The UAE’s Golden Visa program is experiencing surging demand from European property investors, according to industry executives in Dubai. Many Europeans are purchasing properties in the emirate, primarily to take advantage of the 10-year residency offered by the Golden Visa. This growing interest is driven by the tax-free income, safety, security, and high returns on investment in the Dubai property market.
Jess Stephenson, head of sales progression at Allsopp & Allsopp Group, confirmed the trend, noting that European buyers are increasingly attracted to the Golden Visa for its benefits. These include the ability to sponsor family members and domestic workers without an employment visa, and the convenience of longer stays in the UAE compared to a tourist visa.
The Golden Visa, a transformative initiative in attracting global talent, is also available to property investors, professionals, entrepreneurs, scientists, and outstanding students. The General Directorate of Residency and Foreigners Affairs (GDRFA) – Dubai reported a 52 percent increase in Golden Visas issued in the first half of 2023 compared to the same period in the previous year.
The demand for luxury and ultra-luxury properties in Dubai has soared as thousands of millionaires, attracted by the city’s safety, world-class education, and modern lifestyle, have relocated to the emirate. According to Betterhomes, investors from the UK, Russia, Italy, France, and Turkey were among the top property buyers in Dubai in 2023.
Miloš Antić, vice-president of DHG Properties, highlighted the significant interest from European investors, especially 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. Antić also mentioned the recent reduction in the minimum down payment requirement for the Golden Visa, which has attracted more buyers to the Dubai property market.
Imran Farooq, CEO of Samana Developers, echoed this sentiment, stating that the Golden Visa offers long-term residency and efficient tax planning, making it an attractive option for Europeans seeking alternative residencies. Farooq Syed, CEO of Springfield Properties, further emphasized Dubai’s appeal to European investors due to its economic stability, robust real estate growth, and advanced infrastructure.
As the European economy faces challenges, investors are increasingly viewing Dubai as a safe and profitable option for property investment. The Golden Visa not only provides a pathway to long-term residency but also opens up opportunities in Dubai’s thriving real estate market, attracting both investors and developers from Europe.