A notable trend among European property investors is the increasing inclination towards investing in real estate in the Emirates, primarily driven by the allure of the 10-year residency offered through the Property Investors Show Growing Demand for UAE’s Golden Visa program. Industry insiders reveal that a substantial number are acquiring assets in Dubai with the specific goal of securing extended residency benefits.
Investors hailing from Switzerland, Germany, France, the UK, and various other European nations are progressively seeking to capitalize on the tax-free income, safety, and security provided by the Emirates. Additionally, they are attracted by the potential for high returns from investments in the flourishing property markets of the region.
Jess Stephenson, the Head of Sales Progression at Allsopp & Allsopp Group, highlighted a robust interest among European buyers in the UAE Golden Visa market. The appeal lies in the unique advantages, such as the ability to sponsor family members and domestic workers without the requirement of an employment visa. Golden Visa holders also enjoy extended stays in the UAE compared to tourist visas. Moreover, possessing a UAE Golden Visa enables individuals to open bank accounts and operate as residents, offering a comprehensive and attractive package for European investors in the UAE Real Estate Market.
The introduction of the 10-year residence visa has significantly transformed the landscape, making the UAE a magnet for top global talent. The UAE Golden Visa, accessible to property investors, professionals, entrepreneurs, scientists, and exceptional students, has broadened the eligibility criteria.
As reported by the General Directorate of Residency and Foreigners Affairs (GDRFA) in Dubai, the city has experienced a remarkable surge in the issuance of UAE Golden Visas. In the first half of 2023, there was a notable 52% increase compared to the corresponding period in the previous year. This surge underscores the growing appeal and recognition of the Golden Visa program, solidifying Dubai’s position as an increasingly attractive destination for individuals seeking long-term residency opportunities.
Following the introduction of the Golden Visa program tailored for property investors, Dubai has witnessed a significant surge in the demand for luxury and ultra-luxury properties. This notable uptick is attributed to the relocation of thousands of millionaires to the emirate, drawn by the appeal of safety and security for their families, access to world-class education, and the prospect of a modern lifestyle.
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