In April 2022, the UAE visa residency system introduced a new scheme enabling foreign nationals to obtain a Golden visa in exchange for an investment in real estate of a minimum value of AED2 million. The prospect of obtaining long-stay residence status has incentivized many Dubai residents to merge their properties or purchase AED2 million worth of real estate.
“The Golden visa is a cherry on the cake to motivate people to buy more. It is also a great tool to retain people post Dubai Expo 2020. People earlier used to buy one-bedroom properties, and now they’re trying to club deals to reach the AED2 million mark,” said Imran Farooq, CEO of Samana Developers.
He noted that the demand for two-bedroom units has risen, however many investors are opting to acquire two one-bedrooms to meet the eligibility criteria.
«The company has seen around 35 to 40 per cent of the customers merging two properties to reach the AED2 million breakthrough to get the Golden visa. The top buyers of the properties for the Golden visa are mainly Africans, Europeans, and nationals of the CIS,” said Mr Farooq.
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