Reforms to UAE visa policies fuel property boom

The UAE’s real estate market is experiencing a boom, particularly in contrast to declining demand in other global cities, according to Property Finder’s founder and CEO, Michael Lahyani. He credits this growth to the country’s long-term visa programs, including the Golden Visa and the newly launched Blue Visa.

Speaking at the Property Finder Connect event in Dubai, Lahyani emphasised the positive impact of these changes. The UAE’s long-term visa initiatives are driving growth in the country’s property market, particularly in Dubai. The introduction of the 10-year Golden Visa and now the Blue Visa gives assurance to individuals considering investing in the real estate sector, as the extended visa tenure offers potential investors a different perspective as explained by Lahyani.

Historically a rental-dominated city, Dubai is now seeing more residents opting for home ownership, influenced by the security provided by the Golden Visa. This shift has resulted in an increase in the number of end-user buyers, rather than just investors.

Supporting this trend, Knight Frank‘s latest data indicates a 6% rise in sales of Dubai homes valued at $10 million or more in the first quarter of 2024. This growth is driven by strong demand from international ultra-rich buyers. A total of 105 homes worth $1.73 billion were sold between January and March, up from around $1.6 billion in the same period last year.

Property Finder also introduced its first community-focused white paper, “Opening Doors,” which offers insights, trends, and forecasts for UAE real estate. The white paper highlights how national urbanisation plans are enhancing community living by improving daily commutes, creating connections, and boosting mobility pathways to enhance quality of life.

Additionally, Property Finder launched the PF Academy to foster trust and transparency within the UAE real estate sector. The academy aims to help both new and existing industry professionals advance their careers through personalised learning modules.

Original article reference: Gulf Business.

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