Many are even investing in real estate in the Emirates only for the 10-year residency, attracted by the benefits it offers
There is a strong and growing demand for the UAE’s Golden Visa among European property investors buying assets in Dubai.
Real estate industry executives privy to the matter said that some are buying property in Dubai only to obtain the 10-year residency.
They said that investors from Switzerland, Germany, France, the UK and other European countries are increasingly looking to benefit from the tax-free income, safety, and security offered by the Emirates, as well as high returns from investments in property markets.
“Yes. There is a strong interest from European buyers in the market for Golden Visas as they can sponsor family members and domestic workers without needing an employment visa. They can also spend longer in the UAE than when on a tourist visa. As Golden Visa holders, they can open bank accounts and operate as residents here,” said Jess Stephenson, head of sales progression at Allsopp & Allsopp Group.
The 10-year residence visa has been a game changer in attracting the best talent from around the world. In addition, property investors, professionals, entrepreneurs, scientists and outstanding students are also eligible for the Golden Visa.
According to the General Directorate of Residency and Foreigners Affairs (GDRFA) – Dubai, Dubai has seen a 52 per cent increase in the number of Golden Visas issued in the first half of 2023, as compared to the same period in the previous year.
Since the launch of the Golden Visa for property investors, demand for luxury and ultra-luxury properties has jumped substantially in Dubai as thousands of millionaires relocated to the emirate. They enjoy the safety and security for their families, world-class education and a modern lifestyle.
According to Betterhomes, investors from the UK, Russia, Italy, France and Turkey were ranked in the top 10 in 2023 in terms of top property buyers.
Miloš Antić, vice-president of DHG Properties, said that the company has already sold some units to Swiss and Serbian investors. “Everyone knows about Dubai. We have already sold 15 per cent of [our] units, and the majority of the buyers are Europeans. We have sold many units to [investors from] Serbia, Switzerland and Germany.”
“We are seeing an influx of German buyers… many people are moving to Dubai because they don’t want to be taxed,” he said.
“For them, a price point of Dh1,200 or Dh1,400 [per sqft] is a fraction of what they’re paying in the outskirts of their cities. By reducing the minimum down payment requirement for Golden Visa, [the UAE has] opened the doors for more buyers to come to the market. Even though Europeans don’t need a Golden Visa to enter the country, they love it and many are buying properties for it,” Miloš Antić told media in an interview.
Imran Farooq, CEO of Samana Developers, said that there is demand for the Golden Visa from across the world, but the most interest is seen from European property investors.
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