data by the Dubai Land Department. The market reports an extraordinary surge of 22% in transactions, with Q3 2023 recording 31,216 transactions compared to 25,503 in the same period in 2022. This spike in transactional activity is mirrored in the total worth of these transactions, which reached an impressive AED 97.55 billion, showcasing a remarkable 40% increase from AED 69.5 billion in Q3 2022.
Dubai made history in 2023 by becoming the world’s leading luxury property market, generating close to $850 million (AED3.1 billion) from high-end residential units costing upwards of $10 million in the first six months of the year, and topping London, New York, and Paris for the first time, Knight Frank’s Destination Dubai 2023 report revealed.
As the Dubai real estate market experiences a surge, there has been a significant rise in demand for Golden Visas, with investors flocking to the UAE for long-term residency and investment prospects. Furthermore, the UAE has reduced the required property investment for obtaining a Golden Visa, making it an ideal time to capitalize on this opportunity. The minimum financial requirement to apply for a three-year visa through investment in Dubai’s booming residential property market has been reduced to AED750,000 from AED1 million, according to information available on the Dubai Land Department’s website.
Investors who purchase properties worth AED 2 million or more can receive a renewable residency visa for up to five years. This opens a range of opportunities for investors who are looking to capitalize on Dubai's thriving real estate market. Furthermore, the Golden Visa program has been expanded to include retirees over the age of 55, who can obtain a five-year visa if they meet certain financial requirements. This initiative aims to attract retirees looking to enjoy their retirement in a safe, secure, and welcoming environment.
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