Demand for real estate grows exponentially with the introduction of Golden Visa for property investors

The market for real estate has increased dramatically since the Golden Visa for property investors was introduced. This has drawn significant foreign investment and encouraged current tenants to become owners in order to avoid the city's soaring rental costs.

Since Dubai eliminated the need for a Dh1 million down payment in order to qualify for the 10-year residence, demand for houses priced at Dh2 million has skyrocketed. 

According to industry officials, investors with Dh1.5 million or more in investments are boosting their budgets to meet the 10-year residency eligibility barrier, while many property developers in Dubai are expanding the size of flats to meet the increased demand for Dh2-million homes.