Dubai: Long-term residents buying more and more properties thanks to Golden Visa

Dubai: Long-term residents buying more and more properties thanks to Golden Visa

The emirate's property market has strongly recovered after Covid-19, driven by the inflow of foreign funds and high-net-worth individuals into the local market

Published: Sun 18 Dec 2022, 3:36 PM

Residents living in Dubai for decades are buying more and more properties as new visa regime initiatives, such as the Golden Visa, has given them strong confidence to buy a property and make the emirate their base.

In addition, the successful handling of the coronavirus pandemic by the emirate is also encouraging a large number of genuine property buyers and families to settle in Dubai on a long-term basis, thus making the largest private developer of Dubai bullish on the outlook of the local real estate market.

“[The] Golden Visa and other new visas are encouraging residents in Dubai who’re living here for 20 years but have not bought homes to actually buy a home to give their family the security. We have a lot of employees who have been with us for 10-15 years, and who never bought a property.

After the new visa regime, they want to buy a property to give their family that security, and they’re happy to invest in a property. With a Golden Visa in hand, God forbid, even