By dubailife 
Properties valued at Dh2 million remain in high demand in 2024, driven by investors and end-users seeking the 10-year Golden Visa.
To qualify for long-term residency in the UAE, property investors must purchase assets worth at least Dh2 million. This can be achieved by buying either a single property or multiple properties with a combined value of Dh2 million or more.
“To be eligible for a Golden Visa, one must purchase property valued at Dh2 million or more. While various factors, including Dubai’s global socio-economic status, have contributed to the rise in transaction activity, property transactions above Dh2 million saw a 30 percent year-on-year increase in the first half of 2024 compared to the same period in 2023, highlighting that Golden Visas continue to be a significant driver of demand,” said Prathyusha Gurrapu, head of research and consulting at Cushman & Wakefield Core.
In 2023, Dubai issued 158,000 Golden Visas to property buyers, students, scientists, professionals, and others.
According to Property Monitor’s July report, properties in the Dh1.5 to Dh2 million range experienced the fastest growth, with their market share rising by 3.5 percent to 14.5 percent. This increase is attributed to the launch of high-quality apartments at Palace Residences in Dubai Hills and Arlo in Dubai Creek Harbour, where average sales prices were Dh2,421 and Dh2,601 per square foot, respectively.
Similarly, properties priced between Dh2 million and Dh3 million saw significant growth, increasing by 2 percent. This growth was driven by the same projects as well as off-plan sales for luxury apartments at Bayz 101 in Business Bay and high-category townhouses at Park Greens in Damac Hills 2, with average prices per square foot at Dh3,002 and Dh1,136, respectively, according to Property Monitor, part of Cavendish Maxwell.
Data revealed that properties priced between Dh1 and Dh3 million made up the largest share of the market at 48.5 percent, up by 4.2 percent. Lower-priced properties under Dh1 million now account for 29.6 percent of the market, down by 1.0 percent month-on-month, while properties over Dh3 million represent 21.9 percent of the market, a decline of 3.2 percent month-on-month.
The biggest market share decline was seen in the Dh5-Dh10 million tier, which dropped by 2.4 percent to 5.5 percent month-on-month.
There is also strong demand for the Golden Visa among high-net-worth individuals, who must deposit Dh2 million into a bank account to qualify for this highly sought-after residency.
Source : Khaleejtimes