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

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 if they lose, they don't have to move out,” said Amira Sajwani, Managing Director of Damac Properties.

Dubai’s property market has strongly recovered after Covid-19, driven by the inflow